|
Insurance
Quote
When obtaining
insurance quotes for your car and/or household posessions, keep
in mind that the following factors could have an influence on
your insurance premium:
Household
Insurance Quote (Home Contents)
Residential
Area
If
you live in a high risk area, insurance companies will load your
premium accordingly. You would therefore pay a higher
premium for the same amount of cover than someone living in a low
risk area.
Roof
and Wall Construction
A
residence with a non-standard roof (e.g. thatched roof) or walls
is a higher risk than a standard residence, and will be rated
accordingly by an insurance company.
Security
Measures
Based
on the area you live in, insurance companies will stipulate the
minimum security measures required at your residence. You
can get a discount on your insurance quote when your security
exceeds the minimum requirement.
Type
of Cover
Generally,
your house contents are covered against fire, theft, water, wind
and storm damage. In order to reduce the rate on your
insurance quote, you can exclude burglary and theft cover, or
exclude flood damage (not recommended though).
No
Claim Bonus (Claim-free Years)
Your
insurance history will also have an influence on your insurance
quote. First-time insurers pay more for insurance cover than
someone with proof of insurance. The discount is calculated
in accordance with the claim-free years you've been insured.
Voluntary
Excess
With
most insurance companies, you can increase your excess in order to
reduce your monthly premium. A voluntary excess refers to an
additional amount that you're willing to pay when a claim
arise. This amount will be added to the basic excess of the
policy when you submit a claim. A higher voluntary excess
will result in a lower insurance premium.
Car
Insurance Quote
Residential
Area
As
with household insurance, your premium will be calculated based on
the area you live in. Based on statistics compiled by
insurance companies over many years, certain areas are at higher
risk for theft and/or hijacking of vehicles.
Your
Vehicle
If
you drive a high performance vehicle, you're a higher risk for the
insurer and will end up paying more or be refused insurance cover
due to the risk. The cost and availability of parts for your
car will also be reflected in your insurance quote. You pay
higher premiums on imported cars and certain makes and/or models.
Your
Age
The
age of the registered owner and/or driver play a huge role when it
comes to insurance quotes. Younger drivers tend to be
involved in more accidents than older drivers. They have
less experience driving on South African roads, tend to be less
responsible drivers etc.
Type
of Cover
The
cover you select for your vehicle will also have an influence on
your insurance quote. Comprehensive cover being the most
expensive, then 3rd Party, Fire and Theft, and lastly 3rd Party
only.
Use
of your Car
If
you use the vehicle mainly for private purposes, you'll pay less
for insurance than someone using his/her vehicle for business
purposes.
No
Claim Bonus (Claim-free Years)
Your
insurance history will also have an influence on your insurance
quote. First-time insurers pay more for insurance cover than
someone with proof of insurance. The discount is calculated
in accordance with the claim-free years you've been insured.
Voluntary
Excess
With
most insurance companies, you can increase your excess in order to
reduce your monthly premium. A voluntary excess refers to an
additional amount that you're willing to pay when a claim
arise. This amount will be added to the basic excess of the
policy when you submit a claim. A higher voluntary excess
will result in a lower insurance premium.
Security
Measures
The
type of vehicle and residential area will determine what security
measures are required for your car. If your security exceed
the minimum requirement of the insurance company, you could be eligible
for a discount. In general, insurance companies only give
discount for immobilisers (VESA or VSS approved), gearlocks (VESA
approved) and tracking devices.
Extras
If
you have any non-standard extras on your car, you will pay an
additional insurance premium for the extras and is generally
reflected on your quote. Extras could be airconditioning,
sunroof, mag wheels, car radio/cd shuttle, leather seats, canopy
etc.
Additional
Cover
Your
insurance quote would generally be based on the basic cover of the
insurance company. Additional cover can also be obtained (at
a premium of course!). Examples would be car hire, top-up
cover, roadside assistance, waiver of excess etc.
|
