Car insurance policy details are very important

builtwell Level 1

November 14, 2018, 10:27 am

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Car insurance policy details are very important

Some few months ago I bought a new car that could carry seven (7) passengers including the driver. Prior to sale of the unit the agent who attended my queries relative to my preferred unit.

During our initial discussion she did mentioned about some important freebies such as; free comprehensive insurance coverage, and the premium for car registration is free for three (3) years.

Week after our series of meetings she tells me that my insurance coverage for the unit is comprehensive meaning it covers; against third party damage, and bodily injury, own damage, and auto passenger accident coverage but she failed to discuss the amount of coverage.

Because of my trust and confidence on the agent I complied and completely submitted all the documents required by the car dealer and just a week after our dealings they have released the unit to me.

Upon releasing of the unit from the casa I begun to notice that something was not right because my insurance policy was not handover nor included prior to releasing of the vehicle, the agent have approached explaining to me that my motor car insurance policy will be released soon including the car registration documents I waited for more than a month for those documents until it arrived.

Upon checking my motor car policy i noticed the property damage is only Peso 100,000.00 which is very small amount of coverage in which the total value my vehicle is almost 1,000,000.00 my worry since that accident is unpredictable as the weather in the event of loss of more than 100,000.00 the excess will be shouldered by the car owner.

The should explained to me about the details and full Coverage of my motor car policy because protection against third party damage should not fall below Peso 400,000.00. I don't know about their strategy but its a kind of tricking and disgusting.

Is there anyone here that could provide me some pieces of advice?

Do customers really need to know all the details?

Comments

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theresajane

theresajane

Of course, you are a customer, and everything should be transparent to you about your car. If it were me, I would have doubts and find another agent that can give me full information about the new unit that I'm buying.

6 years ago

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Martinsx1

Martinsx1

Most of the time, I would get my lawyer to study my insurance documentation and give me his full legal assistance on what I think should be discussed and amended in the insurance policy.

If a clause in the insurance contract isn't favorable to me, my lawyer always makes sure to protect my interests and prevent me from being cheated out.

6 years ago

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Youngshark

Youngshark

Wise tactic. It is very important to rely on the wisdom and experience of the people that are great in the sector rather than believing in yourself and find that you have messed yourself up big time.

6 years ago

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jayjaydimson

jayjaydimson

Yes, you need to have also the safety of you and the car that you are buying.

6 years ago

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esteban123

esteban123

I think it is really important to explain to us in detailed the car insurance policy that we will acquired because it will affect us whenever we are already to claim on the said benefits. I think if the conditions stated in the car insurance policy is not worth and fair with me then I might just find another insurance agent that would satisfy my needs because there are a lot of them. We just need to have some patience to look for them so that we can have the best choice that would fits on our needs.

6 years ago

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Jeane

Jeane

Where I live, insurance companies are just as horrible. I know someone who had a comprehensive insurance coverage but when his car was involved in an accident, he was denied compensation.

Car owners here hardly ever get compensated unless they sue the insurance companies. That is why it pays to be familiar with the reputation of many insurance companies.

6 years ago

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esteban123

esteban123

Well that is really sad to know since we are expecting that they will help us in time of great needs but then they will just denied us. I think this kind of insurance companies should be avoided as much as possible because it is not worth for the money that we are paying for. It is very unfair of they will not pays us even we are entitled for such claims because it is now behaving like a scam which is not really good.

6 years ago

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Jeane

Jeane

I guess this is the reason why one should buy insurance only from a reputable company. Nonetheless you'd have to read the fine print in order to find out exactly what the insurance covers and how long it will take before you get your compensation in case, say, there is an accident.

6 years ago

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amelia88

amelia88

The fine print is what they all expect we won't read. I feel like many insurers are the same - they try to work loopholes into their clauses so that they can avoid actually paying people. Sure, that's not all insurers, but there are some that are so niche with their wording that they could say you weren't entitled to compensation in a whole host of situations. It gives me all the more motivation to read it all just so I can ask lots of questions when signing up for a policy.

6 years ago

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esteban123

esteban123

Yes I agree that it is a must for us to read and fully understand on the terms and condition of the insurance that we will be applying for so that we can cope with what we are really looking. It is not enough that we will have an insurance program without knowing the coverage and benefits of it since it would not help us in times of great needs even though we have invested some money from it. It is mainly because there are some people who are not even reading the whole content of there insurance plans and in the end they are being disappointed.

6 years ago

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jayjaydimson

jayjaydimson

Yes, I agree with you, because nowadays it's all about the money, once they got your money they don't care anymore about you.

