Do you find Car Insurance necessary at all?

Mon, 28 Sep 2015 Source: carmudi.com.gh

Due to how rampant insurance companies are aggressively growing in recent times, finding the best car insurance has become more cumbersome than it could have been.

An insurance company being well-advertised and therefore well-known does not guarantee the best rates and discounts of the services they render. As much and as quickly as possible, insurance companies are developing creative options in their structures in order to enable them to stand different from their competitors.

As many are entrapped in the idea of paying more money such as monthly charges for less quality of service, unfulfilled promises and the like, some car owners also still have the faith and trust in some of these insurance companies and are firm to their grounds about how their policies favor them as individuals both in the short-term and long-term.

In recent times, car insurance companies in Ghana have shot their rates to an astronomical 200%. However, some of these companies may still have flexible schemes.

What is your view on Car Insurance? Is it important to you? Car Insurance is vital and must be a great concern to every car owner.

Carmudi.com.gh, Ghana’s number one and most trusted online car market has compiled some tips on finding the best car insurance company in Ghana.

Shop around for the best deal.

Due to the increasing number of insurance companies on automobiles, it is necessary to research around to obtain various quotes from different companies that do car insurance so as to settle on the best deal. Paying less does not necessarily guarantee quality. It is important to scout for the best cover otherwise if you should settle on just any scheme,the policy will not pay out just when you need them.

Find an agent.

If the insurance companies you have identified as possibilities sell directly to customers, get a quote and have someone contact you. If the companies sell through an agent network, ask aroundwhom they use as agents or even from the insurance companies themselves. Give anyone you contact specific details about the coverage you want and let them know you are comparison shopping. With this, they make a decision based on your research and might settle on your offer.

Do well to check the policy of your final bet.

Policies change overtime and get revised when the need be. Therefore when you are going for an insurance renewal with the same company, it will be wise to check if the terms and conditions have changed before renewing just so you sure nothing goes against you in thoughts of things being the same over previous years or period of partnership.

Strive for a discount.

This is done everywhere and anywhere when two parties are involved. Do not just settle on the first word. Getting a discount may be advantageous or beneficial to you in the sense of reducing your monthly or annual charges depending on the schedule discussed. Insurers offer a select number of discounts, including lower rates for drivers with short commutes, retirees, students with good grades or vehicles with safety devices such as car alarms or motorized seatbelts and these are options from which one can choose from.

Assess insurance needs and premium costs annually.

Life isn't static, and your auto insurance premiums shouldn't be either. Review your policy once a year, especially if you've moved or switched to a job that has you driving more or less of the time. A review is also a good time to check on whether you're eligible for additional discounts.

Lower your risk for your own good.

Taking a less expensive scheme is not typically the best option. For this, there should be other ways of lowering risk aside paying less. These include making your car more secured by fitting an approved alarm to blow up break-ins, parking in the right spaces to prevent accidents, avoiding reckless driving to prevent unnecessary charges etc. These add up to help reduce or lower insurance charges and lowering risks.

Opt out on some coverage which might not be relevant.

Not all add-ons included in the insurance policies are relevant. Sometimes your insurer or broker may try to sell you add-ons, like legal expenses cover. You may be able to get these products more cheaply elsewhere, or you may not need them at all.

Also in the case where the car owner drives an old car, comprehensive insurance coverage might be irrelevant since the applicant might end up paying more than the worth of the car itself. Take all the time you need to analyze all offers proposed to you and decide on what coverage you need and what coverage you don’t need.

Carmudi Ghana Managing Director Kobina Amoo laments “Car Insurance Premiums may be high in Ghana. But when you make the analyses, you realize the cost of insurance on your brand new vehicle cannot equate its value. Scout well and get a good deal with the best insurance company”.

Columnist: carmudi.com.gh