8 top questions about vehicle insurance, answered
We take the hassle out of policies and car insurance and give you the answers you have always wanted
We get it - life is complicated, that’s why insurance shouldn’t be.
So, if your car insurance policy seems like a whole bunch of big legal words and fancy terms, then keep reading to get the low down on car insurance questions…
No matter who you are insured with, you need to make sure that you understand the fine print of your insurance policy to make sure you are covered when it comes time to claim. Know what you are covered for and more importantly, know what you are not.
1. What is the difference between retail value and market value?
Retail value is the average price a car dealer would sell it for. If your vehicle is insured for its retail value, then it will be a lot easier for you to replace a stolen or damaged car with a similar make and model.
The market value is lower than the retail value and it takes into account a number of things such as the condition of your car, the mileage, accident reports and service history. If you had to sell your car privately, then the market value will be the price that you would likely sell it for.
2. Can I go to any panel beater of my choice?
You do not have to go to a specific panel beater but your insurer might refer you to one they know to be reputable, but you are free to choose.
Just make sure that your panel beater is accredited to do the work.
3. What is my notice period if I want to cancel my insurance policy?
If you want to cancel your car insurance policy (which is NOT a good idea), or maybe you want to move to a different insurer, then most insurers will ask that you give them one month’s notice.
4. How can I get a quote for my car to be insured?
If you want a quote, then most insurers will ask you to fill in your details on their website and a sales agent will phone you to give you a quote.
This is normally done very quickly and your quote is free of charge.
5. How honest do I have to be with my insurer?
When it comes to insurance of any kind, honesty really is the best policy.
If you lie about your driving history, claims made in the past, where you park your car at night, whether your car has a tracking device or not or how often you drive your car, then when it comes time to claim, your insurer has the right to reject your claim.
You have to be straight up and honest with your insurer. It’s as simple as that.
6. Does my age affect the price I pay?
Here’s the thing…
Premiums are calculated on a number of factors, vehicle security, driving history and other factors such as what you use your car for and how far you drive in it every month.
Premiums are also determined according to your age and the belief that a person’s driving risk will reduce with age. This is because more young people claim compared to older people.
7. Can my insurer cancel my policy?
It’s important to remember that your insurance policy is a legally binding contract between you and your insurer. This means that is can be cancelled by either you or your insurer. If you commit any of the following, then your insurer has the right to cancel your premium:
● Not paying your premiums
● Lying about information on your insurance application
● Your driver's licence is revoked or suspended
8. Do I need to take my vehicle to be inspected?
Most insurers require that you have your car inspected by a reputable place that they like their customers to use.
However, some insurers, like Oneplan, have this awesome and smart app where all you need to do is snap some pictures of your car, enter some details on the app and just like that, your car will be validated.