Feeling Skeptical of Motor Insurance Policy? – Things You Should Consider
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Posted On :
Jan-11-2012
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Article Word Count :
800
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People do feel skeptical before opting for a motor insurance policy or applying for a claim. One should look into all necessary details before applying for one. Considering the deductible fee, carrying the car liability insurance, and opting for lesser rates are some of the things to consider.
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Insuring your motor car might prove a troublesome and expensive affair if you are not aware of the ‘dos’ and ‘don’ts’. Therefore, you should look into all the necessary details before applying for a policy. It is a daunting task but there are ways to make it simple. The law of the land requires you to have a motor insurance so that you can drive.
You should think carefully before applying for a claim. The more you claim the more premium you have to dish out. Therefore, sometimes it is better to pay for minor damages yourself than to run to a motor insurance company.
I am not saying that asking for claims is not important, but you should bear in mind certain things to save you from unnecessary expenses.
This post will highlight some of the things you should consider before opting for motor insurance.
Have You Claimed Before?
The rates of your premium will shoot up if you already made claims. The more you claim, the higher is your premium. In such a case, you will be paying more in terms of premium. Therefore, it is better to pay your own repair charges, if the damages are insignificant. This way you will save more than filing for a new claim.
Consider the Deductible Fee
It is a fee that you have to pay each time you file a new claim. Again if the damages are minor, it is better to bear the expenses yourself than applying for a claim. It will cost you more as you have to pay the fee.
Get to know more about the deductible fee from the insurance company. If it is more than minor repair charges, then it is better to opt out of it.
Did Damages Occur to Other Vehicles?
If the damages are minor, and yours is the only car that has been involved in the accident, you can easily avoid reporting it to the company. On the other hand, if some other car was involved, then you should immediately contact the insurance provider.
Replacement of the Car
When you are already insured, and opting for the replacement of your car, it is important to inform the company immediately. You should inform the same within 14-30 days of the new purchase.
The rate of the insurance might be readjusted as per the model of the car you buy. You should inform the company about the change in the model type as soon as possible. It will help the company to make the required changes in the policy.
Opting for Lesser Rates
There are ways by which you can opt for reduced motor insurance rates. The best way to do it is by comparing the rates of different companies, and deciding on the cost effective one. Ensure to compare quotes, and pay what is required of you.
Opt for policies that offer lucrative discounts so that you don’t end up paying more!
Carry Your Liability Car Insurance
Irrespective of where you stay, you should keep the liability car insurance always with you. This will help if you have caused damage to someone else’s property. However, there are certain limitations to it.
There are places where you don’t require a motor insurance, but you should possess an evidence of accountability. This will work for your own benefit, and go as a proof when you are willing to recompense for damages caused by you.
Must for First Time Buyers
You might be wondering why opt for a policy before purchasing a car. I would suggest that it is a must, if you are a first time buyer. You should start looking for a flexible and cost effective policy before you start driving your brand new car.
Lessening the Rates
You must be worrying about expenses related to your car insurance. You can increase the deductibles in order to lessen the rates. However, make sure you do it wisely so as not to enhance your financial liabilities.
Do You Have an Old Car?
Do you own a very old car or have a model that has become quite obsolete? If yes, then you need to do some serious thinking. In case you own a vintage model, your insurance company might not pay for full coverage. In such a situation, you have to incur higher expenditures for getting such a car repaired.
Therefore, keep watch before opting for car insurance policies. Do you have any other ideas to share on motor insurance? Feel free to comment.
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Article Source :
http://www.articleseen.com/Article_Feeling Skeptical of Motor Insurance Policy? – Things You Should Consider _131126.aspx
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Author Resource :
Harmony general is a general insurance company based in Barbados. We provide customized insurance deal to our clients. Harmony General benefits you in a number of ways, among which, our articles over several directories provide you with insurance information you need.
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Keywords :
insurance, harmony general,
Category :
Finance
:
Insurance
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