Car Insurance: Assessing Your Provider

Senior sitting in a passenger seat

If you are reading this article and are over 50, then chances are that you have been driving for many years and may have even been through a number of insurance claims during your driving career. Some of these experiences may have been good and others not so good. However, it is an oddity of life that even if your insurance experience was terrible, you probably did not change your insurer.

Shopping around for financial providers whether they be banks or insurance companies is a relatively new phenomenon but is an area where we should learn from the younger generations because not all insurance companies and the cover they offer are the same. Here are some tips on what to consider when comparing insurance companies.

Money sticking out of a purse

The obvious feature to compare is price. Premiums will vary even though the cover may be remarkably similar. These days there are plenty of internet-based comparison sites that can make price comparison across multiple insurance companies a very simple task taking no more than a few minutes. It is well worthwhile and you will be surprised about the range between the cheapest and the dearest of insurers.

The type of coverage is vitally important and here you have to dig pretty deep to really understand what you would be covered for. So read the exclusions clauses carefully as well as the product statement regarding what is covered. Go for what seems to be designed for you in mind. Unfortunately you will find that nothing fits your requirements exactly – now here is the thing – ask the insurance company to give you a quote based upon the changes you want to their standard policy. You may find this a little time consuming because you have to get through a lot of red tape to get to the right person, but eventually, many insurance companies will give you a tailor-made quote for exactly what you want. And if they don’t – well then expect to be treated like a number if you have the misfortune to actually have a claim in the future.

Claims handling is perhaps the most distinguishing feature of insurance companies. Talking to friends and relatives is an obvious first step in  determining the quality and sensitivity with which an insurance company handles claims. You should also do an internet search because you will find forums where complaints are openly discussed and this will give you an idea of how well or badly a company clears claims.

Another way to find out about the claims handling of an insurer is to ask around at some of the car body repair shops in your neighborhood. The repairer will very quickly give  you the low down on which insurer is reliable and which cuts corners in repair.

All our lives are busy enough that we have better things to do than to  spend a lot of time comparing the performance of car insurers, however, it is worthwhile conducting your own private performance assessment of your own insurer every couple of years at least. You could be surprised by the result and pleased with the savings. Give it a shot when your renewal notice drops in the post and don’t just do an automatic renewal. Do a comparison.

Australian Over 50s Living & Lifestyle Guide

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