What Information Should You Give Your Motor Insurance Company

What Information Should You Give Your Motor Insurance Company

Every motor insurance company you contact will have a different set of factors that they would consider in determining how much premium is right for your desired insurance coverage.  These factors vary from one motor insurance company to another.

But these are what insurance companies generally ask you or get from you:

  • The vehicle’s make, age and model;
  • The drivers’ age, gender and occupation, as well as the number of years experience;
  • The details of recent claims, if any has been made;
  • The nature of vehicle use, whether its for private, corporate, or commercial use;
  • The number of drivers, or the types of passengers;
  • Whether or not you have been charged or have received tickets for any driving infractions;
  • Whether or not the vehicle has been modified;
  • Whether or not you have figured in any vehicular accidents lately;
  • The presence of disabilities or medical condition/s that might affect your driving.

All of these would help your potential insurer gauge just how much of a risk you are, which would primarily determine how much they would charge you for your insurance premiums.  And as mentioned above, each insurance company put a different weight on each factor, so one insurance company might charge you higher or lower than the next, even if you give them the same information.  This would depend on how the insurance company would see each factor in light of their own claims history.

It is important to clarify anything that you do not understand with the insurance company’s representative or agent.  Other than these, here are some things you need to remember:

* Truthfully declare every one who will be using the vehicle regularly, this will not only help your insurance company to price your premiums and gauge your risk accurately, but it will also protect you in the event that your vehicle is damaged.  For example, if someone who is not named in your policy is at the wheel at the time of the accident, the insurance company might charge you a higher excess due to the fact.  This is true if the vehicle was driven by an inexperienced driver not duly named in the policy.  The definition of “inexperienced driver” varies from company to company, so be sure to check out your policy to be sure.

* Some insurance companies restrict the use of certain types of vehicles like sports cars and high performance cars to authorized drivers, or those that are duly listed in the policy.  If these cars are damaged in an accident and was driven by an authorized driver at the time, the insurance company has the option not to honor its obligations to you.

A motor insurance company is your partner in insuring your vehicles.  Be sure to be very honest when asked to provide information, as being untruthful may give rise to situations wherein your coverage may be considered null and void.

Last Updated On:
Wednesday, July 29, 2015
Categories: Car Insurance