6 years ago

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overcast

overcast

I think the insurance companies often take the engine number, chasis number and few other car or the bike details. So depending on how the condition of all the parts. I think it'd be reasonable to say that they can be good for policy payout. But that is different for each one in such case for the accident or so.

6 years ago

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jayjaydimson

jayjaydimson

Yes, I agree with you, so that when your car is damaged, they can check the engine number for the validation.

6 years ago

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Judas2018

Judas2018

Whenever you sign up for ANY type of insurance, there's always one vital rule to live by...READ THE FINE PRINT.

6 years ago

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theresajane

theresajane

I agree with you. Every customer has to be cautious because of how things in the world nowadays.

6 years ago

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iambeth

iambeth

Yes I agree. I feel they put important information in the fine print so people wouldn't notice. Having fine prints should be prohibited. Fonts in contracts are already small, why do they need to make other parts smaller?

6 years ago

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focusedwriter10

focusedwriter10

Exactly. Unfortunately, this print is always avoided by most people. Whether it is an insurance or any sign up with the fine print, I always go through it because I was once shortchanged, just because I had not read the print.

6 years ago

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beerthooyah

beerthooyah

From what I have read in what you have written you may also have some faults in this issue. You have said that buying that new vehicle comes with a comprehensive insurance so it means that it is just a free insurance that is given to customers and the amount of coverage may vary depending on the dealer. As a buyer, it is your responsibility and your due diligence to ask about coverages of the insurance. The agent may have overlook the details as she may have no knowledge in this kind of insurance policies and you should let her know about this issue so that when she will deal with her next customers. She would make it sure to explain to her future clients the coverage of the isurance being offered. So the lesson here is before signing up everything take time to read every written detail specified in the contract.

6 years ago

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superlicca

superlicca

I don't have a car and I never had one before with insurance. But I agree with others that the company should explain every single detail of your car insurance. It is also important to read their policy and ask more information about it before signing up. Car insurance is helpful but there is a need to know on how auto insurance works and which coverages you can't skimp on.

6 years ago

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Judas2018

Judas2018

You're right @superlicca. An insurance company 'should' be required to explain every detail of an insurance contract. But they AREN'T. Especially here in the states. We are expected to use our buyer smarts, savvy and shopper intelligence when it comes to buying insurance. Companies can pretty much get away with most things here in the U.S. So as consumers, we just have to shop around and in some cases bring along a friend or relative who's good with contracts to help us in making the best deal.

6 years ago

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emiaj55

emiaj55

Well, I think that though it may be a marketing strategy, you have some mistakes of your own there. The agent's aim would always be to sell units. It would always be their priority. There are some (but not all) that would definitely say what you want to hear just to sell the units. They would sometimes go as far as jumble jargon while being so nice so that customers would be confused with the subject matter but come to trust the agents judgement. After all they know more about the unit they are selling. Again I am not generalizing, but with that knowledge you should take it upon yourself to know every little detail about your insurance. After all, lives may depend on those in case of accidents (which are very very common here). As one of the members here said "If you can't explain it in simple terms then you have not understood it yet". If you don't have much knowledge on insurances you may go as far as recording your transactions with your agent. In this way you could track what was really said and you would have a factual basis of how the insurance policies was explained to you. This would also give you time to review your decision. BUT THE IMPORTANT THING TO REMEMBER when you do this is that you ASK CONSENT BEFORE RECORDING. Because without his consent you won't be able to use this as evidence in legalities. Plus they may accuse you of framing them up. So simply ask their consent and capture that actual asking for consent on tape, so that the recording would be of help rather than a burden.

6 years ago

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ajahcuizon

ajahcuizon

I agree. There are some brokers who will just say sugar coated details in orser for you to click the bait. You should learn first all the details before closing the deal to make sure that everything is justifiable. But the agent is getting on my nerves because what he is focusing is just to sell a unit without considering the safety of his client. I hope this issue might get its rightful action to make things right and give the owner what he deserves.

6 years ago

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overcast

overcast

I agree recording something without peoples consent in such case may not be a good idea. I remember some cases in court were fought that could mess things up. And many times those who recorded without consent have lost the vote. So it all depends on how the car insurance can delay few things.

6 years ago

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theresajane

theresajane

I agree with you. It is actually up to the buyer to either refuse it or buy it. So, there are mistakes in both sides.

6 years ago

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jayjaydimson

jayjaydimson

This is really important because you can't assure the accident all the time, it always happens in an unexpected way.

