Auto insurance without fear

Olga Nagornyuk
16.07.2015

Auto insurance without fear

Car insurance is an attempt by the car owner to protect their property from damage and theft. Trying to protect themselves from possible damage, many car owners often rely on insurance companies, behind the beautiful sign that hides fraudsters.

 

We will tell you how not to be trapped by buying a regular piece of paper instead of a policy, and what to look for when concluding a contract in order to provide your car with maximum protection.

 

How to choose a reliable insurance company

 

Regardless of whether you intend to purchase a motorist or a motor hull, the choice of an insurance company should be considered carefully. You should not go to the first office located closest to your home. So, in the event of an accident or theft, you risk being left without insurance guarantees. Therefore, choose an insurer according to the following important criteria.

 

Age

 

Insurance companies that have been operating in the market for a long time intend to stay on it as long as possible.They value their reputation and fulfill obligations to customers.

One-year-olds should not be trusted for two reasons:

  • first, they are often created for the purpose of obtaining quick profits, and then eliminated. As a result, you simply lose money because you are left without insurance guarantees;
  • secondly, due to inexperience and high competition, such companies rarely survive. Trying to dump and attract customers with low prices, insurers do not go to the level of break-even and go bankrupt.

Reviews

 

Ask relatives, colleagues, neighbors. Perhaps in their recent past there were insurance claims. Find out whether the damage was paid promptly and in full, what additional documents the insurer required, and if there were any conflicts with its agents.

 

Go to profile autoforums, chat with their participants for a similar experience. Read reviews on third-party sites where deceived customers post information about fraud companies.

 

Based on a survey of public opinion, select five insurance companies and collect information about them, which we will discuss in the following paragraphs.

 

License

 

The absence of this document means that the company has no right to engage in insurance activities. Only one conclusion: the insurers will take the money, but payments from them should not be expected.

 

You can check for an insurance license in Ukraine on the MTIBU website (mtsbu.kiev.ua), in Russia - on the Insurance News Agency portal in the “Stop List of Insurance Companies” section. It is especially important not to lose the choice of the insurer by buying the Green Card, without which it is impossible to travel abroad by car.

 

Rating

 

Making up the TOP of the best insurance companies, experts take into account the financial stability of the company, the authorized capital, the size of payments for insured events. The presence of the insurance company in such a rating is a guarantee that the company will not go bankrupt on the second day after you purchase insurance.

The ratings of insurance companies, compiled by experts, are looking for in Ukraine on the portal Insurance-TOP, in Russia - on the site Viberu.ru.

 

Regulator sanctions

 

If the insurance company has a temporary administration entered by the regulator, there can be no question of any reliability. Cross out this company from the list, you can’t take out auto insurance in it.It is better to proceed with the verification of the remaining.

 

Where can I find information about the regulatory sanctions applicable to the insurer? This will help you:

  • Internet resources of regulators: for Ukrainians - the Commission for Regulation of Financial Markets portal, for Russians - the official site of the Bank of Russia. They are publicly available list of companies in respect of which the state imposed restrictive sanctions;
  • in the news. Journalists are the first to find out about companies that are one step away from bankruptcy. Keep track of information from newsmakers, it will help to avoid unexpected losses.

Price

 

When it comes to autocitizens, the size of which is fixed by the state, this criterion is not worth considering. Take into account it is necessary during the purchase of a comprehensive insurance policy.

 

Call the companies from the list and ask the agents to announce the cost of insurance. You will have to answer questions about driving experience, car mileage, technical condition, since these factors affect the calculation of the final amount.

Too low price should alert you. One-day companies that are interested in a quick fundraising and liquidation of a company resort to this method of attracting customers.Focus on the price issued by online auto insurance calculators and choose a middle ground.

