Car Insurance Policies A Closer Look At Features, Benefits And Options

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Over the next few weeks I am going to go through +30 benefits

,features and options that are often included in Car Insurance Policies. Like every other insurance expert, I advise to read the Product Disclosure Statement (PSD) before you commit to buying car insurance. But I know that most people dont because the document can be up to 40 pages long and contain a lot of information that you really dont need to bother yourself with.

Here are some features of an insurance policy you might not really think to consider but are important parts of a policy.

Owner: Find out who the company is owned by. This information is usually at the bottom of the insurers website. If you have never heard of the company then you find a review to see what they are like. Car insurance companies in Australia have a good level of customer service and you cant really go wrong using a big name brand.

Underwritten: There is not much point comparing policies of the same underwriter as it is the underwriter who holds the risk and determines much of the price. You should compare insurance companies using different underwriters as they all use unique formulas to determine the price of your insurance premium. If the underwriting company goes bankrupt then you may lose your money. You can check the Standard & Poors (S&P) risk grade on the underwriter to see if it is a safe company to get your insurance from.
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Pay by the Month: It is simple,if your insurer doesnt charge you interest and offers pay by the month then you should take up the offer. Insurance companies make a large part of their profit through interest of premiums. They have to hold a certain value as liquid funds to pay claims as they arise. This sits in the bank and earns them a nice slice of interest. Some companies charge you an interest rate if you pay by the month. If this is the case,check the interest rate the insurer is charging to see if you are happy to pay it. It is not uncommon for companies to charge more that the standard mortgage rate.

Cooling off period: By law,every car insurance company in Australia has to provide a cooling off period to their customers. This is the period you are able to cancel your insurance policy without cost. It protects the consumer and the longer the cooling off period the better.

24 Hour help line: If you have a crash at 10pm or even worse at 4am then you will want your insurance company to be available, especially if it was a bad crash and has left you stranded. Most insurance companies in Australia offer 24 hour help lines but it is always good to double check and make sure.

Stay tuned for part 2 of my series where I go through another 3-4 features of Australian Car Insurance Policies. Dont get caught not knowing what you have signed up to in regards to your car insurance and always read the Product Disclosure Statement (PDS) before you make your purchase.

by: David Johnston

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