Month: August 2019

Don’t ignore the fine print when buying Car Insurance: Part 2

Fine print, small print, T&Cs – Call them what you may, it is these details that can truly help you assess the coverage and benefits of a car insurance policy. Let’s uncover some more of this fine print in our follow-up article.

Let’s continue our review of some of the most important factors that can truly help you judge a car insurance policy. In Part 1 of this article we shed some light on features like deductible rate, off-road coverage and car valuation, and how these impact your policy coverage and benefits.

Moving on, let’s explore some other factors that can make or break a car insurance policy. 

Rising premium

When you renew your car insurance policy, you might end up getting a rude shock in the form of a much higher premium. There are several different factors that can push your premium higher over the course of one year. Previous claims made for accidents when you have been at fault, driving offences reflected on your official records, and other factors could drive insurance premiums up. However, you don’t have to renew with your existing insurer when your current policy comes closer to expiry. Comparing your options is the way to go. Switching to a different car insurance provider might not only get you a better deal, but a better and more well-rounded coverage too. 

Vehicle modifications

Car modifications come in a bunch of variants. While minor external modifications like alloy rims and custom paint might not bother the insurer, others like a modified turbocharged engine, changes made to the suspension system and chassis can jeopardize your insurance coverage. Failing to inform the insurer can result in your policy being invalidated and any further claims that you raise, being dismissed. Once you inform the insurer, they may require you to pay an additional premium to cover the modifications or exclude them from the coverage completely.

Depreciation

Cars depreciate in value as time passes, and most of us understand this. But how many of us are aware of the specific process through which an insurance firm sets the depreciation rate for our vehicle when estimating its present value? There are cases where this parameter is set on a higher scale than it’s meant to be. So when reading the policy document, make sure that you are made aware of the exact formula that the insurance firm uses when setting your depreciation rate.

Looking for the right car insurance plan that fits your budget and specifications? Simply visit Souqalmal.com to compare multiple quotes from leading car insurance providers in Bahrain.

Repair quality 

Check with the insurance firm about how the repairs are carried out and which service centres are on their panel. The company is accountable for offering a fair and high quality of repairs, and preventing low standard repairs. The policy would also specify whether the vehicle is to be repaired at the authorized car dealership’s service center or a non-agency workshop.

Time frame for making a claim

There is always a standard time frame for raising a claim with the insurance company. Make sure you are aware of how much time you would have to submit a claim against your insurance. If you ever encounter a mishap on the road, it’s always better to register an insurance claim immediately or as soon as possible. Delaying a claim submission could impede the claims process and lead your claim to be dismissed.

Documentation

Most of us are notified of various policy details by an insurance company representative personally, or a call center agent over the phone. However, Souqalmal.com emphasizes on this time and again – You must review policy benefits independently before choosing which policy to buy. That’s exactly why we allow users to compare policy features and base their purchase decision on facts. Make sure that you read the policy document yourself, as the word of the agent could sometimes be compromised under a ‘salesman’ influence. 

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Don’t ignore the fine print when buying Car Insurance: Part 1

Your car insurance policy isn’t just made up of the features and benefits you see in advertisements. It is the fine print – terms, conditions and exclusions – that can truly help you figure out how good the policy actually is.

If you own a vehicle here in Bahrain or are gearing up to get one in the near future, car insurance is a subject you shouldn’t take lightly. There are multiple car insurance providers with an even wider array of policy options on the table. But how many of us actually do the research and spend time reviewing the range of options before choosing one? And even more importantly – how many of us actually spend the time understanding the small print in the entire process?

The fine print of your insurance policy, including its different features, exclusions, terms and conditions are of great importance. As a policyholder unaware of these intricacies, you could end up making a claim that’s going to get rejected or even worse – have your policy invalidated. For this reason, it is a good idea to go through the entire policy including all of its fine print before making your decision. 

In this article, we’re going to discuss factors that are covered in the small print of a policy document and how they impact the benefits of the policy. 

Deductible rate

Whether you’re choosing a policy with a higher or a lower deductible rate, or one with none at all, is also a decision you’re going to have to make. It is pivotal to acknowledge that sometimes, a low insurance premium will have a higher deductible as a result. And the higher your deductible rate, the higher will be your out-of-pocket expenses when making a claim. Therefore, when signing up for a car insurance cover, make sure you’re aware of the specific deductible rate and whether it works for you or not.