 

The cost of auto insurance is influenced by criteria that increase or decrease the risks of insurers:

  • age. It is believed that drivers under the age of 21 and after 65 years have a higher risk of getting into an accident than the rest, so buying a policy will cost them more;
  • driving experience. More experience - less insurance, because drivers with experience, according to statistics, less likely to get into an accident;
  • age of the car. For older vehicles, a higher coefficient for calculating the amount of insurance is applied;
  • make, model and class of vehicle. They are decisive in assessing the cost of repairs, and therefore are taken into account when calculating the price of the policy;
  • reliability of the anti-theft system auto. It reduces the likelihood of car theft and reduces the cost of insurance;
  • type of payment: aggregate (each subsequent payment becomes less), non-aggregate (insurance payments do not decrease). In the first case, the price of insurance will be lower;
  • deductible (repayment of part of the loss at your expense). By increasing its size, you reduce the cost of insurance.

Payment statistics

 

It is contained in the financial statements of the insurance company, which are laid out on its website. The absence of this information is a bad sign, which means that the numbers do not look brilliant, the company has problems, and it’s more expensive to contact an unstable insurance company.

You should not study all statistics, it is enough to pay attention to the following:

  • the ratio of payments and reserves. If both indicators last 2-3 years grow, the financial condition of the IC is in order. When payments increase, and reserves decrease, know: the company has problems;
  • the ratio of payments and fees. They must grow too. The increase in payments against the background of reduced fees will lead the company to collapse: it will have nothing to do with refunds.

It would not be amiss to visit the claims settlement departments of selected insurance companies. Talk to dissatisfied customers, get their opinion about the service and ask how long they are waiting for payments. The insurer, who cannot fulfill his obligations for 3-4 months, is suspicious. It is better to refuse it.

 

Terms of an agreement

 

Ask to send the agreement template for preliminary review. Carefully read the text, paying particular attention to:

  • list of insurance claims.It may be incomplete. Remember: the task of the insurance company is to make money on you, so the lawyers of the IC do not consciously mention real risks in the text of the contract, focusing on common phrases and streamlined wording.

As a result, the car will be insured against the fall of space bodies and aircraft, and in case of damage to the car, icicles that fell from the roofs, trees thrown in as a result of natural disasters, or due to a wheel in the open hatch, the insurance will not act;

  • list of exceptions / limitations of insurance claims. Here the company lists the conditions under which the payment of insurance will not be made.

For example, the insurer may stipulate a waiver of damages incurred as a result of an accident that occurred due to "gross violation of traffic rules." You can apply this wording to anything, which means that the UK will have legitimate reasons to avoid payments;

  • the presence of a clause specifying the terms of damages. Sometimes insurers “tactfully hold back” about them in the contract, and the victim has to wait for his money indefinitely;
  • availability and size of the franchise.Here act on your own. On the one hand, the franchise is not profitable: it is better to impose all compensation on the insurance company. On the other hand, the larger the deductible, the lower the cost of the policy;
  • method of calculating damage in the event of an insured event. It is fixed in the contract and exists in 2 options: the calculation of the insurance payment based on the evaluation system developed by the insurance company, and the calculation of the amount of compensation based on the cost of services STO. In the first case, the price will be understated and will not cover the cost of repairs.

Auto insurance: additional advantages

 

The scale of the scales in favor of choosing one or another insurance agent may incline additional services:

  • evacuation of the car from the accident site by the insurer;

  • round-the-clock work of insurance inspectors who are ready to leave on your call to the accident site even at night;
  • payment of a certain amount of compensation without a certificate from the state traffic inspectorate.

Signs of an unreliable insurance company

 

Experts advise against car insurance in companies that:

  • restrict users' access to their financial statements, not laying them out in open sources and refusing to provide on demand;

  • specialize in one type of insurance. Practice shows: such companies do not live long;
  • underestimate the cost of insurance. About the reasons we wrote above;
  • do not provide a contract for preliminary study. So, it contains controversial points that they want to hide.

We hope our advice will help you choose an honest company that makes money not on deception, but on a mutually beneficial partnership.


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  • Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear

    Auto insurance without fear