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Understanding Car Insurance Excess

13 September 2018 By admin Leave a Comment

What is an insurance excess?

The excess is an amount of money that will come out of your pocket when you claim against your car insurance. For example, if you have an approved claim of R100,000 and your excess is R5,000, you will pay R5,000 and the insurer will pay R95,000. If your excess is R5,000 and the cost to repair to damage to your car is less than R5,000, you will need to pay the full amount.

Why do insurers charge an excess?

The excess is a way for insurers to ensure that the cost of premiums remains affordable. Without an excess, insurers would need to process high volumes of small claims, which in turn would mean it would be necessary for them to charge higher premiums.

Excesses lower the insurer’s administrative costs since customers won’t claim for every small scratch or ding to their car. This is important for traditional insurers, who need to run large back-office teams and infrastructure to handle claims.
They give customers a financial incentive to take care of their vehicle, since they will also need to pay towards repairs if they’re involved in an accident.
They discourage people from making multiple claims that could reflect badly on their claims history.

Why should you look out for in the fine print about excess payments?

Often, signing up for lower monthly premiums for car insurance will mean that you will need to pay a higher excess in the event you need to claim.

Most insurers are transparent about the basic excess, which may be up to 10% of the value of the damage to your car in an accident or of the total value of the car if it is stolen or written off. However, many insurers also impose extra excesses if any of the following are true:

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

4 Excellent Tips To Find The Right Auto Insurance Plan For New Drivers

4 September 2018 By admin Leave a Comment

It only takes a few minutes when you request free quotes online, and because you can be completely anonymous, there won’t be any annoying sales people calling you later on, trying to get you to buy insurance from them (often at higher rates than the original quotes you received).

4 Tips To Find the Right Insurance Plan

1. Check Out Cheap Insurance Companies

Sometimes it is best not to go with the big name insurance companies, especially if you are a new driver. There are many cheap insurance companies out there these days, and they often offer special rates for new drivers. Sure, your rates are still going to be higher than the rates of more experienced drivers, but they will still be less than what other larger insurance companies will charge.

Usually, you will get the very basic insurance with these types of policies, but this is better than nothing, and it may be all that you can currently afford. After you have been driving and insured for a while, you can always see what the other bigger insurance companies offer, and make the switch when you are eligible for lower rates with those companies.

2. Take Driver’s Education and Driver’s Training Classes

You can save a lot of money on auto insurance by taking driver’s education classes. New drivers are hard to insure because they are not always aware of the rules of the road, and they are inexperienced. By taking driver’s training, you can show that you have some driving experience, and that you are fully aware of the rules of the road.

There are all kinds of things you can learn with these classes, which are aimed at making people better drivers. You don’t even have to be a new driver to take these classes and get discounts on your insurance rates. This is going to show insurance companies that you do know what you are doing, and that you are not as much of a risk as other new drivers. It is also going to show that you are really serious about being a safe driver.

3. Get on Your Parents’ Insurance

You can save yourself a lot of money on auto insurance if you ask your parents to include you on their policy. As long as you are still living at home and are under a certain age, or you are at college or an accredited center for higher learning, you will be able to be covered by their policy, even if you are driving your own vehicle.

If you are using their vehicle, they probably have already made arrangements for you to be covered when you are driving, and if you have your own vehicle, it is easy to have it added to their policy. The vehicle may have to be registered in one of your parent’s names, but as long as you have your own vehicle to drive whenever you want to, does this really matter all that much?

See Full Story at driving-tests.org

How to save hundreds on your car insurance with these seven simple tricks

28 August 2018 By admin Leave a Comment

Some of these tips are as easy as making sure your job title is correct when you apply for insurance.

But, the largest savings are reserved for younger drivers as they have larger premiums to begin with and so have more to save.

There are still plenty of tips for older drivers who want to drive down the cost of their car insurance.

Here are Go Compare’s seven easy ways for you to potentially shave hundreds off your car insurance premiums.

1. Save £88 by using the right job title

Insurers look at your job title when you apply for a job to determine how much of a risk you might be.

Some job titles are viewed as more risky than others and can drive up your premiums so it is important to use the right job title.

Go Compare found that there was an £88 difference in your premiums if you described yourself as a chef rather than a kitchen worker.

It is still important that you are as honest as possible with your job title as if you give false information your insurance could be invalidated.

MoneySuperMarket found that students could be paying as much as £677 for their insurance because they listed themselves as unemployed rather than studying full-time.

2. Save £520 by adding a more experienced driver to your policy

Young and inexperienced drivers often have to pay the highest insurance premiums.

But Go Compare found that you could save up to £520 by adding a more experienced driver like a parent to your policy.

This is because an experienced driver will lower the risk on your policy as it won’t be just the inexperienced driver driving the car.

