steps and processes involved in getting vehicle insurance in the US, UK, Canada
Select the right Type of Vehicle Insurance
There are two main types of vehicles insurance.
Third-Party Insurance (this is necessary by law): this helps Covers damage or injuries done to other people’s vehicles or property in a given place or society.
Comprehensive Insurance or can also be called full coverage insurance: this process helps to Covers your own vehicle + third-party damages or someone who isn't related to you in anyway + theft, fire, accidents, in a place or state, etc.
Compare or look at the difference between Insurance Companies in a given places of residence.
Look at the difference, ask questions or compare:
Premiums (what you pay yearly or monthly)
Know What is covered and excluded in the insurance your going for
Claim process also know as your right as a customer, what are your benefits
Company reputation, how good they are, can this insurance company be trusted, are they up to there name, can they do what they promised and customer service, customer services are also an important aspect of the insurance, are they always on time to respond incase of emergency.
Let's look at some popular and well known insurance companies in Nigeria: Leadway Assurance, AXA Mansard, AIICO, Custodian, and Mutual Benefits, this companies can be trusted because they are reliable.
Make available Documents which are required
This documents are:
Vehicle Registration Papers
Driver’s License, very important
Proof of Ownership, very important
Valid ID (like NIN, voter’s card, etc )
Passport photo, clear and bright.
Ensure to Pay the Premium package
Once everything as been put in place;
You will be given the price of the policy (the premium)
You can Pay through transfer, card, or bank deposit, which way you seems okay to you.
It's very important that you Get Your Insurance Certificate before leaving
As soon as payment is confirmed and received, you will receive.
A certificate, which shows your commitment (especially for third-party, this is important
Policy certificate (for comprehensive)
Get a reward, this is very important in every insurance company
You can do actual achieve all this:
Online through the insurance company website,
Make yourself available at an insurance office
You can get this through an insurance agent or broker, which is very important
Disadvantages of going for a vehicle insurance
1, ) High expensive Costs
Insurance can be very expensive, mostly when your a new drivers, also with people who as a lot of history when it comes to accidents, or those who are located in a high-risk areas.
Premiums packages do increase overtime this process can be annually or after filing a claim.
2,) Low or limited Coverage of vehicles
Some of this third-party insurance companies often does not cover the cost of damage to your own vehicle.
Some of this policies those not included coverage for some certain situations this could be natural disasters in a country, sate or locality , riots, or personal belongings which are inside the car.
3,) most accept Rejection of vehicles
Insurance benefits can be rejected due to technicalities, which are incomplete documentation, delay in reporting, or breaking the terms of violations of policy terms.
This can be exhausting and it leads to financially damaging.
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