Motor Vehicle Insurance - Everything you need to Know

You take out Vehicle insurance, glance over the policy and sit back and relax, confident that all is well. Unfortunately, it is not as simple as that. It is important to read your insurance policy so that you are familiar with the terms and conditions and possible exclusion clauses. Let us shed some light on the aspects of car insurance that you need to know about...

Know the promises you're buying

Taking out Vehicle insurance means that you will be paying your insurance company to pay out on certain misdemeanours in the event of uncontrollable circumstances. The onus is on you, the insured, to know exactly what these circumstances are and what your motor insurance cover will give you, despite their promises.

Keep the promises that YOU are making

When taking out vehicle insurance, you need to provide a lot of information. Insurance companies need to know the type of vehicle that you drive and who will be driving it as well as where the vehicle is kept overnight. This information is used to determine your cover and your insurance premiums. If this information is not correct or (deliberately) false, you will run the risk of not being paid out for a claim.

Factors that influence the cost of Vehicle insurance premiums

There are several factors that determine the cost of your car insurance. When your car is damaged or stolen, the insurer will pay out your claim based on various factors that are established before the policy is finalised.

Whether you drive a bakkie, a sports car, a family car or a 4x4, some vehicles cost more to repair or replace than others. Certain types of cars are more at risk of being hijacked or stolen than others.

The age and condition of your car:

The age of your car influences your premiums as well. An older car may cost less to repair or replace and it may be more challenging to find replacement parts. When insuring a second hand car, make sure that you get an AA test certificate so that you can negotiate lower insurance premiums.

How secure your car is

Where you live and whether your motor vehicle is locked away securely at night also determines your insurance premium. If it is fitted with anti hijacking and tracking devices, premiums are usually reduced.

The age of the driver

First time drivers are often penalised through higher premiums until they have proven to be responsible drivers. Conversely, drivers over the age of 25 who are generally more experienced often get discounts on their insurance costs.

Insurance claims evaluation and payout

If your vehicle is damaged the insurance company will first establish whether the quote you submit for repairs is reasonable, after which the damage will be repaired. If the cost of repairs to your damaged vehicle exceeds 70% of the car's value, the insurer may decide to write the car off and pay out the market value of the vehicle instead.

Vehicle insurance is a contract in which the insurer assumes responsibility for any loss or damage the insured may incur. It is important to read your insurance policy carefully to confirm that you have a thorough understanding of the terminology, exclusion clauses and all terms and conditions.

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Motor Insurance for Commercial Vehicle Explained

Planning to purchase a vehicle for commercial use? Do you have robust commercial Motor Insurance in place? A commercial vehicle plan covers the financial liability towards the driver and the victims in case of an accident. This is applicable to vans, cars, trucks, motorbikes, and any other vehicle you use for commercial purpose. Regardless of your business size, if you deal in goods manufacturing, export-import, or services delivery across different industries that involves the use of vehicles, you need a commercial motor insurance. However, it becomes a daunting task to select the insurance cover, when all service providers claim their policy to be the best. In such a situation, you must seek assistance from a reliable portal that allows you to compare motor online plans.

Who Needs Commercial Motor Insurance?

You must have insurance, if:

 Your vehicle is used as a medium of transport for people or goods

 Your employees operate company vehicles and your company is liable for accidental mishaps

 Your vehicle transports heavy goods, equipment, or tools

Difference between Private and Commercial Insurance?

The coverage offered by private and commercial insurance is similar and includes medical, collision, and liability costs. Still, the risks associated with both are different, thus the design of these plans varies, as well. The differences lie in limits, eligibility, exclusions, and coverage. Personal vehicle insurance cover relates only to the insured individual and dependents. In a commercial scenario, the motor insurance belongs to the company and includes details of all employees who would operate the vehicles to be covered under the scheme.

Subsequently, the premiums are slightly greater in commercial vehicle insurance than private Motor Insurance. However, businesses can enjoy price reduction benefits on their policy, with lesser number of accident claims. Hire only experienced and responsible drivers to minimize the chances of damages of property and people due to accidents. A good business has an effective training program in place to ensure that their drivers are well versed with the traffic rules while out on the road.

Why Opt for Online Purchase?

When you Compare & Buy Insurance Online, you compare the benefits, price, and terms & conditions covered under the policy. Subsequently, you get maximum benefits for a low insurance premium. Now, that's what we all need, isn't it?

Pre-Requisites for Signing up Motor Insurance

Documents required for purchasing a commercial motor insurance include: vehicle registration certificate, pollution certificate, and a recent fitness test certificate. Submit a copy of these documents with receipt of road tax, driver's license, and information related to new employees.

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A Car Insurance Comparison Can be Beneficial to You

Getting car insurance can be a hassle and making a car insurance comparison is usually something most people don't do. They just roll over their insurance with the same provider and think nothing about it. I am here to tell you not to do that you should compare your insurance every year without fail. There is a good reason to this. It gives you every opportunity to get a better deal.

When you apply for car insurance you have to answer heaps of questions. The questions can be different and some companies ask more than others. The reason an insurance company will ask you all these questions is to determine how likely you are to cost them money, basically, how likely is it that you make a claim. It is also important to note that most of the cost in your insurance policy is the underwriting risk and a smaller proportion is a commission or fee for the retails brand you where you bought your policy. So it is the underwriter who is asking you the questions and pricing most of the policy.

