Auto Insurance - Be careful before you buy!

 Auto Insurance - Be careful before you buy!

What are the points to consider when choosing car insurance?

The five "C's" are one of the most important criteria. A brief description of each follows:

• Claims Policy – ​​The real test for insurers is when the actual claims are made. This can be verified by examining the company's claim history record. Now check if your existing policy is transferable to another insurer without losing any claims that have already been paid. • Coverage - What kind of cover is right for you? Auto insurance usually covers liability and personal injury. Automobile law requires that you have compulsory automobile liability insurance, but self-harm is optional. Choosing both is standard practice as it covers all accidental and third party damage. Most insurers offer "add-ons" to their basic policy. • Customer Service – Thanks to technology, policies are now issued instantly. Other issues such as contract changes and terminations are also handled quickly. Even in the unlikely event of damage, cashless payment is possible, so subsequent deliveries can be done quickly without the need for invoices at the workshop. Therefore, it is important to check the network of this property's insurance company. The bigger the network, the more options applicants have. • Access to communications - Insurance company contact information should be easily accessible. Insured people need to know who to contact and how to proceed in the event of a problem.

• Cost - Last but not least is the price or premium. Auto insurance premiums are based on a “declared insured value” or IDV and a rate multiplier and vary by vehicle model, vehicle age, daily mileage and location terrain. Even if you have to declare the correct IDV and pay a slightly higher premium, it is important to choose a policy that gives you the maximum IDV. In addition to the above, the following advantages are worth noting:

• No-Claim Discount – A no-claim discount is applied to the risk coverage for self-injury at renewal of the policy if no loss is reported during the policy period. The discount gradually increases for each consecutive claim-free year. Please note that the No Claim Bonus also applies to new car purchases and pre-dated pre-existing extensions of insurance with other insurance companies.

• Select Overage – Proven drivers can select 'Voluntary Overage' or Overage to reduce premium payments in addition to Mandatory Overage. A mandatory exemption obliges the insured to pay a certain amount in the event of a claim. • Insurance premium based on vehicle type - If your vehicle has additional security features such as anti-theft alarms, it is less likely to be stolen, which may result in lower insurance premiums.

• Timely extension of insurance – If not extended before auto insurance expires, extended premiums can lead to loss of insurance coverage, especially in the event of an accident, and also represent a discount on the no-claim bonus. It is not intended to .

• Choice of add-ons – In addition to basic car insurance, insurance companies offer several optional add-ons. It's important to choose the right ones and only pay for them. For example, if you have medical expense or hospital benefits coverage, check to see if you already have health insurance that covers them. • Update or not - 

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