What To Look For When Buying Auto Insurance?

When purchasing auto insurance, sometimes you might feel it's best to go with what your friends use or the firm whose advert you frequently see on TV.  However, it is not the best idea. Like in every business, insurers all have different premiums, and they vary greatly in coverage and speed of their claims, etc. So, it's advisable to compare quotes from different insurers to get the best deal and the proper coverage and service you deserve. You need not rush into the process blindly; you need to know the right questions and the right people to ask when you're shopping around. You're probably not an expert and don't even know what you need to know about auto insurance. Don't fret; the list below will keep you on track while researching insurance companies and will help you in choosing the right policy.

What Type Of Policy Do You Need?

To discover the right car policy, start by understanding the type of coverage you need. There are three types of car insurance policy in Malaysia: third party cover, third party fire, theft cover, and comprehensive coverage.

Here Is A Quick Peep Into These Insurances Types

Third-party insurance: This is the most commonly purchased policy in Malaysia. True to its name, it only protects the third party involved in any car accident or property damage. In other words, if it is established that you are at fault in an accident, this policy would cover the expense of the other driver's car repair and their medical costs as well.   Third-party, fire, and theft: This policy provides extra coverage for your car if consumed by fire or stolen. Basically, besides the benefits of the third-party content mentioned above, you will also be reimbursed when your vehicle is caught on fire or stolen.   Comprehensive Car Insurance: This package covers a broader range of protection. With a Comprehensive policy, you ultimately enjoy the same protection as in previously discussed approaches above, but with the added security of damages to your vehicle.

How Much Insurance Do You Need?

The car you drive hugely determines how pricier your coverage will be. Insurance companies have loads of data, and they know in detail the types of vehicles, makes, and models that are more—or less—likely to incur claims. The costs of repairs of some cars are significant factors in determining their premiums. For example, Mercedes and Audis are some of the most expensive vehicles to cover because they cost more to repair.   More so, flashy cars may be more likely to be stolen, and its bodywork costs more than on a mid-sized sedan. As such, the insurance premium of the striking vehicle will be on the high side.  It would help if you found a balance between good coverage and affordable coverage. From one perspective, you need to have enough to cover your losses in case of an accident. Then again, the more insurance you will make for a higher monthly premium. Thoroughly consider it carefully. You may conclude that your 15-year-old car does not merit the cost of coverage.

Where You Live And Driving History Makes A Difference

If you stay in the city, your car is typically subjected to more break-ins, theft, and fender benders and is consequently more costly to insure than vehicles in rural areas. Also, your driving history plays a significant role in either driving up or down your premium. You should know that nothing drives up the price of insurance like a bad driving record.

Look For Insurance Discounts

Another feature you need to look out for when shopping around discounts. Insurers give discounts for such things as a good driving record, your vehicle's well-being or security equipment, and some occupations or professional affiliations. Some insurance companies now offer lesser rates if you register in "pay as you drive" plans. Others will give considerable discounts for young drivers who have high-grade point averages. 

Assess The Insurance Companies

So now you've got the price and policy information you need to make that decision. You can see which insurance company's policy is least expensive, but it's imperative to remember that cost isn't the only basis for selecting an insurance company.  You must also choose a significant insurer if you want to increase the possibilities of your claims being paid. Look for an insurer that is reliable, reasonable, and covers the car at all times. Remember comparing quotes is key to getting the best policy. At Fincrew - Malaysia's leading online insurance portal, we help you get the most satisfactory insurance coverage by looking at the various available insurance products in the market on our comparison page.