Answers to Frequently Asked Questions About Car Insurance
In this article about frequently asked questions about car insurance, we look at some of the more unusual questions.
What do I Need When I Claim?
That is going to depend on the policy that you have. Generally speaking, though, you will need to download the relevant claim form, have the details of the case number, copy of your ID, copy of your driver’s licence and possibly gotten three quotes for repairs.
Do I Have to Report an Minor Accident to the Police?
South African law requires you to report all traffic accidents involving two or more vehicles to the police. You are legally required to do so within twenty-four hours of the accident occurring. If you do not, you will not be able to claim on your insurance.
Do I Have to Have a Tracker Installed?
This will vary from company to company. If the company insists on it, you do have to have it installed. There are other benefits to having it installed, though – it usually does help to reduce the premiums.
What if My Circumstances Change?
If you move home, or start parking your car in a different place, you need to notify the insurance company as soon as possible. This is important when making a claim. Say, for example, that you take out a policy and state that the car is kept in a locked garage.
If you move, or this is not true, and the car is stolen, the insurance company can legally decline your claim.
How Will Claims Affect My Premiums?
The more often you claim, the more of a risk you will be seen to be. If your premiums are initially fixed for a year, you can expect them to go up later on. This is one of the reasons that it is better not to claim if possible.
Should I Cover My Child’s Car Under My Insurance?
It might save some money to cover your child’s car under your insurance, especially if you have well-established track record with the company. However, you will have to specify them as the driver.
You should also consider the impact on your premiums and claims history in the event that they do have an accident, though.
Does Credit Worthiness Make a Difference to My Premiums?
Insurance is all about risk. What is the risk that you are going to make a claim? What is the risk that the company might lose money on your policy? Insurance companies are basically betting that your policy will be worth more to them than the claims you make.
Someone with a bad credit history will have their premiums loaded because they are seen as a higher risk.
What Other Factors Affect the Premiums?
If you are under the age of twenty-five, you are likely to pay more for insurance. Typically, younger drivers are considered more reckless. Also expect to pay more if you have not had your licence for long, or if you drive a high-performance vehicle.
Well, that’s the last round of questions done and dusted. Remember as always that if you are not sure about anything on your policy, find out about it as soon as you can. When you need to make a claim is too late.
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