7 secrets car insurance companies won’t tell you
October 6, 2018
We’re living in desperate financial times. Many individuals and businesses are taking advantage of and cheating on others so they pay less money. These 7 secrets of car insurance should help.
Car insurance companies are no different and they are taking more in premiums and cutting their benefits. They also withhold certain information from customers lest it be beneficial to them and they lose out as a result.
The 7 Secrets
There are 7 secrets they keep and this helps them save millions of Rands every year. Here are some of their best kept secrets –
- Did you know this? Vehicle insurers check your credit score before they work out a premium quote? A bad credit score puts them on alert and they think that you won’t be able to manage your bills with them either. Many people believe this is a discriminatory factor but the fact is, it is what insurers do.
- There is annother thing that insurers do to avoid them paying more. When you’re in an accident, they tell you that you don’t need an attorney. They know that is an attorney handles an insurance claim, they will end up paying more.
- These days you can never be sure if you’re paying a fair price for insurance. Insurers won’t tell new, young car owners for instance that their car isn’t an investment. Instead it is a liability, and that each month it is worth less and less. So while your car insurance goes up regularly, your car’s value is getting less.
- If you live in a shady part of town, the insurance company knows that theft happens more often there. This means you will be paying a higher premium. That’s because insurance companies work out car insurance rates based on your location.
- Highly populated areas also mean higher premiums as you are more likely to be in an accident because of more congestion. Also if you can’t provide your car with a locked garage at night, and it parks out in your yard or the street, your premium will be higher because of the risk of theft.
- Most people looking for car insurance have no idea that some insurers actually have the nerve to check you out on social media. According to MoneyWeb, there aren’t many who do it but there have been a few of these insurance companies who have admitted to using social media with their assessments.Insurers don’t care for you one bit and they are quite prepared to infringe your privacy rights if needs be to work out a premium for you.
- The idea is to do research to find the best insurers and to remember always that insurers are business people first. They don’t care about your situation – they’re just worried about your claim, wondering how they can pay out as little as possible. They will do whatever it takes to ensure that they’re the ones making money and not you.
The first step to saving money on vehicle insurance is to complete and submit the form on this page. We will get back to you with a competitive car insurance quote
All info was correct at time of publishing