Car Insurance - Watch Out Before You Buy!
http://www.millpoint.com.au/personal
• Claim settlement policy - The true test of an insurance company is at the time of an actual insurance claim. This is possible to check by looking at the company's past records of claim resolution. Now is the time to check if the existing insurance can be transferred to another insurance company without loss of benefits already paid for.
• Coverage - What is the right coverage for you? Usually, car insurance policies cover third-party liability and own damage. According to the Motor Vehicles Act, it is mandatory to opt for third-party liability insurance cover while own damage is optional. Opting for both is the standard procedure since they cover any damage due to accidents and loss from third-party mishaps. Most insurance companies offer "add-ons" with the basic policy.
• Customer service - Thanks to technology, insurance policies are now issued instantly. Besides this, other issues such as changes in policy or cancellations are processed quickly. In the event of a claim, cashless settlement is also available so that post-repair delivery is quick without incurring bills at the workshop. It is therefore important to check the insurance company's network for this facility. The bigger the network, the better the claimant's options.
• Communication access - The insurance company's contact information must be easily accessible. If there is a problem the insured individual must know whom to get in touch with and the procedure to follow.
• Cost - Last but not least, is the price or premium. The car insurance premium is based on "insured declared value" or IDV and the rate multiplier and depends on the car model, the age of the car, daily mileage, and the terrain of the location. It is important to declare the right IDV and select a policy that offers the maximum IDV even if you have to incur a slightly higher premium.