So how does a company determine how much they charge you? This is where the mathematic gurus shine. It's all about statistics. The concept is similar to how the TAB or Sports Bet determine your odds in that a pool of funds (payments / bets) are paid out (claims / winnings) and the rest goes to the insurance company or betting agency. The game for insurance companies and betting agencies is to entice people to use their product by offering a cheap price or good odds but at the same time make a nice tidy profit.

The important thing to remember and main reason not to automatically role over your car insurance is that companies are updating their statistics all the time and so prices are changing all the time. That's why when you get a quote it only lasts a month – the prices change. After a year theses price swings can be in the hundreds of dollars. It is literally throwing money out the window. Think about how annoyed you feel getting a parking ticket, wishing you had spent 5min looking for a park. Well not spending 10min and getting a car insurance comparison could leave you with the same feeling when you realised you could've easily saved yourself $100s by making a few phone calls or a couple of mouse clicks.

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Why Invest in Vehicle Insurance Riders

Customization is an important aspect for any product today. With this in view, Vehicle Insurance providers offer you not only the best in class service but a lot of add-on plans that you can attach to the original vehicle insurance policy to let you customise the plan availed. Riders help you to enhance the cover for your car at a nominal cost. It is mostly availed to ensure protection for aspects that are not originally covered by the policy.

Many feel that investing in riders can be an expensive affair and hence make peace with whatever the policy originally covers. In reality, by paying a small amount for an add-on you can save a lot in the long run. Here are some popular vehicle insurance riders and how they can help -

Cover for the engine -

Many are unaware, but a basic vehicle insurance plan does not cover your engine from damages. So if your engine is damaged due to any accident or due to an oil leakage, the policy will not cover for the repairs. But with an Engine cover rider you can easily avail insurance for such damages as well. The engine is covered just like the other parts of the car. It also includes cover for CNG Kit and Bi-Fuel System which are endorsed in the Registration Copy (RC) book of the vehicle.

Assistance at any time and any place -

Everyone has faced a situation where your car breaks down midway and you don't know what to do. This is all the more challenging if the car refuses to co-operate in the middle of nowhere. Getting help at such times looks impossible without you walking long kilometres to find some assistance. Such unpleasant situations can be handled easily if you attach an anytime assistance rider to your plan. All you need to do is make a call to the Vehicle Insurance Company and help is provided immediately. Your car is towed, taken to the nearest service station, repaired and returned to you.

Car replacement -

In case your car meets with an accident and is damaged beyond repair then your Vehicle Insurance cannot be of much help. But if you have a car replacement rider in place, you can avail a replacement for your car by an identical or almost identical one. The replaced car will have the same features, size, built, color, etc.

Stop gap arrangement -

In case your car is damaged severely in an accident and would be in no condition to hit road without a month's stay at the service station, travelling everyday could be a problem for you. In such a case, you may tend to rent a car to keep things running in a smooth fashion, but paying for the rent may interfere with your budget. By availing a Stop gap arrangement rider with your Vehicle Insurance, you can get reimbursement for the cost incurred in travelling in that duration.

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4 Points to Consider When Looking for Online Car Insurance

Online car insurance can turn into a real headache if you do not research it properly, however it is undoubtedly easier to search and compare online than it is to phone a company and be bombarded with all their information that you cannot understand or separate into exactly what you want to hear. While browsing, you can read every page of potential online car insurance companies and go through all the FAQ's at your own leisurely pace. Car insurance is one of those expenses that you simply have to add to your monthly budget, as if your car gets stolen or you are involved in an accident, the incident could become very serious and out of hand if you do not have car insurance from a reputable company. Someone once said that you cannot live with insurance, but you cannot drive without it

Insurance is a very personal decision and people usually choose their insurer based on loyalty and a good relationship. Let's take a look at the comprehensive benefits of buying online car insurance:

Browsing online: You need a bit of uninterrupted spare time where you can sit down and search online for car insurance quotes. Obviously if you already have the car, you really need to find some online car insurance quickly as the car needs to be protected. But there is nobody rushing you and being online enables you to type in the exact things you are looking for in online car insurance.

Trust the company: Make sure that the company you choose is respected and well-known. Companies who have been around for a long time are your best bet.

What make of car do you drive? This is important as some vehicles are just what car hijackers are looking for while others are a low risk for a potential thief. Insurance companies also take into account the cost of spare parts before they give you a final quote, as well as whether the vehicle is imported or not.

Tracker system or other protection: You will need to have adequate security to safeguard your car. A locked garage, electric fencing and an alarm system all help to bring down the price of online car insurance, as does the area in which you live. Living in an upmarket area means you are probably classed as affluent and therefore you have a high priced car. Some insurers offer premiums at a discount if your car is fitted with an approved security device.

Looking for online car insurance offers the above benefits. Of course the convenience of being able to shop from home cannot be replaced, as well as the fact that you can get an overview of what each company offers on a comparative site - should you want more information, you can always call them. And lastly, because it is not costing the insurer much if you apply online, the savings are eventually passed on to the consumer in the form of lower premiums. To end on a lighter note, take note of one of the many things that have been said about driving: Remember that if everything is coming your way, you are in the wrong lane.

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