6 things to keep in mind when buying car insurance

1.Research multiple insurance companies before choosing.

The insurance premiums offered by insurance companies will vary greatly, to get the best price for the same insurance coverage you should get quotes from at least 3 different companies to compare. However, do not rush to just look at the premiums, you need to be alert to learn about the company's incident handling procedures as well as its financial scale and reputation to choose the most suitable one.

Consulting friends and relatives who have experience using cars and insurance is necessary.

2. Read the insurance policy brochure carefully.

Not only listen to what the insurance seller explains, but also ask to be provided with the insurance policy documents that come with the contract. Only the insurance policy documents will fully show the rights, obligations, and exclusions that are not covered by compensation.

Some customers often do not pay close attention to the conditions in the terms, such as expired registration, vehicle not used for the registered purpose, driver causing an accident without a valid driver's license, insurance purchase lacking the required coverage...

Therefore, to avoid mistakes that may cause disadvantages later, before purchasing insurance, car owners need to carefully study the items in the contract and consider extended insurance coverage.

3. Cheap insurance premiums are not the top factor

It will not be surprising if the same car model but the car owner will receive different fees from different suppliers.

Normally, the insurance premium will be calculated based on 2 factors: the basic insurance premium (vehicle body insurance premium) and the additional insurance premium which is usually calculated according to the driver's request or according to the advice of consultants. The additional clause is a very important clause because it directly affects the driver's rights later when an incident occurs.

Ask your insurance advisor about these issues along with the exclusions to make sure your benefits will be covered in all cases as you expect.

4. Choose packages with high deductibles

The deductible is the amount of money that the customer shares with the insurance company in the risk of each loss. The higher the deductible, the lower the insurance premium.

There are two types of exemptions: deductible exemptions (also called deductions) and non-deductible exemptions.
A deductible is the amount of money a customer must pay out of pocket for each and every loss before the insurance company pays the remaining costs.

A deductible is the amount of money a customer must pay for each and every loss that is less than the deductible, otherwise the insurance company will pay the full cost of the loss.

5. Learn carefully about repair service standards

Need to consider 24/7 rescue service (is the compensation settlement team professional and dedicated; is the compensation settlement process accurate in terms of time...).

Many insurance companies have car repair shops as their “backyards” and they may openly say so, or they may not openly say so but only “guide”... Where to repair the car is an important issue, so the insurance buyer must have the right to choose where to repair when signing the contract, to avoid the case of being swapped with poor quality or non-genuine parts.

6. Understand rights and responsibilities

When purchasing insurance, every customer wants to be compensated quickly and fairly in the event of an accident, and have their vehicle repaired or replaced at a professional garage with genuine spare parts.

However, to get those things, it is extremely necessary to understand the rights and responsibilities of the insurance buyer as well as consider carefully before signing to buy any type of insurance.

Being specific about each clause is the best way to ensure that the insurance buyer's interests are respected.