We are all prone to make mistakes quite often.
But, what of the mistakes we make when purchasing motor insurance policies due to our lack of awareness, complex insurance jargon or some insurance representatives hiding significant charges and conditions?
The best way to get yourself an ideal motor insurance is by making sure that you are well-informed through different online and offline insurance platforms, to avoid costly motor insurance mistakes
To make sure you don’t get into this mess, we’ve highlighted some points that focus on common motor insurance policy errors;
#1 – Reducing/cutting vehicle coverage plans:
Every car demands a different insurance policy and coverage plan. Hence, cutting the basic or major car protection cover in your policy in order to pay a low premium would be a big mistake.
Your vehicle’s insurance will lose its value in the long run and in times of need like theft, vandalism, harsh weather, crashes or personal injury, this would cost you more money.
Therefore, be smart, get a plan that provides long term security and also review different quotes right on the mTek App.
#2 – Providing false information:
When buying a policy, you might not reveal all the details or try to hide some of the truth to avoid higher premiums, or to get cheap discounts for some policies. This might seem harmless at the time but it will affect you later. The false details could help you get a lower premium but once you want to make a claim after an accident, this catches up with you. Take note that insurance companies cross-match the details at the time of claim and reserve the right to cancel your car insurance claims in case of false information. So, avoid that mistake too.
#3 – Making huge deductible(s) on insurance:
Any policyholder has to pay a deductible when they make a claim, which is inclusive in the coverage plans. The amount depends on factors like age, vehicle model, nature of incident, etc.
The deductibles do lower the premium. If you’re paying those comprehensive deductibles which are not necessary for your vehicle, then this can destabilize your financial status. Therefore, evaluate them so that when there is a claim, only the important deductible(s) have been paid for.
#4 – Waiting for cheaper season(s) to get insurance:
One of the misconceptions on motor insurance policies is that there is a right season or time to get a policy. Nope fam!
Instead of waiting for the right month or season, just keep an eye on the mTek website (by allowing notifications) and social media platforms. This will enable you to get informative content on discounts & cheaper deals on policies & claims, among other related products at any given time!
In conclusion, the right time to get insurance is when you buy that new car, or your previous policy expires.
#5 – Taking a long gap when getting your insurance policy:
Choosing the best policy for yourself is great, but taking a lot of time can be troublesome. If you’ve got a vehicle or it’s your motor insurance renewal time, be smart within 30 days to get covered, to avoid being labeled as a high-risk vehicle driver.
#6 – Not comparing insurance quotes:
Doing car insurance shopping can be more difficult if you don’t compare car quotes.
It should be noted this influences your premium a lot. Simply;
- Download the mTek app from Google Playstore and get a comparison list of all motor quotes.
- Once you figure out exactly what you want to prioritize in your policy, price comparison will be much easier for you, right in the app.
So, avoid being exploited and compare your insurance quotes first, then make a conscious decision.
#7 – Violating traffic laws:
This is not only a crime, but also another big reason why your insurance rates go up. Insurance laws highlight two categories of traffic violation.
- Minor violations – speeding, improper passing or backing, etc
- Major violations – driving under the influence of substances, felony, careless driving, etc.
Minor violations can be scrubbed from a driver’s record by paying a fine but major violations can involve court proceedings, a hefty fine, and even jail time. It’s important to note that bad records can affect your premium charges due to the high risk of accidents.
#8 – Looking for covers by price only:
Basing your cover acquisition on low insurance prices/ fees can be a good step. However, you have to consider other related technicalities like customer service and well informed representatives to tackle your insurance issues. Therefore, before making any purchase, ensure to #besmartwithus and compare everything with mTek.
We do hope that these little knowledge nuggets will keep you informed when getting your vehicle covered.