6 years ago

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emiaj55

emiaj55

From where I come from, vehicular accidents happen on a daily basis. It is because of a faulty forking roads on the corner of the municipal's market place. It is a national high way and buses are speeding at it everyday. As a result, you will hear a news of accidents on that part of the road almost everyday. That is why we should never be careless when it comes to insurances.

6 years ago

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ajahcuizon

ajahcuizon

You should have asked and learned about it first before closing the deal. I also have my insurance and I made sure that everything would be in place. I also see to it that I have read first the whole policy before signing it. I understand that you might have felt so excited to get your unit, but having car insurance is very importabt as it might be the one who can save you in time that you needed one. For now, what I could suggest is to talk to your broker and ask if itbwill be possible to have a greater amount of insurance if ever that you'll get into an accident.

6 years ago

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Judas2018

Judas2018

You'd be surprised by how many people don't read insurance policies before signing. They just assume the provider is looking out for their best interests by offering the fairest deal possible. Boy are they wrong.

6 years ago

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mark8625

mark8625

I agree with you on that. Not actually just car insurance ever contract and other important documents. People dont read it properly. In the end when they signed it there are things that they dont understand there they regret and realize that they made mistakes.

6 years ago

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ajahcuizon

ajahcuizon

There are some people who got caught to their excitement of having a brand new car that they compromise on checking every details he should have read. This should be explained by the broker in the first place but the owner also have their mistakes. I hope this could be set as an example to everyone.

6 years ago

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Martinsx1

Martinsx1

Of course yes, I believe very much that it's very necessary for a customer to know and understand every details of his property insurance in order to know what's covered and what's not covered by the insurance company. Without having the full information on your insurance, you are definitely going to be taken advantage of.

6 years ago

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overcast

overcast

Yes they have right to know in case if small things are covered in insurance. I have seen many people make use of the car insurance details where things were not covered. and that can be dangerous in case of the customer to purchase those things. It needs to be something that every customer should read as well.

6 years ago

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mark8625

mark8625

Car insurance policy is very important and you must know every details of it. Your insurance company must explain to you everything so that you have all the knowledge just in case you need it.

6 years ago

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anyone01

anyone01

The most important characteristic of car insurance policy are physical injury insurance, assets damage insurance, comprehensive insurance and collision insurance. Physical injury insurance consists of all the charges associated with the injury caused to different party during accidents. It also includes medical bills, pain and suffering to another party.

6 years ago

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stbrians

stbrians

All these details should be explained to the insured. They should know the complete extent of he cover. Otherwise it is a messy business.

6 years ago

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stbrians

stbrians

Full explanation of your cover is paramount. If you had known the details earlier, you would have been fully equipped. They shall know the truth and the truth shall set you free.

6 years ago

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romyter013

romyter013

Its really best that the we all know and aware about the package included in to a particular insurance we have. This is a monthly payment that we need to pay and they want to make sure that we pay it on time so its better they do the same thing by explaining about our right of what included to our insurance. its better to ask and ask until we get all the info we need to know about it.

6 years ago

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Barida

Barida

That's just the truth. I should not be getting involved in an insurance deal where I am not going to know the details of what I am paying for. Insurance companies should be honest from the beginning and not trying to get me sign a deal with them before revealing everything.

6 years ago

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jpk0007

jpk0007

Well, I think that this sort of a thing does happen in many cases. The agent will have a tendency to always hide the most crucial details in order to expedite the process of there vehicle sale. They are not concerned about any problems that you may have to face in the future with an Insurance policy which is not sufficient to cover for the damages caused in any eventuality. Having said that one must be very careful about these matters and investigate thoroughly before signing any document or taking a big decision like buying a new car.

6 years ago

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amelia88

amelia88

I think knowing the basic policies of any insurance product you take out is important. A lot of insurance companies rely on people not paying attention to the terms and conditions, and then when it comes to claiming something you find out that you're not actually covered for it, or only covered for a certain amount - and you end up losing out financially.

I'd highly recommend for any insurance, whether it's car insurance, contents insurance, health or travel insurance (or whatever else) that you know what you've signed up for.

6 years ago

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HappyLady

HappyLady

I would look for a different insurance company. My parents were insurance agents so I know that you have to be very careful to look at all the terms and conditions. Many people do not. It is easy to misunderstand but a good insurance company will answer your questions clearly. Be sure to tell them what you want and check what you get carefully.

6 years ago

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Barida

Barida

Asking about the full details of the car insurance is something that you should have done on that type of issue. I don't really think that as a car owner, I should be aware of the details before buying a car and not afterwards.

