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Understanding The Minefield of Car Insurance
Looking for a car, be it a brand new model or a pre-loved car with one or more previous owners, you do compare the many features of the vehicle. Yet when insuring your car, many times this is the last thing you would think of doing. Yes, you make sure you ask what is the cost of insuring the particular car you are about to buy. The savings on premiums offered for low-cost policies could also influence you.
Yet, you could be paying more in the long term.
When You Are Liable
How these low cost insurance policies work is, that they have low liability limits, some could be as low as $25,000, this could mean if you are involved in an accident and are liable then you could be responsible for paying for the other person, the hospital and medical expenses, loss of income and other damages. $25.000 doesn't go far these days so the amount over and above you would be personally responsible for.
Always make sure you have enough cover with your car insurance policy. Read your policy carefully and when you are not understanding something or are not sure, get advice from someone who does know.
Choosing Your Insurance Agent or Insurance Sales Representatives.
Choosing an insurance agent has its advantages. Assessing your needs is part of what the insurance agent will do and will also look into your risk profile so they have a good understanding of your insurance requirements and your car insurance coverage.
Don't get an insurance agent and an insurance sales representative confused. An insurance representative works for a particular insurance company, so they will be recommending that insurance company's policies. Whereas an insurance agent works independently and will source out the best car insurance policy from all the insurance companies, the one that will best fit your needs.
There are a some things you will want to discuss with your insurance agent for your car insurance and these are:
What you feel about asset protection and insurance
What you expect if you need to make a claim
Your assets and your net worth
Your Car Needs Replacing After An Accident
This is an important area of car insurance. Many car insurance policies pay for total losses on the cash value of your car and not the replacement cost. Depending on the age of your car, you could be at a loss of quite some dollars, as you will have to come up with the difference if you wish to have the same car.
The age of your vehicle will determine the outcome of this clause in your car insurance policy. Many car insurance companies will cover full replacement if you car is bought brand new. They will do this for a specified time and then you should make sure you have a full understanding of what happens after that time. Often companies will do the full replacement for a year, there will also be special offers for special car promos.
If you see that teensy, weensy print at the bottom of an advert "Conditions Apply", make sure you determine exactly what the 'conditions' are.
The insurance policies that pay, after total loss during the first twelve months, the total purchase price plus all costs, will each year after, lock in the car valuation as set by the industry's standard 'retail' Blue Book.
Look After The Little things
You can find what is covered or not covered with your low-cost car insurance policy by reading the fine print. When you first sign your policy, these items may not seem so important. Many things with any insurance policy seem fine until you need to make a claim. This is where the so called savings will be eaten away. The savings of the low premiums you have been enjoying when you need to claim because of an accident, the costs start to come in.
If you are saving on your car insurance policy premiums, you may find you are required to use a certain repairer as nominated by your car insurance company, you will need to comply or pay for them yourself. Other policies may cost you more in premiums but could have a clause that enables you to have your own repairer without any penalty as far as the cost to you goes.
There is an area often overlooked with car insurance policies and that is your personal items that are in your car at the time of an accident. These items will also need to be replaced if your car is a total write-off.
How To Choose Your Car Insurance Coverage?
Take a look at the declaration page of your policy to find out your coverage. If you are unsure what it all means, then ask advice from an independent insurance agent, this is the one that doesn't work for any car insurance company and will have your needs as his client, as the first priority.
It is the legal responsibility of the independent insurance agent to provide the proper coverage for their clients.
For you to understand an insurance policy be it a car insurance policy or a house contents insurance policy is very important, so make sure you get everything explained to you.
