Common Car Insurance Mistakes… and How To Avoid Them
Car insurance: is there anything more boring? Most of us just renew our motor insurance annually or, if we have a new car, we pick the easiest option and then we don’t think of our car insurance again. Unless, we have an accident. Then, we may find ourselves thinking about our car insurance quite a lot. Let’s not wait until it’s too late to wish we’d pay more attention to protecting our vehicles. We’ve put together the following tips to help you avoid common carinsurance mistakes.
Not having car insurance.
In Trinidad and Tobago, it’s illegal to drive without a minimum of third party insurance. As soon as you purchase a car, your next purchase should be insurance. Then, always ensure that you renew your auto insurance on time. And don’t wait until the day it’s due to renew. You never know what may happen and you don’t want to leave any gaps in coverage.
Not knowing what type of coverage you need.
To determine what type of coverage you need, consider factors like the age and value of your vehicle, who will be driving it, how far and how frequently they will drive, and the conditions they’ll be driving in. Consider the balance between cost and the coverage. Comprehensive coverage usually costs more but it will cover damages to your car and a third-party car in the event of an accident, while third-party coverage is more affordable but only covers damage to the other vehicle. Additionally, the best motor insurance plans can be customized to fit customers’ needs. You can expand your coverage to include and theft. Or, you can get the most premier auto assistance with features including 24-hour accident response, a towing service, and flat tyre change and repair.
Not comparing insurance providers.
Before choosing an insurance provider or renewing your insurance, look at the range of options available to you. Ensure that –when you’re comparing –you consider price as well as what you will get for that price. One company may offer cheaper insurance but fewer perks. You can do most research on the internet or by calling the providers and requesting quotations. However, you can also conduct research by speaking to family and friends. Ask them who provides their car insurance, whether they’re happy with the service, and what their experience was like if they ever had to make a claim.
Not updating your insurance.
Maybe, when you first got car insurance, you were the only one driving your vehicle. But now, your teenager has their license and they’ll be driving too. It can be easy to forget to update your policy. However, should an uninsured driver have an accident, you won’t receive the type of financial support you’ll need. In most instances, updating your policy is relatively painless and –although the cost may increase depending on the driver you’re adding –you can save yourself fiscal hardship and a major headache in the future.
Not looking for discounts.
A Google search or a conversation with a provider is all you need to know if you’re eligible for discounts. And auto insurance discounts may change so, even if you weren’t eligible before, you may be eligible now. For example, at Maritime, we offer discounts for new clients, long-standing clients, female drivers, Tobago clients and young drivers with good grades, just to name a few.
Not asking questions.
If you’ve taken away anything form this article, we hope it’s that you shouldn’t auto-renew your autoinsurance. Talk to your current provider as well as any other providers you’re considering if you’re unsure about anything. Don’t wait for an accident to regret not asking more questions. Any insurance provider who doesn’t make the time to talk to you is giving apoor indictment of the type of service they give and maybe you’ll be better off exploring your insurance options. So, if you have any more questions, reach out to a financial advisor and ask.