BY William Calvert

See Full Story at www.thesun.co.uk

After The Storm: Ways To Streamline Your Insurance Claim

21 August 2018 By admin Leave a Comment

Insurance claims for hail damage are already through the roof, as residents of southeast Saskatchewan begin to sort through the aftermath of Thursday’s storm that left large hail behind, and strong winds caused havoc with the property.

With that said, Tyler McMurchy of Saskatchewan Government Insurance had a few tips for folks to keep in mind as they work to bring things back to normal.

“We do suggest that you clean up as soon as possible, being mindful of your personal safety. You can seek professional advice on how to clean up and take whatever reasonable steps you can to minimize the extent of the damage.”

“(We) recommend not throwing anything out. You want to store those damaged items in a reasonably safe place so the adjuster can see them when they arrive. If you’re disposing of items, take photos and a detailed list of what is being thrown away. You’ll want to have any appliances, including furnaces that have come in contact with water, checked by a qualified electrician or plumber, or an expert in that field before you use them,” he said.

“You want to move damaged or wet belongings to a dry area with good ventilation. One thing people should know is to keep track of their cleaning time and expenses, as some of that may be covered through their insurance claim. We recommend taking photographs and video of damaged property to give to their adjuster.”

by Matt Cinnamon

See Full Story at www.discoverestevan.com

How to slash to the cost of your car insurance policy with these simple tips

24 July 2018 By admin Leave a Comment

Motorists could make some savings on their car insurance premium by just following a few simple tips and by being savvy when purchasing their policy.

1. Use the right job title

Your occupation is one of the major pieces of information that insurers use to work out your insurance premium.

Ultimately, some occupations are viewed more ‘risky’ than others which means, unfortunately, if you are a professional footballer, you’ll likely be shelling out more for your cover than a priest.

That said, in some cases there may be more than one job title on a pre-defined list, that accurately describes what you do, and in this case you could make some significant savings.

For example, if you describe yourself as a ‘chef”‘ your average quote could be higher than if you selected ‘kitchen staff’.

Other jobs that tend to have a lot of similar options include office work, building and construction, teaching and journalism.

However, it’s important to always make sure you’re honest when giving your details to an insurer if you knowingly misrepresent yourself that could invalidate your cover.

It’s not just those in full-time work that this applies to , for instance, if you’re a full-time parent, retired or a full-time student make absolutely sure you’re selecting those titles and not ‘unemployed’.

2. Add a more experienced driver to your policy

Inexperienced and young drivers typically face the highest premiums– but could save significant money by adding more experienced drivers to their policy.

GoCompare found that new drivers could save money adding a parent on to their policy, but this also applies to other age groups, even if you’re deemed a low risk driver yourself.

This is simply due to the second driver, in most circumstances, making the overall risk slightly lower, as you won’t be the only one driving the car.

What people must still be aware of though is the issue of ‘fronting’, where younger or less experienced drivers claim to be the ‘named’ – additional driver, when they’re actually the sole or main user of the vehicle. In this instance, using a more experienced driver to bring the cost down is illegal, so it’s worth people bearing this in mind when taking out a policy.

By LUKE JOHN SMITH

See Full Story at www.express.co.uk

Tips For Getting The Best Car Insurance Rates!

17 July 2018 By admin Leave a Comment

Car insurance rates are determined based on client’s risk profile. That tells the company how likely they are to handle a claim coming from that particular client.

There are several ways to get a low-cost car insurance premium:

Drive a safe car. Companies have their own definition of what it means a safe car. But generally this mean a vehicle fitted with functional, hi-tech sensors and warning. Airbags, seatbelts and other similar protection devices are also on the list. Safety rating is very important for insurance companies and they analyze it before issuing a policy. Safe cars pay less on auto insurance.
Remove old traffic violation points. Cleaning up the MVR will help getting better rates. It is wise to contact a lawyer who will guide the client during the whole process.
Graduate defensive driving. This type of courses educates the driver about the traffic hazards and how to handle them. Besides improving skills, graduating an approved course will make the driver eligible for a discount.
Bundle plans. This is a quick way to save a money. Bundling policies under the same company is usually cheaper than insuring each item individually.

“Car insurance does not have to be a financial burden. There are several smart ways to get cheaper insurance” said Russell Rabichev, Marketing Director of Internet Marketing Company.

See Full Story at www.benzinga.com

How to Find the Best Car Insurance Policy

10 July 2018 By admin Leave a Comment

Finding the right site to offer updated and accurate information about various car insurance policies and premium plans can sometimes be a bit of a challenge, especially because of a large number of options available. In addition to populating a list of various plans that are available, a reputed insurance finder site will offer additional information and tips.

Find a reliable and reputed site

You’ll want to find a website that is associated with all of the major insurance companies and includes information that is accurate. Sites like Money Expert can provide quotes from almost 100 different providers in just minutes and could save you a ton of money.

