Tuesday, 25 August 2015

Hidden facts about Vechicle Insurance you must know

Worried about your beloved car security? Why to wait? Go for car insurance. But wait, do you know the hidden secrets behind these vehicle insurance policies? Let’s peep through those hidden facts, you are unaware of yet influence your policy and its coverage hugely.
1)     Your occupation plays a vital role while taking the vehicle insurance policy:
Depending on your profession you will be assigned discount on your car insurance. Elaborating this, teachers, doctors, engineers are considered to be less probable to bang their vehicle at the trunk of the tree.
2)     Profile of your car also stands as the biggest factor:
Based on the cost of the vehicle, safety and theft data, your insurance cost will vary. Insurance rates will be lower for low profile vehicles or the ones which are less likely to be stolen. However the “Insurance Institute for Highway Safety” has data that you can research to help you make an educated decision.
3)     Stolen personal assets or items due to car theft are not or less likely to be covered under car insurance policy:
If you are regularly carrying laptop, i-pods, expensive gadgets or other expensive belongings in your car or having habit of keeping it into your vehicle as per your convenience, make sure that your motor insurance policy does cover these belongings and assets as well. It has been strongly observed that most of the car insurance policies don’t cover these items, giving justification as your home insurance covers the same.
4)     Vehicle information should be precisely listed on your auto insurance policy:
Inaccurate or inadequate information can make huge difference to your   vehicle insurance policy. It is commonly seen blunder insured does.
5)     Group insurance policies provided by employers are economic:
Check with your employer if they provide any group insurance policies as these policies are cheap or economic. Affiliation of these organizations or corporates with insurance companies sinks the extra costs on your car insurance policies.
6)     Abstainer discount:
If you are non-alcoholic or having anti-theft device in your vehicle, you can surely ask for the discount. However, taking vehicle and home policies or multi-policies from the same company, it will drop the cost of your discount.
7)     Insurance risk score gets affected by your credit score:
If you pay your bills on time and you’ve had the same credit accounts for a long time, then you’re generally more steady and firm. It makes huge difference to your policy. Insurance companies keep a rigid record of all these information to come up with an “Insurance risk score”.
8)     Mistaken belief: Colour of the vehicle affects the insurance cost:
Undoubtedly, colour of your car indicates your personality and driving habits but considering a myth, 25% vehicle owners have mistaken belief that your vehicle colour affects your motor insurance cost. It has really no effect on your car insurance policy.
9)     Stopping the payment has dark impact in the long run:
Switching over to new or another vehicle insurance policy and curbing the payment of the previous one can harm your credit score negatively. In such cases, previous insurer will cancel your policy due to non-payment. Hence, once should always cancel the previous policy to switch over to a new one.
10) Brand loyalty does not get paid off:
Internet is flooded with websites full of calculating and comparing difference between insurance companies. Having misconception that choosing a “Brand” as an insurer and paying the premium and everything else gets taken care off, you will reap nothing out of this. You are not getting paid off for your brand loyalty here. There’s huge difference between, plans, quotes, premium, benefits and coverage of different insurance companies. One should study and analyze these things and then go for the best one rather than sticking to one brand pointlessly.
One must understand that choosing car insurance is not a rocket science but selecting the best insurer for their beloved car is a great deal. There are many elements affecting your vehicle insurance and its cost such like, you driving habits, age, marital status, your regular driving purpose and mileage of the car, your alcoholism, the geographical area you are living in etc. one must take all these things into consideration while choosing a motor insurance.

Source from : http://blog.policyboss.com/car-insurance/hidden-facts-car-insurance-must-know/

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