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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