What to consider when shopping for vehicle insurance
Find vehicle insurance that fits your needs.
10:39 25 May 2013
More workers will find themselves looking for new jobs as the insurance company Equity Red Star struggles to remain profitable. They are shifting their focus to take advantage of the vehicle insurance market. It is news like this which makes us think about our own insurance. Life insurance, payment protection insurance and vehicle insurance immediately come to mind.
Here are a few things to consider for your vehicle insurance coverage if you are obtaining insurance for the first time or thinking of switching providers:
- Reputation—there are some industries in which reputation is too subjective to do much good. Books or films may receive completely different reviews from people, which mean you still have no idea what to believe about the reputation. When it comes to insurance, reputations are based on experiences, or others who know of experiences.
- Statistics—when you’re looking into vehicle insurance you’ll want to compare a few statistics such as the average amount of time it takes for them to pay on a claim, and the percentage of claims which are approved. To be fair, try to gauge how many of the denied claims might have been fraudulent.
- Driving record—don’t assume that just because you may have had a few snags in your driving history that you will automatically be given an outrageous amount for vehicle insurance. Some companies specialize in catering to individuals who have a difficult driving record.
- Combine—some companies allow you to receive discounts if you combine multiple vehicles on your vehicle insurance, and sometimes companies work together with other insurance companies so you can receive discounts on insurance products such as life insurance.
- Payment options—some vehicle insurance companies have different types of payment options available such as monthly, six-month, and annual payment options. Consider which payment options you need and make sure the company can accommodate it.