Understanding your motor insurance coverage
Car insurance is definitely a necessary evil — can you think of one person who actually likes the process of purchasing a policy? Better yet — how many people do you know who actually read the policy before (or even after) they sign it? It’s painful, yes, but it must be done. The time to find out that you are not covered for hail damage is not after golf ball-sized hail has left dents all over your hood. Because there are so many variations in the types of insurance coverage, the prices for different coverage, and how well you are protected (if at all), reading your policy is the most important thing you can do before you sign on the dotted line.
There are a variety of coverage options to choose from. As a general rule, the higher the coverage, the higher the rate. Comprehensive insurance is coverage for accidents, fire and theft for you and your vehicle and others who were involved in the accident with you. Third-party insurance costs less money and does not cover your car in the event of an accident but does cover medical expenses for those involved and insures you car against fire and theft. Another third-party alternative is available which covers only other people’s injuries and damages, but not your own.
When buying an insurance plan, you should always remember that a specific need requires a specific insurance. A policy does not mean it would cover all aspects in your life, that’s why you must always understand what can be claimed on the policy you are buying. Never assume or presume anything about insurance. Don’t take for granted all the details and offers stated for there may be something that you need to be explained or clarified. It’s already known that insurance will not pay if you were drunk when you had an accident, and it’s also a fact that they do not pay when you were not driving. This clearly means that there are inclusions and exclusions in every policy so don’t hesitate to ask if you still have questions.
If you opt for the excess, it can help you to pay fewer premiums while covering bigger risk. The excess varies with the types of claims and you are required to pay this amount if you make a claim. While buying the insurance the excess can be adjusted up or down depending upon your requirements.
Whether or not you are a person who frequently skips “the fine print,” it is very important that you read all the materials that are provided to you with your insurance policy. These materials will include instructions on how to file a claim in the event of an accident or a loss due to theft or fire. Because you may need these instructions in a crisis, it is recommended that you keep one copy in your vehicle and another in a fireproof safe in your home, or in a safe deposit box. When there is a loss, be sure to call your insurer right away, and follow up with the required forms or paperwork.
Auto insurance dealers will not intentionally leave you unaware about something on your plan; in fact they will do their best to assist you so that you’ll fully comprehend the policy.
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