Category Archives: Top tips
Posted on 05 March, 2018
In part one of our Car Insurance Tips and Traps series, we looked at total loss claims, new for old car replacement and loan interest gaps. This month, we’re delving into everything from passenger liability for injury to car insurance claim penalties.
Passenger Liability for Injury
In many comprehensive car insurance policies, injury to others caused by a passenger opening a car door when unsafe to do so is not covered. But, Compulsory Third Party Liability (CTP) insurance for injury caused in an accident also excludes this risk in some states. So, it’s best to check whether you have this cover, so you can protect your passengers in the event of this type of accident.
Loan Car Cover
What happens if you are loaned a car by a repairer while your car is being fixed or when your car is being serviced and you have an at-fault accident in that car? Your comprehensive car policy will cover your liability for damage as a substitute car if yours is not being used at the same time, but not damage to the loaned vehicle.
You will need to sign a document when taking delivery of the loan car which probably makes you responsible for accident damage either for the owner’s policy excess payable for a claim or maybe even the full damage cost or their loss of no claim bonus.
So, it’s best to read any loan car agreement to check your damage responsibility and whether you have this cover in your comprehensive car policy in the event of this type of accident.
Car Insurance Claim Penalties
Having a car accident and dealing with the stress that comes with it is bad enough, especially when you have to arrange repairs and pay your claim excess. When you receive your renewal notice and your premium has skyrocketed due to your at fault accident penalty, it almost feels like too much to handle.
Most policies don’t penalise your renewal premium in the following circumstances:
- Your car is damaged while parked and you can identify the person at fault;
- Whilst travelling your car is hit from behind by another driver’s car and you can identify the driver.
This is because your insurer can recover your damage costs in these instances from the person at fault, including your excess payable for your claim.
Most other types of accident involve some fault by the parties involved. Many insurance policies will apply an excess to your claim and penalise your renewal premium if you are at fault. So it’s best to have a policy that clearly defines what degree of fault will penalise you in an accident, e.g. greater than 50 per cent fault.
The best way to avoid a hefty increase in your renewal premium in the event of an at-fault accident like a collision is to buy a Protected No Claim Bonus policy option, which is available from many insurers but it would pay you to check if you have this extra cover now or not.
Donnelly Insurance Brokers can look after you in all the above-mentioned circumstances to ensure you get the right cover at the right premium for the best value coverage and assist you with claims for better insurance. Contact us today for more information!
Posted on 28 September, 2017
As we discussed in Insurance Traps and Tricks to Watch out For (Part One), insurance policies are sometimes marketed to sound better than they actually are. In the second instalment of this two-part series, we’re going to look at common tricks employed to make you think you’re saving money, as well as some common traps that can mislead bicycle owners.
Insurance Policy Prices
You know the old saying, “you get what you pay for”? Well, when it comes to insurance policies this is usually the case!
Cheaper premiums usually mean that the insurer is cutting costs somewhere. When you purchase a policy with premiums that are much cheaper than you originally expected, it usually means your policy will have more exclusions than other more expensive ones.
Another way an insurer can make the lower premiums justifiable to their bottom line is by increasing the cost of your excess in the event you need to make a claim. This means that despite the low premiums, you could end up spending more on your excess or paying for coverage gaps in your policy if you need to make a claim.
More often than not, when you see high profile insurance companies offering generous online discounts, these discounts are only applicable for the first 12 months of the policy. This means that once your first year is up, your premiums will automatically tick back over to the company’s standard, higher-cost rates.
When taking advantage of these discounts, you’re also taking the risk that the cover might not encompass as much as you might expect, which is why we recommend consulting with a broker before purchasing an insurance policy.
Changing your insurance to a different provider once your initial 12-month contract is up to save money creates extra work and stress for yourself. And if you discover you weren’t covered in the event of a claim, how are going to know next time you won’t fall for the same type of “fine print traps” contained in policies sold directly to unsuspecting customers. Checking policy covers and exclusions yourself can help if you have the time and know-how. But how do you check how good the cover is when you can only check what cover is included and excluded in the policy without having the skill and training to know what important coverage words are missing? Being your own insurance broker can be very costly in the long-run!
Insuring Your Bike
If you’re insuring your bicycle, make sure you’re aware that a lot of policies will have a limit on the value you can claim if your bike is stolen from your property. Standard home insurance policies also won’t offer coverage if the bike is damaged or stolen in an accident or a competition away from the home unless you pay extra for a policy extension.
Why Choose Donnellys?
Working with an insurance broker from Donnellys comes with a host of benefits, the most beneficial one being that we’ll be working with you, not for the insurance companies. This means we’re looking out for your best interests first and foremost. Another great part of working with an insurance broker is that we’ll take the stress out of making a claim, as we’ll handle all the nitty gritty and argue your case in disputes on your behalf.
We also offer easy monthly payments so don’t be persuaded by direct insurers to accept less cover for the convenience of their monthly payment offer online.
Want to learn more about how we can help find the best insurance coverage for your needs? Get in touch today!
Posted on 18 May, 2018
In last month’s Part 1. Of our Home & contents insurance trips and traps series, we took aim at...Read on
Posted on 02 May, 2018
If you’ve ever been caught out by the fine print in your home and contents insurance policy conditions, you’ll...Read on
Posted on 02 April, 2018
In the final instalment of our ‘Car Insurance Tips and Traps’ series, we’re going to take a look at...Read on
Posted on 05 March, 2018
In part one of our Car Insurance Tips and Traps series, we looked at total loss claims, new for...Read on
Posted on 05 February, 2018
Ever wondered what you should look out for when purchasing a car insurance policy, or when making a claim?...Read on
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