11.24.2007

Buying motor insurance cover

My car had just past its one-year mark and I have just switched the car insurance company for convenience sake. Car insurance are not cheap nowadays depending on your car value. My, my...the premiums do burnt a hole in my pocket this month.

Talking about car, few things I would like to share with you some things to consider when you buy motor insurance cover. I saw some of these useful info from my insurance policy brochure, perhaps some of you already known some of the things. But it's never bad to know more ;-)

Insurable Interest
Make sure you buy insurance cover as soon as you purchase a vehicle, even when buying a used car. This is to protect your interest as the previous owner's cover is no longer valid.

Insured Value/Sum Insured
Ensure you vehicle is adequately insured.
New vehicle : sum insured = purchase price
Others : sum insured = market value of vehicle when policy is bought

Under-insurance : sum insured is less than market value. You will only be partially compensated in the event of a loss.

Over-insurance : sum insured is higher than market value. The maximum compensation is the market value of the vehicle, so you will not profit from a claim.

So you need to determine the market value to avoid under- or over- insurance.


To read more, you can find out from these links:
Home insurance - http://www.nationsfinance.co.uk/insurance/home-insurance.html
Car insurance - http://www.nationsfinance.co.uk/insurance/
cheap car insurance

*Note : This post is sponsored.
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