Choosing an Insurer

Choosing an Insurer

 

Choosing the right insurer requires careful consideration of what is right for your particular circumstance.

The most obvious point of difference between insurers is the cost, and this can be affected by a number of factors:

  • Make, model and age of the vehicle to be insured
  • Age of the main driver(s)
  • Age of youngest driver
  • Value of the vehicle
  • Amount of the excess
  • Applicability of “Rating One” or “No Claim Bonus” or “Family Discount”
  • Discounts for holding other policies with the same insurer (e.g. household contents insurance)
  • Purpose / use of the vehicle (e.g. work vs personal)
  • Inclusion of items such as windscreen replacement
  • Longest included towing distance
  • Inclusion of loan cars in the event of an accident
  • Inclusion of accommodation if accident takes place when far from home
  • Benefit limits
  • Fault / No Fault clauses – likely to affect No Claim Bonuses and future premiums
  • New car replacement (how old a new car will be automatically replaced)
  • Personal property
  • Agreed Value or Market Value
  • Extras in the vehicle (such as aftermarket stereo systems, roof racks and so on)
  • Performance modifications
  • How often and how far you drive
  • Where you drive
  • Years with the current insurer

So there’s alot to consider already.  In addition, what you are actually insured for plays a big part in determining the cost of insurance.

Here in South Australia, Compulsory Third Party (CTP) insurance is included in your registration, for which there is no choice of insurer.  This is however Third Party Personal insurance, and only covers costs associated with injuries to people.

Third Party Property insurance also covers the costs associated with damage to other people’s property, which includes vehicles and other things that could be damaged (buildings, road signs, power poles, traffic lights etc).

Third Party Fire and Theft policies additionally include cover for fire damage and theft of or from your vehicle.  Different excesses may apply.

Comprehensive Insurance includes the above, as well as loss or damage to your vehicle from collisions, theft, vandalism and malicious acts.

With all the above to think about, it’s easy to forget about the actual level of cover and shop on price alone. Of course, you’ll probably only find out where you saved money in the event you need to make a claim.  A little time invested up front might save you a huge number of headaches down the track.  Whilst it’s not our place to recommend one company or another, we strongly recommend you compare insurers based on what is included and excluded in the policy, as well as the price.

Two other things to carefully consider.

Choice of repairer.

As a repairer, we pride ourselves on providing quality repairs that meet or exceed the manufacturers standards.  Our business also depends heavily on repeat customers and referrals, so we think we must be doing something right.  In the unfortunate event that you do need us, it’s important to know whether your insurance policy includes the right for you to choose your repairer.

Lifetime Warranty on repairs

Most insurers offer “lifetime warranties” on repairs, it is worth noting how they define the term “lifetime” as it can vary from insurer to insurer.  In addition, take care to note whether the lifetime warranty applies to repairs if you choose your own repairer.  We back the work we do, and will do whatever is reasonable to ensure you’re happy with the job, first time.  If something isn’t up to par, we’ll work with you to resolve the issue as quickly and easily as we can.