Everyone is looking for creative ways to save money in these increasingly expensive times.
A common way to reduce monthly expenses that eat away at your bank balance is to cut down on motor insurance, which is why many insured vehicle owners and insurance buyers often shop around for the best value.
Traditionally, insurers profile customers according to risk profiles comprised of a number of attributes such as age, residential areas in which they live and gender, among other groupings, according to industry norms.
However, car insurance is not a one-size fits-all solution and there are options available to customers in this day and age that would exclude them from being boxed when purchasing car insurance. Essentially, there are options that allow them to qualify for premiums that reflect their profiles as individuals.
Here are some of the things to look out for when looking for car insurance that best suits you and your car:
Make sure your insurer embraces the digital migration
Technology is an economic enabler and, the more the world gets into digital migration, the more opportunities become available for businesses. In this day and age, it is virtually impossible for insurers to offer the best service without involving technology at all within their offerings.
Head of MiWay Blink, Keletso Mpisane says, “The more the technology in the product offering supports User Based Insurance (UBI), the more suitable it is for some users. Technology in motor insurance is now a must-have and how it is used by insurers can improve the customer’s experience. This can include available digital technology as simple as an app.”
It is possible for you to pay less on insurance if you drive less
An insurer like MiWay Blink makes it possible for customers to save on their monthly premiums, if they drive less for a particular period.
Through the use of telematics – which is the technology that links the insured car with the insurer and the customer’s mobile phone through GPS – the insurer measures the amount of driving done in a given cover period and is able to pay some of the insurance premium back to the customer for the kilometres not driven.
Mpisane says, “You get to pay less if you drive less. This gives the customers more value. Technology makes it possible to pay less on car insurance the less you drive; it is an option every customer should at least look into.”
Review your policy
It is advisable to review your car insurance policy to make sure that it meets all your requirements.
Understanding how premiums are calculated helps in this process. Some prefer to pay a lower monthly premium and opt for a higher excess to be paid in the event of a claim while others don’t want to fork out a large excess amount when they need to claim and rather prefer to pay a higher premium every month.
It is advisable to check if your car insurance policy meets the industry standards while accommodating your budget as much as possible, so you can get the best insurance deal for you and your car.
Look up insurance review sites
Forewarned is forearmed! Make sure that the insurer you pick has open communication channels with customers, should you ever need to query something related to the insurance product you buy.
Insurance review sites are great resources to use in order to research service offerings. These sites feature comments and reviews from customers, which adds to their credibility – as opposed to paid-for advertising. This is the best way to find out what other people say about the claims process; about whether the insurer is quick to pay or whether they tend to reject claims; about the application process and other services linked to the product you would be buying.
Motor insurance is a necessity and these points should help you get the best car insurance for you and your car. All the best!