We are all happy to acquire a new vehicle; even more if it is the first car or if we save a lot to acquire it. That is why, when acquiring it, the first thing we think about is insuring it. But, what type of insurance should we acquire to fully protect it?
Comprehensive insurance
Once we have decided to take out an insurance policy, we should not jump into taking out the first offer we find on the market. First, we must know what the needs are to design our insurance coverage well, as well as what the insurance company is offering us. In this way, it is convenient that you take into account these tips to choose the best insurance policy.
Tips for choosing an insurance policy
• Review coverage
The additional coverage’s are what make the difference before any insurance policy, be it health, life, vehicle, among others. Insurers together with the insured establish the type of policy to be contracted and the different extra coverage’s to be added to it. It should be borne in mind that the more additional items included in the policy, the higher the amount to be paid in premiums.
• Individual or collective policy?
Group policies; are all those that generally belong to a cooperative or company. This benefit is generally accessed by people who work directly with the company, linked to a direct contract. In group insurance policies, there is a single policyholder, which is a legal entity (the company or cooperative) that insured a group of people who own a vehicle in common.
Individual Policies; individual policies are those purchased by a single policyholder in order to cover a single vehicle. For these policies, the insured may or may not be the same policyholder and they only cover the insured vehicle. It is important to keep in mind that there is no difference in the provision of the service by insurers for group or individual policies.
• Review the annexes or clauses of the policy
According to the regulations of each country, the companies exclude in the coverage, losses or damages caused as a result of natural events such as earthquakes, floods or those caused by man such as terrorist acts or wars.
For these events to be covered by the insurance company, they must be previously contracted as special coverage through an annex or clause of the same.
• Agreed amount of coverage
With respect to vehicles, in order to grant an insurance policy to everything, the commercial value of the vehicle must be determined. That is, the price that the insured would obtain in the market if he sold his vehicle at the time of acquiring the policy. For these there are different guides and lists that have updated insurers and others that can be obtained online; we recommend having multiple listings on hand.
It is necessary to clarify that the insurance company is not obliged to insure a vehicle if it considers that the commercial value proposed by the insured deviates from the average market value.
Remember that there are policies for every need and budget; choose the one that best suits you.
