Have you ever wondered what are the limitations of your car insurance policies? For someone who is planning to buy a car in UAE, ignoring the nitty-gritties of car insurance policies is not a smart thing to do. Everyday thousands of car owners buy car policies, however very few of them spend considerable time in looking at the available options or even reading the policy documents afterwards.
Owners planning to buy a car insurance
Reading the wording of your policy is extremely important in order to gauge how your car policy works. It is equally important to check the exclusions, conditions, limitations as well as terms of the policy. If one is not aware of these details, then it could lead to a rejected claim or an invalid policy without you being aware of it. If you are someone who has been ignoring the details of your car policies, Finmaal.com is here to help you understand the complexities of insurance policies in simpler teams. Here is your go-to guide if you are planning to buy a insurance.
Most people are aware that the value of cars degrade over time, not a lot of people are aware of the fact that insurance companies can fix the rate of depreciation when calculating the current value of the car. Ask your insurer about the depreciation percentage of your car. It is also important to ask the insurer about the percentage they used while calculating depreciation.
Modification of vehicle
If you make any car modifications during the course of your policy and fail to inform the insurance company, then this could lead to the cancellation of your policy as well as the rejection of your claims. It is always a good idea to inform the insurer about any such car modifications made during the course of policy. The insurer can include the modified parts to your current policy. However, you might have to pay extra premium for any such modifications.
Valuation of car
While generating an insurance quote, the value of car is calculated by the insurer after you enter the model and other necessary details. Not a lot of people know of the fact that irrespective of what the insurance company calculates, it is possible to get the value of your car changed if it lies within a certain margin.
Cover for natural disaster
While opting for a car insurance policy, it is imperative to check with your insurer regarding the details of natural disaster coverage in advance. It is important not to assume that all the natural disasters are covered in this coverage.
Delay in filing a claim
If your car was involved in an accident, it is important for you to file an insurance claim as urgent as possible. If the claim gets delayed beyond a certain margin, then it could result in rejection of claims. Ask your insurer about the timeline of reporting a damage beforehand.
Do you want to learn more about other such handy guidelines while buying insurance? Visit our website Finmaal.com