Provide accurate information

What you’ll need in order to see the various plans and premium amounts is personal details, information about the make and the model of your car, and your claims history. Based on this input, the amount is calculated by actuaries in insurance companies, which is why it’s necessary to provide correct information.

Be prepared with additional details

In addition to your personal details, you should have information about who else will be using the car, their driving history, and any safety devices installed in the car. This supplementary information will help to considerably bring down the cost of insurance premiums.

See Full Story at thenewswheel.com

Smart Tips to Successfully Claim Car Insurance

26 June 2018 By admin Leave a Comment

With the growing number of vehicles on the roads, the traffic conditions are deteriorating and accidents are becoming more common. There’s no doubt that these accidents can cause damage to your vehicle and the costs to repair the damage or replace parts can create a big hole in your pocket. This is why it’s important to have an effective form of vehicle insurance that covers both cars and bikes so you can get what is required by law, as stated under the Motor Vehicle Act of 1988. Thankfully, finding great car insurance plans online is easy to do.

How to report an accident

The increase in accidents means the number of claims that are filed is also on the rise. The claim process can be just as straightforward and as simple as buying a new insurance plan — you just need to follow these steps:

Inform insurance company about the damage as soon as possible
Take your car or bike to the nearest garage or get it towed
Provide all relevant documents to the garage for when they speak to your insurer

What you’ll need

You’ll want to be sure you have all of the appropriate information available when you are speaking to the insurance company to make things easier for both parties. Some of the things you should have on hand when contacting your insurer include:

Policy, engine, and chassis numbers
Km reading of the car or bike
Accident details like location and date/time of the accident

See Full Story at thenewswheel.com

Auto Insurance Tips That All Must Know

21 June 2018 By admin Leave a Comment

Shopping around for car insurance is a headache for lots of people. It isn’t difficult to find a plan that works for you, but you will have to do a little bit of reading to find a good fit. Taking the time to do the right research will help you not only save money, but find a plan that covers all of your needs. Use these tips if you need a little bit of guidance finding an automotive policy.

When purchasing car insurance for a teenager, compare the difference between adding them to your insurance or buying them their own policy. You will want to find out if it is cheaper to insure your vehicles on different policies.

To verify that your auto insurance will cover all your expenses in the event of a loss, discuss your coverage with your agent, especially before you add any custom features to your car. When purchasing extras for your car like stereo systems, it doesn’t matter what price you paid, only what the appraiser is willing to value them at.

Many people believe the misconception that once a driver reaches 25 their insurance rates decrease automatically. However, the truth is that rates slowly decrease from the time a driver turns 18 years old, as long as he or she maintains a clean driving record.

Never allow your insurance coverage to lapse to keep your rates low. Going from one carrier to another or from one policy to another, you can easily create gaps in your coverage. After your insurance company realizes that there was a gap, it will want to raise your rates.

Your insurance premium will be dependent upon the brand of car, SUV, truck, ATV, boat or motorcycle you buy or lease. The mileage, make, model and year of the car will determine how much your insurance bill will be. A luxury car or sports car may suit your personality, but the resulting insurance cost may not be to your taste at all. To really cut down your premiums, choose a model that is known more for safety than for being flashy.

See Full Story at redcarstudio.com

The 17 Best Tips to Pay Less for Car Insurance

19 June 2018 By admin Leave a Comment

Before jumping into the tips for saving cash on car insurance, you should know what basic types of car insurance are out there. These different kinds of auto insurance each require their own unique methods to cash in on a lower rate.

Here are the basics:

Liability insurance Almost every state requires liability insurance. This covers a set amount of damages to property and people injured in accidents where you’re at fault. If these damages go over this set amount, you could be sued for the remaining balance. Also, liability insurance won’t pay for your medical bills or repairs for your car – you need comprehensive and collision insurance for that.

For a very simple exaggeration of how liability insurance works, imagine you had $50,000 worth of liability insurance and got in a wreck that caused $100,000 worth of damage. In all likelihood, you could be sued for the remaining $50,000 your insurance didn’t cover. Shelling out for the right amount of insurance here can save you cash in the long run.

How to save money on liability insurance: While there are tips that help, the biggest way to cut costs here is to have a safe driving record. It lowers your monthly or annual rate for liability insurance.

Collision insurance: If you want your car to be covered in case of a wreck, collision insurance is the way to go. Unlike liability insurance, collision plans have a deductible, which says how much money you pay upfront for repairs before your insurance kicks in and covers the rest.

Say you drive a $20,000 car, and collision insurance costs $200 a year. You drive it for two years before totaling it in an accident. Your car probably depreciated in value a few thousand dollars, but in this case, paying that extra $200 could have saved you over ten thousand dollars – and that payment could have been even cheaper by following the tips in this guide.

by Daniel Wesley

See Full Story at quote.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance