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.

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.

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:

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.