WHY MOTOR INSURANCE?
PART III
WHEN you buy motor vehicle insurance, you will receive a policy. If you need the company's toll-free number, check their website, call your agent or contact your insurance regulator.
Other helpful tips are: Pay the premium on time. Some insurers do not accept late payments. If an insurer accepts your late payment, it may increase your premium at renewal. Your full premium is due when your policy starts, which is usually every quarter, mid-year or yearly. Many insurance companies will let you pay monthly if you so wish. To do this, you will likely pay an extra fee.
Ensure that you display your proof-of-insurance disk on your car’s windscreen at all times; most countries require this. Keep a file of all paperwork you completed online or received in the mail and signed, including the policy, changes to your policy, renewal notices, correspondence, premium payment receipts, notes of conversations or any claims submitted.
Maintain your motor vehicle. You are responsible for its upkeep and repair, including maintenance to keep it in good condition. If you are involved in an accident you should exchange information with the other driver. Get their name and address and their insurance company’s name and phone number.
This information is on the proof-of-insurance disk. If you cannot get this information, write down their driver’s licence number and licence plate number to give to your insurance company. Be prepared to share the same information about yourself with the other driver.
Call 911 if someone’s injured. If your car is drivable, move it out of traffic. *et this important information at the accident scene: The other car’s make, model, year and licence plate number. Willing witnesses’ names and contact information if any. The name, badge number, and contact information for the officer who comes to the accident. $sk the officer when and where to get the accident report and accident report number.
The time, date and exact location of the accident, with notes of skid marks, weather and road conditions. Take a photo or sketch a diagram of the accident scene. If your car is damaged by a hit-andrun driver or is stolen, promptly call the police.
:hen it comes to filing a claim. You need to read your policy well. It is your guide to the types of losses that will and will not be covered and to filing claims. +ow often you file a claim and the types of claims you file often affect your premium and whether your insurer will renew your policy. If the cost to repair the damage is not much more than your deductible, you may want to pay for the repairs without filing a claim.
7o file a claim call the phone number on your proof-of-insurance disk as soon as possible. Ask about forms or documents you will need to support your claim. Each country has its own standard regulations about the claims process, and both you and your insurer will need to follow those regulations.
The insurance company will assign a claims adjuster to assess the damages and determine the payment. These adjusters may be employees of the company or independent contractors. You should cooperate with the adjuster’s investigation of your claim. The adjuster will probably want to meet with you to inspect the damage. Take down notes and keep track of the dates of any conversations you have with your agent or adjuster.
If you, the insurer and the claims adMuster disagree first try to resolve the differences with your insurer. Your agent may be helpful. It may also help to have your vehicle repairer meet with you and the insurance adjuster. Do not feel rushed or pushed to agree with something you are not comfortable with. Your insurer does not have the last word.
Ask questions and ask the adjuster to provide a written explanation of his/her decisions. If you and the insurer still disagree about the claim handling or settlement, you should ask for help from the consumer services personnel at your National Insurance Regulator.
If you disagree about the value of the claim, check your policy for an appraisal clause. Another option is to hire a Lawyer or a public adjuster. A public adjuster is not a Lawyer and is not a government employee.
Countries that allow public adjusters require them to be licensed and to follow certain guidelines. If you have questions about public adjusters in your country, contact your National Insurance Regulator.
There is a big difference between an insurance company cancelling your policy and not renewing it. Cancellation means either you or your insurance company stop the coverage before the policy’s normal expiration date. You can always cancel your policy for your own reasons.
In most countries, when you are a new policyholder, your insurance company can cancel your policy for any reason, but only for a limited time (typically 60 days). After that there is a limited number of reasons a company can use to cancel your policy. Typically, your policy can be cancelled if you do not pay your premium or if you were dishonest on your application.
If your insurance company cancels your policy, it must give you advance notice. The number of days’ for the notice varies from one country to another. If you or your insurer cancels your policy, the company may refund part of your premium. Non-renewal means the company refuses to renew your policy after it expires.
The expiration date is on your policy. Insurance companies generally have the right not to renew your policy. If your company chooses not to renew your policy, it must give you notice before your policy expires; the number of days is typically 30 days but varies from one country to another.
You should ask your insurer for the reasons why they have cancelled your policy? You may also choose not to renew your vehicle policy. If your insurance is canceled or not renewed and you do not agree with the insurance company’s explanation, contact your National Insurance Regulator for advice.
Note: In this column I offer insurance information in general. Do not completely rely on this column to make particular insurance decisions. For specific insurance advice email me at; insuculture@gmail.com
In most countries, when you are a new policyholder, your insurance company can cancel your policy for any reason, but only for a limited time (typically 60 days).