SHOPPING AROUND AND COMPARING
BEWARE! PRODUCTS OFFERED BY DIFFERENT INSURERS MAY NOT BE THE SAME.
Be careful of certain “exclusions” in your policy’s terms and conditions. An exclusion is a type of claim that your policy will not cover, such as hail damage. One insurer’s cover may therefore seem cheaper than another’s because they’ve excluded some risks, hence providing less cover. TIP REMEMBER TO READ THE FINE PRINT (TERMS AND CONDITIONS) SO THERE ARE NO SURPRISES
OTHER PRODUCT FEATURES
Often insurers add non-core features to their products in order to make their premiums seem more attractive. Examples are given in the table below. Although these features don’t necessarily make one product better than the other, it may influence your behaviour, for example whether or not you decide to claim on your policy, and it may sway you to go with a particular product rather than another, irrespective of slight differences in cover. TIP WHEN CONSIDERING PRODUCT OPTIONS, WEIGH UP THE ADVANTAGES WITH ANY CHANGES IN PREMIUM. THE CHOICE IS YOURS.
Nobody enjoys paying for insurance, and motor insurance is no exception. Why do you need it anyway? Well, consider the possibility of being in an accident, even if it wasn’t your fault, or having your car stolen. Who will cover the costs of the repairs to, or worse, the replacement of your vehicle? Unless you have loads of savings or wealthy friends, motor insurance may be the solution.
MOTOR INSURANCE GIVES YOU PEACE OF MIND ABOUT YOUR CAR. YOU PAY A FIXED MONTHLY PREMIUM, AND IN THE EVENT OF AN ACCIDENT, FIRE, OR THEFT, THE INSURER WILL REPAIR OR REPLACE YOUR CAR.
Sometimes buying motor insurance isn’t optional. For example, if you finance your vehicle through a loan, the bank (or other lending institution) may well require insurance before approving your loan. This guide will cover the basics of motor insurance: how it works and what to consider when buying it. So let’s discuss some of the details to help you make wise purchasing decisions…
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