You’ve got new wheels and can’t wait to hit the road, but not so fast – it’s vital that you insure your car before you drive it.
You’ve got new wheels and can’t wait to hit the road, but not so fast – it’s vital that you insure your car before you drive it. Still, don’t be too quick to commit to an insurance provider. Here are some common mistakes people make when getting car insurance quotes and how you can avoid them.
Don’t assume all insurance providers offer similar coverage and rates. It’s important to shop around and compare several quotes to ensure you get the best coverage at a great price. Happily, there are lots of online tools and resources you can use to find and compare quotes from various providers. As a start, it’s quick and easy to get a car insurance quote from Miway online and see how much you can save.
Nobody likes to think about the day they might have to claim on their insurance but it’s important to select a policy with affordable excess. An excess is the sum you must pay before your insurance coverage kicks in.
Choosing a high excess might result in lower premium rates, but will also require a larger out-of-pocket expense in case of an accident. On the other side of the coin, low excesses lead to higher premium rates – but this can save you money in the long run should you need to claim. In short, you need to find a balance that suits your budget.
According to the South African Insurance Association (SAIA), about 65-percent of South African motorists are not insured. This protects your wallet if you’re in an accident involving an at-fault driver with insufficient or, worse yet, no insurance.
A liability limit establishes the maximum amount your insurer will pay for any damages you cause in an accident. Many people opt for very low liability limits but, if they’re at fault in an accident, they won’t have enough coverage to pay for it. For adequate protection, experts advise selecting limits at least equal to your net worth.
At the end of the day, being aware of the many mistakes people make when getting car insurance quotes will help you make a smarter choice and get the coverage you need to get on the road with peace of mind.
Miway is a licensed non-life insurer and Financial Services Provider (FSP 33970).
