Your motor vehicle insurance restricts your financial vulnerability when you are using your car. However, motor insurance policies are not the same. It is advisable that you consult an insurance agent who can assit you in picking the right motor insurance that meets your needs. This can only be done by asking the right questions. I have come up with some of the questions you might want to ask your agent before getting motor insurance.
Q1 What kind of cover do I need?
There are three main types of motor vehicle insurance. Full Third Party, Full Third Party Fire & Theft and Full Comprehensive Cover.
Full Third Party covers liability for damage to another persons property or liability for death or bodily injury up to a certain limit. This is a minimum requirement for every vehicle on Zimbabwean roads.
Full Third Party Fire and Theft on top of Full Third Party adds cover to damage or loss caused by fire or theft to the your vehicle.
Comprehensive Cover extends cover from Full third party fire and theft to includr accidental damege to your car, theft of accessories, medical expenses and towing charges.
Q2 How will you value my car?
A lot of people overlook this but it is very important especially at renewal. You need to review your policy to see if your car is still valued at a fair value. Insurance companies apppoint valuators if you're not sure about the value of your car.
Q3 Do you have an office where we can meet in person?
This is a very important question. There's a lot of people selling fake insurance and many people are being fooled because of the attractiveness of the price. If you get your insurance outside Zimpost Mall in Harare for example and do not bother to ask details about the insurance company's address, you are making huge mistake which could cost you when you are involved in an accident.
Q4 Why is the rate lower for newer cars?
You will find that insuring a newer model of a car is usually cheaper because of a lower rate than older cars. This is because, newer models have better and modern safety features. Newer cars are also less desirable to hijackers and thieves because of these features such as anti-hijack and GPS tracking. Older cars are also easily disassembled and their parts have an easy market to sell for a profit.
Q5.Who is covered to drive my car?
This differs with different insurance companies. However, normally everyone who has a valid drivers license and who has been given permission to drive the vehicle by the owner will be covered.
Q5. What are my payment options?
This also depends on the insurance company. All the same, termly options are the most common in Zimbabwe, were a term is equal to 4 months. Other options include monthly, quarterly, bi-annual and annual. Insurance companies usually give a discount to people who pay for the whole year.
Q6. What is my excess?
Check your policy for your excess. There is usually a different excess for partial loss, total loss, glass and windscreen loss and theft of accessories.
What other questions would you ask before you take motor insurance? Let me know in the comments and I'll try to answer you.