How they determine your car’s value after it’s declared a “total loss”
Insurers say that their goal in totalling a car is to allow the insured person to purchase, within their market, the same car they lost in the accident.
How much making a claim could increase your rates
You should ask when you buy your policy if there is a first-accident forgiveness policy and how to qualify
Your credit history can dramatically affect your motor insurance premium
Not many people are aware, but your credit history will have an effect on your premiums. If you have a good credit rating you will be regarded as a low-risk individual by motor insurance companies. This is likely to lead to lower motor insurance premiums.
Paying in instalments will usually increase your overall bill
If you pay your premiums monthly, you will pay more. By paying annually you could make significant savings.
How much your car model affects your premium
The make and model of your car affect your motor insurance premiums. If you drive a high performance vehicle you will pay higher insurance premiums. In addition, the more expensive your car is, the higher the insurance premiums will be. This is because of the repair costs associated with such vehicles. Insurance companies base their decisions on how likely an individual is to be involved in an accident. So the higher the risk, the higher the insurance premiums.
It’s more of a business and less of a customer service
The motor insurance companies won’t always have your best interests in mind. The company is more concerned with the bottom line.
There is room for negotiation
You can negotiate in the event of a claim. You don’t have to accept everything that your insurance provider says they will offer.