December 13, 2021
There are a wide variety of car insurance products, so it would seem logical to find out all you can before buying a particular product. Read and find out more about pitfalls to avoid when buying car insurance.1
According to Kelly Blue Book1, the most significant error a motorist can make is not buying car insurance. A car costs so much, and it’s too much of a financial risk to leave it uninsured. A second mistake would be to buy the first car insurance policy that comes your way.
According to Kelly Blue Book1, there are more pitfalls to avoid when buying car insurance.
Car insurance should be tailor-made to suit your needs. Everyone’s circumstances are different. Before buying a policy, you need to write down exactly how you want to have your car covered and what you are prepared to spend. Points to consider are the vehicle make and model, its price, your driving history, how often you require the car, and where you live.
Comprehensive car insurance is at the top of the range of car insurance products to be expensive for some motorists. If you have just started work and have an old car, you may want to start with a low premium product such as third-party car insurance. If you are unsure, it’s always best to speak to a car insurance agent for professional product details.
First, decide what type of cover you are looking at for your vehicle. You could save yourself a lot of money and hassle by knowing exactly what you want covered. Write down all the boxes you need to tick, present them to your potential insurer and ask for a quote.
According to Kelly Blue Book1, it's a grave mistake to not accurately disclose your driving history. Insurers these days have access to such intelligent systems that will reveal your driving records and reveal any deviations. As a result, the insurer may reject your application. Worst of all, dishonesty may cause the insurer to reject your accident claim, which could cause you great financial harm.
Letting an unauthorised driver such as your teenage child use your car that has been insured in your name can cause severe problems at claim time. Besides that, updating the insurer, you have moved into a more secure house in a safer part of town, could lower your premium.
Please note, this article can only be a source of information. Please consult a registered financial service provider for more information before buying any car insurance product.
You have read what to avoid when buying car insurance. Are you looking to buy affordable car insurance, why not contact PMD, who has on offer affordable, comprehensive car insurance with fixed premiums* and reduce to zero excess*? T’s and C’s apply.