Mistakes When Buying Car Insurance
Common mistakes to avoid when buying a motor insurance or takaful plan, from skipping comparison to partial disclosure.
Common Mistakes To Avoid When Buying Motor Insurance / Takaful Plan
No one is spared from making any mistakes in life. What’s really counts is, we must stop repeating them in future.
Back to our business, as part of our efforts in creating a savvy insurance community, we want you to become a smart insurance buyer by avoiding these mistakes altogether.
- Fail To Do Comparison After the liberalization of motor insurance rates, you would see more and more differences in terms prices and scope of cover. Therefore, you are advised to get at least 3 quotations, and start comparing prices and understanding information of each quotation that you receive. This simple step should become part of your buying habit from now on. InsureSavvy can do the legworks for you without charging you anything.
- Disclose Insurance History or Truths Partially You must disclose and answer questions truthfully, i.e. history of claims, history of modifying engines and cars. Otherwise, insurance / takaful company could reserve their rights of declining your claims, due to the non-disclosure of important facts.
- Fail To Understand Own Needs You should consider carefully your needs and suitability of insurance cover, instead of focusing on premium alone. For example, when your vehicle is parked at theft or flood-prone areas regularly, it makes sense for getting yourself a proper motor insurance / takaful cover, so you are well-protected against these potential losses. It always good to adopt the philosophy of being safe than sorry.
- Do Not Understand Own Policy Cover You should know the scopes of policy cover and their limitations too. Do not assume everything is covered, and only finding out certain risks are excluded later. To address this concern, we have kept a lot of useful information for sharing and upgrading your knowledge on motor insurance cover. Feel free to use our Chat Bot, just few clicks away!! Rest assured, we have tried our best to minimise the usage of insurance jargons and make the information understandable from viewpoints of lay persons. We are fully aware that reading materials of insurance, very often, is considered as interesting as watching paints drying on wall, so we’ll ease your pains by making these reading materials, simpler, yet not simplistic.