automobile insurance

5 Ways to get the most of your Motor Insurance Policy

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A lot of people ask us how to get the maximum from their motor insurance policy. We put that question to our people and got some interesting insights. Here are 5 ways to get started.

terms & conditions, motor insurance policy, vehicle insurance policy
Go through the details of the policy, its important you understand the policy which YOU pay for

1. Read and be aware of your motor insurance policy conditions:

Yes, we get it. Sometimes, the terms & conditions of the policy are very complicated. However, its necessary to understand them before you sign. You ought to know about the insurance policy which you are paying for. If there are any areas of your insurance policy which you aren’t sure of, contact us-it could help you understand what aspects your insurance policy covers and save you money in the process.

Eg: If your vehicle is 10 years old, your claim could come down by a figure of upto Rs. 10,000.

2. Follow the Steps of the Insurance Claim Process

A lot of customers believe that once an insurance policy is purchased, say on April 2nd 2015, the policy is ‘locked in’ until the end of the agreement. This is simply untrue. However, it becomes necessary for customers to be a little proactive.

For example, if you wanted to replace a new pair of speakers for your vehicle (due to an accident claim), then you ought to produce a price quote to us before buying parts. This ensures that you are not getting ripped off as a customer when purchasing a new device, and also keeps us, the insurer informed about every aspect of your vehicle.

speaker, extras, additional vehicle coverage
At least check and see if you can get this insured?

3. Understand the market value of your vehicle

The Sri Lankan vehicle market changes constantly, meaning that you as customers need to be aware of the latest developments: for example, in July 2014 a hybrid would cost around Rs. 3million, but after the recent introduction of the mini budget by the new government, the new import taxes mean that the vehicle is now valued higher. As a policyholder, it is highly recommended that you contact us and ensure that your vehicle is secured for its appropriate market value

4. Keep your vehicle well maintained

It’s been said before, but please do ensure that your vehicle is well maintained. A key point of insurance is indemnity; this is where we bring the policy holder back to the original state before a motor vehicle accident. You don’t want to be the customer who has a poorly maintained vehicle with worn out brake pads. This is because the insurance firm will need to approve for new brake pads and then YOU (the policyholder), will need to bear the excess cost as you had not maintained your vehicle properly. To get a rough guide about how to maintain your vehicle, click on the picture below:

Auto Mechanic at work
Click on me to get vehicle maintenance tips!

5. Read your Warranty

Ensure that you are aware of your warranty statement. Depending on the amount of coverage which you choose, certain technical failures may not be covered under your insurance policy. However, if your vehicle is still under warranty, the technical issue could be addressed directly with the dealer of the vehicle.

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

HOW TO: Buy a Vehicle. Step1- Assess Your Needs

HNB Assurance PLC1 Comment

So you’ve decided to purchase a vehicle, congratulations. If you’re stuck on how to proceed, not to worry. We’re here to help. Take a look at these factors which will help decide your future automobile.

Price

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Image Credit: Automedia

First things first, focus on what you need and not what you want. For example, many drivers would love to have an expensive automobile such as a Ferrari, but that’s not what you need. Look at your finances realistically, as it will dictate what you can buy. Make an allowance for automobile insurance, vehicle servicing, registration and taxes as well.

Vehicle Size

If you have more than 3 or 4 people who will be using the car, its time you looked into a bigger vehicle. Otherwise, look into a smaller automobile. These are a lot cheaper and are very reliable. In addition, newer small vehicles provide excellent protection in the event of a crash. Furthermore, unless you plan to drive long distances off road, purchasing a 4WD is quite unnecessary, as you would be better off hiring it when you need to.

Automatic or Manual

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Image Credit:Youthvillage

This one could be based on your preference, but it actually come down to your license. Yes, an automatic is a lot easier to use than a manual, but make sure that your license says that you are allowed to drive one.

Used or New

This depends a lot on your preference as there are pros and cons for both. Buying a brand new automobile means that you will have more peace of mind as you purchase directly from a dealer, however you may be able to find a bargain buy if you were to purchase your automobile from a private seller if you look hard enough.

Fuel type

This is a tricky option here. As mentioned earlier, Sri Lankans are buying greener vehicles. Look at what matters to you: Using petrol is a cheaper option, but if you wish to make an eco-friendly purchase, you could look into a hybrid vehicle as well.

Next time we will make suggestions on how you can get information about your dream car. In the meantime, share your thoughts: what type of automobile do you really need?

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.