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Car insurance FAQ
Sep 7th
Some information you need to know
Before buying your car insurance, here are some useful things you need to know.
- Excess or Deductible: These terms mean the same thing – that you accept part of the risk yourself. Practically speaking, this means that in event of a claim, you pay a certain amount. However if the accident was not your fault, the insurer may waive your contribution or return it to you. Some insurers make the excess compulsory, while others allow policyholders to use it to reduce their annual premiums.
- No Claim Bonus: A feature of comprehensive policies, this means you are rewarded on an ascending scale for each successive year without a claim. If you do claim, your bonus is reduced, although if the accident is not your fault, certain insurers will leave your bonus intact. Once you’ve reached the highest scale, some insurers allow you to “protect” your bonus by paying an extra premium, so you’re not penalised for just one claim.
- Extended Third Party Property Damage: This covers you in the event of an accident that’s not your fault where the person who caused the accident has no insurance. It’s not offered by all insurers and it usually has a limit of a few thousand dollars.
- Market Value or Agreed Market Value: Most policies provide settlement for a total loss claim (if the car is stolen or irredeemably damaged) on a “market value” basis. This means you are entitled to an amount representing the cost of a vehicle of similar make, model, age and condition. Or, if the vehicle is less than one year old, many insurers will replace it with a new vehicle of the same make and model you lost. An Agreed Market Value cover is especially useful for classic or vintage cars – where the insurer agrees to pay a specified amount in the event of a total loss.
- Premium Rating: The premium, or cost of the insurance, is based on such factors as type of vehicle, age of the driver, driving experience, occupation, location and intended use of the vehicle. Modifications to a vehicle must be disclosed, otherwise future claims may be refused.
- Making a claim: In an accident you should do two things. Firstly, ensure you comply with all legal requirements (e.g. notify the police, exchange details with the other driver, etc). Secondly, notify your insurance broker as soon as possible, preferably within 24 hours. He or she will then advise you on the steps you need to take to make a claim.
Car Insurance Information
Jul 20th
Some information you need to know
Before buying your car insurance, here are some useful things you need to know.
- Excess or Deductible: These terms mean the same thing – that you accept part of the risk yourself. Practically speaking, this means that in event of a claim, you pay a certain amount. However if the accident was not your fault, the insurer may waive your contribution or return it to you. Some insurers make the excess compulsory, while others allow policyholders to use it to reduce their annual premiums.
- No Claim Bonus: A feature of comprehensive policies, this means you are rewarded on an ascending scale for each successive year without a claim. If you do claim, your bonus is reduced, although if the accident is not your fault, certain insurers will leave your bonus intact. Once you’ve reached the highest scale, some insurers allow you to “protect” your bonus by paying an extra premium, so you’re not penalised for just one claim.
- Extended Third Party Property Damage: This covers you in the event of an accident that’s not your fault where the person who caused the accident has no insurance. It’s not offered by all insurers and it usually has a limit of a few thousand dollars.
- Market Value or Agreed Market Value: Most policies provide settlement for a total loss claim (if the car is stolen or irredeemably damaged) on a “market value” basis. This means you are entitled to an amount representing the cost of a vehicle of similar make, model, age and condition. Or, if the vehicle is less than one year old, many insurers will replace it with a new vehicle of the same make and model you lost. An Agreed Market Value cover is especially useful for classic or vintage cars – where the insurer agrees to pay a specified amount in the event of a total loss.
- Premium Rating: The premium, or cost of the insurance, is based on such factors as type of vehicle, age of the driver, driving experience, occupation, location and intended use of the vehicle. Modifications to a vehicle must be disclosed, otherwise future claims may be refused.
- Making a claim: In an accident you should do two things. Firstly, ensure you comply with all legal requirements (e.g. notify the police, exchange details with the other driver, etc). Secondly, notify your insurance broker as soon as possible, preferably within 24 hours. He or she will then advise you on the steps you need to take to make a claim.
Safe Driving
Jul 19th
Overly aggressive driving, speeding, alcohol, and driving tired are the most common culprits for tragic road accidents.
Every year, too many people lose their lives on the roads and police and rescue crews hate clearing up dead bodies. Driving over the speed limit, improper lane changes, losing control and alcohol consumption cause approximately 60 per cent of the fatal collisions. Statistics from motor insurance companies can also confirm these figures.
Alternative routes provide nicer scenery and they may help you avoid aggressive, careless drivers that can make your road trips unpleasant.
To ensure you arrive quickly and to your destination, here are some suggestions:
Apart from not speeding, driving tired following road rules here are some other tips you can do to help keep things safe
- Check headlights, indicators (turning lights), tires, oil and other fluids before leaving.
- Replace worn parts like windshield wiper blades.
- Don’t overload the vehicle or trailer.
- Don’t overcrowd the car with passengers, one person per seat belt – it’s the law.
- Avoid unnecessary distractions; take travel games, books and music for kids.
- Keep greater distance if you are towing a trailer, especially in wet weather.
- Stay focused on your own driving and follow the rules.
PLEASE don’t speed, drive tired or drink drive.
Thank you from Captain Compare car insurance.