#insurance360

Insurance360 | Does Your Profession Significantly Impact Your Car Insurance Rates

It is no secret that factors like age and driving history greatly impact your car insurance rates. But are you aware that your profession also affects what you pay as a premium? Do you want to know what aspects of your occupation your insurer assesses before issuing you a quote? How do you find out if you have a “High Risk or Low-Risk Occupation”? The relevance of auto insurance to the vehicle owner only continues to increase as the years pass. As a result, more car owners need to do what they can to gain more knowledge on insurance.

Not only does the work you do influence your car insurance rates to varying degrees, where you also work critically. Insurers are always looking for more efficient ways to evaluate the liability that vehicle owners pose. One of the avenues through which they do this is through reviewing statistics. Through an increasingly scientific process, they try to evaluate the likelihood of having an accident based on various parameters.

How does your job affect your sleep pattern?

How far do you have to drive to your place of employment?

What typical occupational behaviors come with your job?

By evaluating these occupational variables, insurance companies more accurately determine just how high or low to set your quotes. It is more so the case when you use your vehicle as a part of your occupation. If you travel with it for work often, don’t be surprised if the quote your insurance provider gives you falls a little on the high side. At its core, some significant factors that your insurer will look at about your occupation and employment conditions include;

The stress levels it generates,

What occupational training you have had, and

How often your work necessitates travel.

Insurance360 | Adding a Non-Family Member As a Car Insurance Liability

Having solid, all-around financial protection for your automobile is an intelligent play under any circumstance. It means you want to make sure that your car is fully insured, regardless of who is driving it, how, and when. But that being said, how do you go about achieving this exactly? What does the rule book say about adding someone who isn’t an immediate member of your family to your policy? What are the relevant things you should know about this process?

So, ever wondered if you can add a non-family member to your auto coverage policy? Short answer; Yes, you can! It’s effortless too! What’s more, most times, it is even in your best interest that you do this!

Sadly, many vehicle owners aren’t aware of this little fact. One possible reason for this may be the common misconception that auto insurers follow the driver. In reality, your insurer follows the car, not the driver. What matters most to your car insurance provider is the type of person behind the wheel of your car and the driving history that they have managed to accrue. How you know the person or people in question is actually of little consequence. However, where things become a little more complicated is determining when to add the non-family member. For the most part, you are okay with letting a friend or colleague drive your car once or twice every few months without adding them to your policy. However, adding that friend or neighbor takes on a greater level of importance if you let them have your car with any measure of frequency. It is only reasonable as the more often they drive your vehicle, the higher the chances of an accident.

Insurance360 | Can I Buy Insurance Before Purchasing a Car?

If you do not have a car and you are looking to get insurance, then you are in luck! There are easy ways for you to buy auto insurance without having a vehicle. But, you need to make sure you put a lot of things in place to ensure that. Getting insurance without a car is not only possible; it is easier than a lot of people know. The secret to it is ensuring that you go in fully prepared and armed with specific, helpful information. To start with, when planning to secure auto insurance before buying a car, the very first thing you need to do is,

Confirm The Specific Vehicle You Plan On Purchasing

As you probably know, the make, model, and specifications of a vehicle significantly factor into its auto insurance. Due to this, you have to be very careful and make sure that you confirm the car’s details thoroughly. Failure to do this might result in your having to pay some hefty cancellation fees if you don’t end up purchasing the vehicle for any reason. So, to get started,

Choose The Vehicle You Want To Purchase

It would help if you were as detailed as possible about the car you want to buy when taking out your policy. To that end, the more specific you are, the better.

Prepare An Agreement To Purchase The Vehicle

At this point, what you need to do is make sure you seal the deal as tightly as possible. You need to make sure you iron out details like price, liens, and vehicle history.

Use The Vehicle Data To Buy the Insurance

Insurance360 | Does Car Insurance Cover You if Someone Breaks Into Your Car

The entire purpose of getting insurance coverage for your vehicle is to measure financial protection when the worst happens. But do you know all that your current car insurance coverage protects you?

What Happens If Your Car Is Burgled?

No one exactly plans for it, but the sad reality is that car break-ins and thefts are becoming an increasingly common occurrence all over the country. A recent car theft statistic showed that this crime had risen more than 20% in the last decade alone! Luckily, this is why car insurance exists! However, you must keep in mind that simply because you have a valid car insurance policy doesn’t guarantee that you are insured if your car gets burgled. It is because there are different types of car insurance. These various types of coverage, in turn, extend multiple levels of protection to your automobile. The three types of coverage available to vehicle owners are;

The Third Party Coverage

As the essential coverage policy you can get for your vehicle, you cannot get this type of coverage to cover the cost of repairs or replacement to any stolen part of your vehicle or any item inside.

The Third Party, Fire And Theft Coverage

Being a significant step up from the previous insurance coverage, this type of coverage offers you some measure of financial protection if someone breaks into your car. It is worth keeping in mind that the exact circumstance of the break-in factors into whether or not you get compensated for the incident.

The Comprehensive Coverage

Under Comprehensive coverage, you are entitled to file a claim for a full payout if your vehicle is robbed. However, this policy will pay out for replacing parts of the car stolen from the car during the break-in. It will replace your car stereo, wipers, and air conditioning system, but you are not entitled to any compensation if you lose your laptop due to the same incident. In essence, once you see signs of vehicle burglary and you follow the standard procedure of reporting the incident to the authorities, you can expect a payout accordingly.

