When looking for your next used car,\ninsurance will be one of the major considerations, as well as one of the major\ncosts after purchasing the vehicle. Having an accident is a stressful\nexperience, so give yourself peace of mind knowing you have done your research\nand chosen the best insurance provider and policy for you.<\/p>\n\n\n\n
Types of Car Insurance:<\/strong><\/p>\n\n\n\n There are four main levels of insurance\ncover, and it is important to understand these when taking out a policy so you\nknow exactly what you\u2019re covered for in the event that an accident or damage\noccurs. <\/p>\n\n\n\n Market Value vs Agreed Value:<\/strong><\/p>\n\n\n\n Once you\u2019ve chosen your level of cover, you need to decide upon\nwhat value you wish to insure your car for in the event that it gets written\noff. You can insure your car at market value, which means your car will be assessed\nwhen it\u2019s written off and a price will be assigned to it based upon the market\nconditions at the time, age, make and model of the vehicle. If you\u2019re\ninterested in understanding what the market value of your car is, Prices People Pay<\/a> is a useful tool to determine what market\nconditions suggest your car might be worth. <\/p>\n\n\n\n Alternatively, you can insure your car at an agreed value. Agreed\nvalue is a pre-determined value that you will decide upon with your insurer and\nwill remain the same until your policy ends. If you renew your policy, the\nagreed value will be reassessed and adjusted. The higher the agreed value, the\nhigher your premium or excess will be. <\/p>\n\n\n\n Other Factors to Consider When Looking for Car\nInsurance:<\/strong><\/p>\n\n\n\n Aside from selecting the level of cover you want to take out, there\nare several other factors that you should consider when commencing a new\ninsurance policy. Each policy is different and may use different terminology so\nit\u2019s important that you read the product disclosure statement so you know what\nyou are paying for and what you\u2019re covered for. <\/p>\n\n\n\n Claims: <\/strong><\/p>\n\n\n\n If you must submit a claim at any point, you want to be sure that\nyour insurer is easy to deal with and the claim lodgement process is fast and\nefficient. <\/p>\n\n\n\n Many insurers enable you to submit your claim online or over the\nphone, whilst some will require you submit in person. Use online review sites\nand forums to explore other people\u2019s experiences of how quickly their claims\nwere attended to, and if the process was straightforward. <\/p>\n\n\n\n You might also want to consider the options your insurer provides\nimmediately after an accident \u2013 will they tow your vehicle and if so will there\nbe an out of pocket cost?<\/p>\n\n\n\n Repairs:<\/strong><\/p>\n\n\n\n Following an accident if your car needs to\nbe repaired, will your insurer allow you to choose the repairer who will fix\nyour car? If not, are there designated repairers in your area? You can utilise\nonline reviews to learn about other customers past experiences \u2013 consider the\ntime the repairs take, how the insurer communicated with the customer\nthroughout the process and the quality of the repair. <\/p>\n\n\n\n You should also investigate whether there\nis the option of being given a hire car while your car is undergoing repairs. <\/p>\n\n\n\n Excess: <\/strong><\/p>\n\n\n\n Excess is the\namount you will pay when you make a claim. Most policies will allow you to\nadjust the excess amount and pay a higher monthly or yearly premium. Some\npolicies will allow $0 excess.<\/p>\n\n\n\n It is important\nto weigh up whether you would rather pay a larger amount in your insurance\npayments and therefore a smaller amount in excess should you make a claim, or a\nsmaller upfront payment with a larger excess. <\/p>\n\n\n\n No Claims Bonus: <\/strong><\/p>\n\n\n\n Many insurers\nwill offer a \u2018no claims bonus\u2019, which means if you don\u2019t make a claim over a\nperiod of time, your insurer will provide you with a bonus (usually a discount\noff the price of renewing your policy). <\/p>\n\n\n\n Is it\nimportant to compare the No Claim Bonus Policy of each insurance product you\nreview, as each will have different conditions. For example, some companies may\nonly pay your No Claim Bonus if you don\u2019t make any claims at all, while others\nwill still pay even if you claim for weather or theft. <\/p>\n\n\n\n When looking\nfor your next used car, choosing the right insurer and policy should be front\nof mind. Considering each of these factors will help you make a more informed\ndecision and give you peace of mind should you be involved in accident. <\/p>\n","excerpt":"\nWhen looking for your next used car,\ninsurance will be one of the major considerations, as well as one of the major\ncosts after purchasing the vehicle. \u2026","category":"Knowledge","link":"https:\/\/pricespeoplepay.com.au\/blog\/used-car-insurance\/","image":"https:\/\/pricespeoplepay.com.au\/blog\/wp-content\/uploads\/2020\/03\/insurance-539659_960_720.jpg","author":"Emily Savage","categories_list":"Knowledge<\/a>,Tips and Guides<\/a>"}