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Insurance Articles - Car Insurance Policy

What exactly is a car insurance policy and how can it help you? A car insurance policy is an agreement set in place between a car owner and an insurance company that states that if a certain amount of monthly premiums are paid each month, their vehicle will be covered should there be any damage, theft or loss thereof. This policy is a set agreement and should the client fail to make their monthly payment, the agreement will be void should there be any accidents etc. Having a car insurance policy can ensure that if you have an accident or your car is stolen, you will not be left with the mammoth task of trying to raise enough money to purchase a replacement vehicle.

What are the benefits of having car insurance? Having car insurance means that you can insure your vehicle at its market value and should it be stolen or written off, you will be able to replace it with a similar vehicle to the same value. No mess and definitely no fuss. Other benefits of having insurance for your car would be that many insurance companies offer their clients free roadside assistance, free medical assistance, free courtesy car in the event of needing a replacement vehicle bought or repairs done and sometimes even great discounted legal advice and assistance.

If you are in the market to find a better insurance premium then be very careful and make sure to read through each proposed insurance policy that is sent through to you. Many insurance companies like to try and secure a client by offering them a lower monthly premium than their competitors but you should then be asking the following questions:

  • Is the excess amount higher than the amount asked by their competitors?
  • Do they offer a fixed premium or will it hike through the roof should you need to claim?
  • Do they offer all the same perks as the other insurance companies (road side assistance, medical assistance etc)?
  • Are they prepared to offer you a courtesy vehicle or loan vehicle in the event of you being involved in an accident?
  • How long does it take for them to pay out a claim? Will you be forced to wait an enforced standard waiting time before they replace stolen or written off vehicles?

The company who best answers all these questions and still manages to offer you the best car insurance policy rate is probably the insurance company you should go with! The car insurance business is a tough business. Be very careful not to sign anything you aren’t entirely sure of.

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