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Car insurance experts often recommend car insurance quotes for purchases, which means you compare them to make sure you get a good deal on a policy. But what is a quote for car insurance?
A car insurance quote is a price estimate for a policy based on the information you have provided about yourself, your car, its home location and any other drivers in your home. The more information you provide to a company – the more accurate your insurance quote will be to the final price of a policy.
How do car insurance quotes work?
When a car insurance company offers you a price, what it does is determine how risky it is to insure. The more risks you face, the more likely the company will be required to pay a debt – and the more you will be charged.
The car insurance companies determine the risk (and therefore the rates), taking into account a wide variety of factors about you and your car. This is why you will have to answer so many questions during the bidding process.
What you need to get a car insurance quote:
- Basic personal information such as name, address and date of birth. Most car insurance offers to start with this information, but you will also provide your employment and possibly a previous address.
- Current car insurance company if you have the policy now. If not, you may be considered a high-risk driver and may need an offer from a non-standard insurance company.
- Vehicle information such as vehicle identification number and whether you own, finance or rent the car, you may also be asked if your car has certain safety features such as anti-lock brakes or airbags.
- Annual mileage and usage. If you are driving for companies like Lyft, Uber or Instacart, you will need to add travel coverage or get a price for a business car policy.
- Driver information – This includes the driver’s license numbers for you and any other drivers in the household, as long as you have been licensed and your occupation. It may also include the estimated level of credit.
- History – This includes any tickets, accidents or other violations of up to five years, depending on the company you are requesting for all drivers who have a policy. Be honest! If you confuse the details, your insurance quote will not be accurate because the insurer will find out the truth.
- The desired coverage limits – The current or most recent car insurance-policy statement page can help you complete coverage levels and compare prices for the same coverage.
CAR INSURANCE QUOTES ONLINE
There are a few websites that can help you get a price from different car insurance companies in South Africa, one of the most popular sites being www.hippo.co.za.
This online platform allows you to get an offer from several different insurance companies. Most insurance companies in South Africa offer you the opportunity to receive car insurance quotes online.
However, keep in mind that these online listing platforms should not take the place of the expertise and knowledge of a broker or representative. There are so many factors that influence your premiums that, without taking the opportunity to talk to a professional known in the industry, it is not the wisest choice.
Always remember that finding the best car insurance in South Africa does not necessarily mean getting the lowest price. Also, affordable car insurance does not mean opting for the most competitive offer, but rather the insurance that offers you the most for the most economical costs (either monthly or in excess of structure).
Compare line-by-line offers and find a policy to help you. You will want to find a plan that fits your budget, so paying the premiums is probably the first thing you will consider.
But you will also want to consider the deductible, i.e. the price you will pay if you apply, along with coverage areas. Some plans cover damage caused by uninsured drivers, and others do not. You will want to find a plan that includes all the minimum coverage requirements of your state, plus any conditions that are important to you.
Although a lower premium is nice, you often get what you pay for. After you receive the offers from each of the companies you speak with, ask them to email you the offers. If possible, print each offer and compare the coverage line by line. This will give you an accurate idea of the costs in the event of an accident.
Lower premium policies have higher deductibles, and if you are a safe driver who does not use your car in many high traffic areas, a high deductible policy may be best for you. But you know you will pay for your claims, one way or another. It is up to you to decide whether you want to extend the risk through higher premiums or save money every month, pending a high deductible.
Ask for discounts
If you are interested in a discount, it is best to be in advance – however polite – by explicitly asking for promotions. Be prepared to ask yourself what kinds of discounts are offered to customers. Common discounts include:
- Offers for members of professional organizations (make sure you name yourself)
- Special package prices for joining the car insurance policy with other policies, such as an owner or tenant insurance
- Multiple car discounts
- Special offers for the payment of your six-month or annual premium in a single payment
- Incentives to go paperless
- Good discounts on the driving record
- Payment reductions over time that can save you in the long run
Taking the time to understand the numbers and terms in your insurance offer can give you a clear picture of what the policy covers and what it costs. It can help you effectively compare offers and buy the best insurance for your needs. It can also prevent surprises if you feel the need to apply for a car accident or other problem.