6 years ago

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jayjaydimson

jayjaydimson

This insurance is really required when you want to buy a new car because you will not know the accident so it's better to have insurance.

6 years ago

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vinaya

vinaya

We love FREE. The OP seems to have been tricked by this word. He was buying a car and when he received Free Insurance for his car, he grabbed the offer without looking into the details. However, he has nothing to lose. he can still buy a proper insurance for his car.

6 years ago

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gutzman

gutzman

Most of the companies nowadays were so desperate to make a sale even once per day especially the car companies. They will tell you what you want to here and not the things that you need to know which will make you have the second thought of buying their product/s. To avoid this, you should always have a background check of the company you are dealing with especially if you are going to give out a lot of money. These kinds of transactions are like gambling. You'll never know what you'll get unless you try. So the safest way to do this is to know the company first, their reliability and the customers who had already bought and had a great experience using their product. If it is a well known company, I think your problem could be solve easily because they have to sustain a good image. If not, well that would really be a problem so just try not to fall again into these kinds of companies.

6 years ago

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cks003

cks003

Buying an insurance to protect against any future loss is important, and the details on that piece of policy should be explicitly spelt out to the full understanding of the insureds. The details are sum insured, perils covered in the policy, extensions (if any), premium, comprehensive or third party coverage, non claim discount etc. These terms should be clearly stated, as the insureds are technically entering a contract with an insurance company when purchasing a policy, it becomes enforceable only when all the terms are clear and understood.

6 years ago

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Kakashi2020

Kakashi2020

Comprehensive Insurance covers damages to your car that is not the result of a colission. This includes Theft, Vandalism, Fire, Natural Disasters and Civil Disturbances.

You should check the policy as soon as possible or you should be aware of it's coverage amount before signing anything. Usually car distributors would give out free comprehensive insurance but most buyers rarely check its details.

6 years ago

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jaymish

jaymish

@Kakashi2020 I think it depends on which Country you live in. In my Country comprehensive covers everything. I agree with the advise given. You should read the terms of conditions of your insurance before you sign. You should also shop around and see what other insurance companies are offering. You should also remember that insurance companies are businesses and if they can get out of paying and still making money, they will.

6 years ago

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Corzhens

Corzhens

I am lucky that I work in a bank with a sister company that is an insurance for cars. That is where I get the car insurance for our 2 cars. It is a bit expensive than other insurance companies but it is worth it because there are not loopholes in the insurance policy. We actually have availed of the insurance for damages to our cars twice already and we had no issues.

5 years ago

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JBeleren

JBeleren

This has happened to my uncle once and that is the reason I always read thoroughly any document that needs my signature. I want to know all the details and I ask question after question to the sales representative until I am satisfied that all information I need have been covered.

On what happened to you, transparency on the part of the representative was clearly lacking, it seemed that he was so eager to close the sale at all cost. Companies should be more strict about these kind of tactics.

5 years ago

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BraveJan

BraveJan

When it comes about insurance, you have to be very careful. Some companies will try to rip you off, others will actually help you with anything. I had a minor accident on my old Mustang and the insurance company would give me 2000 dollars for it. Completely rip off. Going from website to website, you can find good insurance companies and they are the ones that matter. Don't be easily fooled, especially when it comes about cars. After all, they are just a piece of metal, but we are dependent on them

3 years ago

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Miniana

Miniana

Totally understandable to worry about insurance. I'm glad no one has gotten hurt as riding near forests can really be a disaster! I once hit a white buck as a truck driver, and it managed to mess up my truck leaving my employer blaming it on me! As much as I like to avoid mistakes on the road some times this kind of situations are unavoidable. The only companies that will always understand you and work with reliable truck driver companies software that provide an in depth job description that allows you to understand the real requirements of your new job are the ones that can make you can realize how important it is to be stress-free and have trust in the system of your company to succeed and thrive as an employee.

3 years ago

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PoisonJay

PoisonJay

Damn dude! That sucks. All these hours on the road, and then you had to pay for an accident.

3 years ago

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milaniagreen

milaniagreen

Such situations are once again a reminder of how important it is to engage in timely verification of the operability of each part of your car. I advise you to find quality passenger car tyre here

2 years ago

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lindsaymonaco85

lindsaymonaco85

Protect Yourself and Others – The right car insurance can help protect you, your family members, your passengers and other drivers. If an accident happens, you want to know you have the right coverage to take care of any property or bodily injury costs that may arise.

2 years ago

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