Minggu, 04 Juli 2010
Car Insurance FAQs
<b>Can I insure a modified or classic car; who will offer insurance cover?</b>
Yes, you can insure a modified car but because your car is a specialist car, not all auto insurance companies might be willing to provide coverage for it since it requires high price replacement parts and also skilled labor if the car is involved in an accident. Thus, you have to take a special car insurance that is designed especially for modified and classic cars.
<b>How can I cut down my car insurance premium? </b>
If you wish to cut down on your car insurance premium you must take care of a few things. Park your car overnight in the garage rather than leaving it on the drive. Fit insurance approved anti-theft devices; consider Third Party Fire and Theft for older cars. Find out discounts offered by the insurance provider when requesting quotes. Young drivers (under 25), who are often charged extremely high premiums, should have an extra driving course certificate.
<b>What is 'excess'?</b>
It is the amount you have to pay when you make a claim for the loss or damage to your car. It can be voluntary or compulsory. If someone else causes the accident you may be able to reclaim the excess through the legal cover, which can be taken out with your car insurance policy. Otherwise you lose the excess. Voluntary excess is the amount you agree to pay to the company. It offers premium discounts. Compulsory excess is generally imposed to young drivers. Because their risk factors are high and the companies don’t want to insure them. So, in order to insure, they have to surrender with this payment.
<b>What is legal cover?</b>
It provides expertise and assistance required to recover uninsured losses such as medical costs, loss of earnings and excess payments where the fault was not yours. It is available as an optional with most car insurance policies.
<b>Can an insurance company cancel my auto policy?</b>
Yes, you auto insurance policy may stand canceled if you fail to pay the premium or if your consumer's license has been suspended or revoked during the term of an auto policy. Also, if there is a fraud or serious misrepresentation when completing the insurance application, if the you are convicted to a crime, or if changes are made to the property that increase the risk of loss then the company may cancel your insurance policy.