When it comes to submitting claims best to be clued up on the facts and any myths surrounding claiming for vehicle insurance – it is important so that your insurance service provider pays out in the event of an incident.
Prevent disputes from going as far as the high court – and ensure that your claim is never refuted.
Don’t make costly mistakes:
Incurring damage to your vehicle and not reporting it to your business insurance provider for the damage, will only increase the risk to your service provider – so unreported incidents will be viewed as being high risk and therefore premiums would therefore have to be increased accordingly.
Your insurance service provider can turn down your claim if pertinent information is withheld from your insurance company.
Not conforming to the terms and conditions of your insurance will result in your claims being refuted – always read the terms and conditions carefully and always ensure you know what is stated in the small print.
How are your business vehicle insurance premiums calculated?
There are many misconceptions regarding how your insurance premiums are calculated.
Does the colour or your vehicle matter when taking out business vehicle insurance?
Cover for motor vehicles, whether used for business purposes or for personal transport, does not depend on the colour.
Instead, cover for your vehicles depends more on the kind of car you drive, the model of your car, the size of the engine, the age of your vehicle and the cost of the repairs and parts of your car.
The age and driving record of the driver are also taken into account when the vehicle is being insured.
How often you drive your car matters as well as the safety and the security of the area in which the car is stored will always be taken into the equation when it comes to car insurance.
Who drives the vehicle matters:
The company that has issued the insurance cover for the said motor vehicle is responsible for coughing up when a claim is submitted.
There are numerous insurance providers and policies that limit the designated driver of a vehicle – that is why it is important to state all the designated drivers carefully as well as reading any fine print really well.
It needs to be stipulated who the nominated drivers and who the usual drivers are.
Remember that if an unauthorised person drives the car when an accident happens the insurer could in all probability knock back the claim.
How to ensure that your business vehicle insurance claim is paid out:
- Always report significant damage right away to your insurance company.
- In all probability this will affect your premiums.
- Accident damage could change your cover or risk assessment.
- Also always report accident damage if a third party is involved because that party might lodge a claim against your insurance.
- If you don’t report an accident to your insurers there is a strong chance that they won’t pay for the damages.
- One of the most common reasons for claims being refuted is if they are not lodged on time.
- There is a stipulated time period in which claims need to be lodged – this is about 60 days in most cases, but it could vary amongst insurance companies.
- Check the fine print and check your policy regarding your claim time period.
- The onus is on you to ensure you understand any conditions, restrictions or requirements on your insurance policy schedule.
- If you are covered for private use – take note this does not mean that your car is insured for business use.
The above are a couple of pointers necessary for successful business vehicle insurance claims – always pay your premiums otherwise you might find that you won’t get paid out for your claims.