Off-road coverage

If you’re the type that enjoys going on an adventure and enjoying some off-road terrain, make sure you choose an add-on feature that covers your off-road adventures. And not just that, also make sure you thoroughly review the benefits mentioned under this off-road coverage. There are policies that inhibit your coverage with respect to the distance from a paved road. 

You can simply visit Souqalmal.com to compare multiple quotes from leading car insurance providers in Bahrain. Not only can you pick a policy that fits your budget, but also choose between a range of optional features to find a car insurance plan that truly meets all your requirements. 

Cover for natural disasters 

One of the major factors that make a comprehensive insurance policy superior to a third-party one is that your vehicle is insured against a host of different damages. If you are interested in getting a cover against damage due to natural perils like dust storms and floods, make sure that the coverage is inclusive of such natural disasters. Don’t assume that all polices cover this automatically – This may not be the case. 

Valuation

When applying for a car insurance quote, you will be asked to provide a value for your car. Although insurance providers will estimate the value of the vehicle, you will usually be provided with a range and a minimum and maximum value, and you can pick the value of the car from within this range. Many car owners ignore this useful feature and go with the value provided by the insurer. This is especially detrimental when insuring a more expensive car, which may be valued lower than what it should be worth.

To Be Continued…

Find out further about what’s hidden in your car insurance policy’s fine print in Part Two of this article. 

The most common Car Insurance myths that just aren’t true

There are many myths about car insurance circulating about. We bust some of the most common myths that stop car owners from making a well-informed car insurance purchase.

Most car owners spend weeks and months researching their options when buying a new car. But when buying car insurance, most of us simply choose the first option that we come across. In general, car insurance is often ignored and treated as a mundane task on our annual to-do list. Because little to no homework goes towards buying car insurance, many car owners easily fall for car insurance myths that keep circulating around. 

However, with hundreds of your precious Dinars on the line, it pays to know fact from fiction. In this article, we aim to shed some light on the most common myths about car insurance that simply aren’t true. 

It’s always cheaper to go the third party route

A lot of people tend to believe this, under the prevailing assumption that a third party liability (TPL) policy is always less expensive than a comprehensive policy. However, this is not true in all cases. Many countries have elevated the price for TPL policies, given that a growing number of high-risk drivers were opting for third-party cover. 

If your friend crashes your car, his insurer is going to pay

That might seem like the logical conclusion, but it really comes down to what the insurance policy says. The insurance policy is tagged to the car, not the driver. Therefore, as the owner of the vehicle, no matter who has been behind the wheel, you’re going to be the one paying for damages. So, unfortunately, if someone else drives your car and gets involved in an accident, you’ll be the one managing the claim with your insurer. Now you’ll probably think twice before letting your friends into the driver’s seat!

Looking for car insurance in Bahrain? You can now compare multiple car insurance quotes and save your precious time, money and effort, only with Souqalmal.com.

If the car is covered, your belongings inside it are covered too

You’re not alone if you fell for this myth. In case of accidental damage or theft, many car owners often try to have the items inside of their car also reimbursed through the car insurance provider, only to realize the hard way that these are not covered under the policy. However, you can opt for an additional personal belongings cover with your next car insurance policy to insure high-end items like laptops and golf clubs kept inside the car. 

The premium I pay depends on the color of the car

There are rumors about how a flashy and vibrant red colored car would attract a higher insurance premium. This is not true at all. The car’s color has no impact on the premium fixed on your car insurance policy. There are many other intricacies, car features and driver details that certainly have an influence over the price that’s set, but a car’s color has nothing to do with it. 

A cheaper car means a lower insurance premium

The value of a car is definitely a factor in its insurance premium calculation, but it doesn’t mean that a cheaper car will always be cheaper to insure than a more expensive one. An insurance company also takes into account the history of loss and risk factors attached to a specific car model. So a sports vehicle or muscle car priced at BHD 20,000 may cost higher in insurance premiums than a family car or SUV worth BHD 30,000, primarily because the sports car has a history of higher losses.