According to statistics, one in every four drivers has caused an accident in their lives, whether minor or major. One of the daunting experiences is getting treatment for the injured and getting your car back in shape.
One of the best wins for motorists is getting the best insurance cover in terms of cheaper premiums and ease of compensation in case of an accident.
Here are some guidelines to get the best insurance deal:-
- Get an older car
Well, if you are worried about insurance premiums it means that you are not that financially endowed. Insurers tend to trust older drivers/cars not to cause accidents, hence it is easy to get discounts. No underwriter would give discounts to a riskier car (new car), which is probably driven by a new driver.
2. Compare premiums
Different underwriters offer different pricing and discounts, depending on clients. Most insurers will give discounts to new clients. However, while comparing notes, make sure you do not overpay, but you are not taken advantage of either.
Mwananchi credit, a car loan company, advises car owners to ask themselves the following questions when choosing an insurer:
- What are your needs?
- Do you have a clean driving record?
- How much coverage do you need?
- Are you looking for liability only or comprehensive coverage as well?
- Do you have any add-on policies like rental car coverage or roadside assistance?
- Do you have specific restrictions on which companies you can use or what agent has access to your vehicles?
3. History of settling claims
By all means, avoid underwriters that have a history of making late compensations or worse still do not pay their clients in case of an accident.
Some companies will take ages to compensate motorists the smallest component even when the claim is genuine, while others refuse to pay entirely.
Apart from being a legal requirement for you to have, insurance cover protects you against unforeseeable loss that may occur in case of an accident. Lack of payments means you risk incurring double loss in case your car is covered by such entities.
4. Know your needs and risks
In this, you can ask yourself questions such as:-
- How often do you use the car?
- What are the risks involved while using the car?
- Who are the drivers using your car and what risks do they pose?
- Where do you often use the car? In the city or in the village?
Equipped with answers to the above questions, you are able to know the type of insurance you need and the duration, and the best underwriter. If you are dealing with an agent, s/he will be able to advise you on the best choice.
5. To change or not to change underwriter
Sometimes it is necessary to change service providers, just in case your current service provider does not meet your needs or has some weaknesses that you cannot tolerate. Some of the issues that you should consider while changing service providers include time taken to pay claims, insurance premiums and availability of cheaper options.
However, if your current underwriter is meeting most of your needs, there is no need to change to a new one where there is a lot of uncertainty.
