Your vehicle insurance could be one of the most important things you need to focus on when thinking about your vehicle. With the increasing number of accidents day by day, it is vital that you safeguard your vehicle, its passengers and also the general public. So here a few things you need to consider before getting a vehicle insurance.
1. Shop around
There are so many insurance companies around you, waiting to get some business done. Hence, take all the quotes and all the time you need to compare and choose what you feel is the best deal. One of the biggest mistakes that people do is not spend much time on choosing a policy. Hasty decisions could cost in future and hence they need to be properly analyzed and decided on.
2. Choose one insurer for all
If you are planning on insuring different assets at different insurance companies, well you are doing a mistake. By insuring all with one insurer, you could enjoy multi-vehicle discounts which could actually save you five percent to fifteen percent. Though most of the insurance companies do give such discounts, some may not so ask them before you go ahead with any decision.
3. Ask questions
There is no harm in ask8ing all sorts of questions from the insurer. If you have any doubt, do clear them before you get into contract. Every policy has different rules and hence it is important to be clarified on each an every point mentioned in the policy; for example, the rules of a policy taken for your own car may obviously different from a short term car leasing in Singapore policy.
4. Know your needs and wants
If your requirement is for a monthly car leasing policy, or your own vehicle, you need to analyze what type of policy you exactly want and then find out what insurers are offering. It can be a full cover, part cover or third party cover only. Insurers compete through the extra benefits such as 24 hour service, first accident forgiveness etc. they provide you with, so make sure you know about them all.
5. Check how your rate is calculated
Each company has its own rating system so be mindful and choose the best option. The rate depends on the risk factors of your vehicle. Add a teen-driver to it and you’d see the rates rising high. It can also differ according to the claim frequency. If you have been meeting with too many accidents, then you sure will come across a price change. Other factors affecting the change in rate are driving record, geographic area, gender, age, marital status etc.