Insurance360 | Will Car Insurance Cover Engine Failures?

If you aren’t in the financial space, it’s actually hard to get excited when it comes to discussing the finer details of your auto insurance policy. Yet, knowing just what you are and aren’t insured against is crucial to maximizing your insurance coverage benefits to the fullest. So, do you know the full scope of your insurance coverage? Does your current policy cover you for the cost of repairs if your vehicle suffers engine failures? This is a somewhat complicated aspect of vehicle insurance. So take a moment to relax while explaining the nuances of engine failures coverage in your auto insurance policy.

As you would expect, the type of coverage you are operating comes into play where damages like engine failure are concerned. In Malaysia, vehicle owners have a choice of any of three types of auto insurance coverage. In broad strokes, the standard types of vehicle insurance in the country include:

Third-Party Auto Insurance

This is the coverage that vehicle owners who want to fulfill only the law’s barest limits opt for. This is because it only pays for the damages inflicted on the property or person of another individual. Consequently, if you’re operating this policy, you know there’s no scenario in which you are insured for engine failure.

Third-Party, Fire and Theft Auto Insurance

With this policy package, you have financial protection in the case of third party damages and also damages to your own vehicle due to fire, explosion, or theft. Now, subject to the exact specifications highlighted in your policy, you may be able to file a claim for payout in the event of an engine failure, if you can prove that the malfunction occurred as a result of a fire incident or theft. Keep in mind that should you suffer engine damage due to the collision, this policy will not pay out for that.

Comprehensive Auto Insurance

As the name suggests, this policy offers you the most extensive coverage you will find around. In addition to insuring you are on the same level as the previous two policies, you also get a few other perks. One of these is that you can file a claim to get your vehicle repaired if it was damaged due to an auto crash. Keep in mind that this perk only holds if you aren’t the at-fault driver. In this case, you may be able to file for financial compensation if you can prove that the engine failure you experienced resulted from a previous auto crash. However, you will be required to tender a few documents to your adjuster to support your claim. Some of which include:

A document confirming that you carried maintenance on your vehicle as at when due, and

A certified mechanic’s report showing that there was no problem with the system before the accident.

Insurance360 | Can I Insure a Car Without a Driver's License?

Due to one reason or the other, you might find yourself needing to take on an auto insurance policy for your vehicle in the absence of a license. Are you wondering if it’s possible to get insurance without a valid driver’s license in the country? Would you like to find out how to go about it?

A driver’s license is a big part of getting auto insurance in Malaysia. One major reason for this is because any auto insurance company requires this information to research your driving history. If they don’t have it, then they can’t estimate the potential risk they’re taking on with your driving. By extension, this means that they may experience a little difficulty evaluating what you’ll pay a premium for your insurance. For this reason, finding an insurer that will offer you coverage in the absence of a driver’s license is a bit challenging. It’s challenging, but not impossible. Some insurers will still extend your coverage even when you don’t have a valid driver’s license. These insurers account for the fact you mightn’t have a license due to factors like using a chauffeur or having an existing medical condition. To that end, if you want to get coverage from these providers, you can do so using any of the following channels.

Name Someone Else as the Primary Driver You can simply buy the policy under the name of another individual. This works best if the person you’ll be using,

* Lives at your address, * Is related to you, and * Possesses a valid driver’s license

However, depending on your potential insurer’s exact requirements, the person filling for you as the primary driver may not have to meet all the demands just mentioned. Still, in line with this approach, you could buy the policy and list yourself as an excluded driver. Many insurance providers are usually open to this. You have to remember that should you get involved in an accident while driving, you won’t receive any payout to cover the resulting expenses.

List a Licensed Driver As Vehicle Co-Owner Alternatively, you could take out the policy and then list someone with a valid driver’s license as the vehicle’s co-owner. On many levels, following this approach may prove more convenient for you than the previous option.

Insurace360 | What Happens When Your Auto Insurance Is Cancelled

So you’re sorting through your mail like you do every other day and smack! Your auto insurance provider drops a bombshell that they won’t be providing you coverage anymore! Where do you go from here? What should you expect, now that you no longer have auto insurance coverage for your vehicle? What do you do next?

If you’re wondering could your auto insurance company cancel your policy? The answer is YES–they can! However, they can’t do so without a genuine reason and giving you a proper heads up. You can’t take your vehicle out without a valid insurance policy which means that once your coverage is revoked, you’ll soon be stuck without a ride! Even worse, the longer you go on without coverage for your vehicle, the more you can expect any insurer to charge you when you finally try to get any package. For this reason, haste is essential! Remember that getting your auto insurance cancelled is not the same as being issued a non-renewal notice. In the case of the latter, your coverage is kept active until the date it’s supposed to lapse. Afterward, you just won’t be given the opportunity of renewing the package with the same insurer. Usually, insurers will cancel a policy only if:

You’ve not been paying your premiums or you’ve been paying late,

Your driver’s license was revoked or suspended due to one reason or the other,

They discover you weren’t entirely forthcoming with the information on your application

What Is Zero Depreciation In Auto Insurance?

Insurance lingo can be tough! Still, you've got to try to understand it as it is essential. One crucial aspect of auto insurance vehicle owners aren't very familiar with is Zero Depreciation or Nil Depreciation. What is this exactly? And how does it work? How can you benefit from this resource as a vehicle owner? Well, let's find out!