Owning a car does not come alone but with many responsibilities. One of these includes an insurance plan for your vehicle which is what comes to your rescue in case of an accident. Getting your car insured well in time is necessary for your safekeeping and that of others. It is a common thing among first time car owners to get confused as to which insurance plan to go for. There are a number of factors that determine which insurance cover is best for you. Following is a list of four such factors based on which you can make this decision.
1. Your vehicle itself: The make and model of your car very well determine its insurance costs. Certain cars are more expensive to insure than others because they demand higher maintenance or are at greater risk of getting stolen. Cars which have inbuilt safety features are cheaper to insure as they are less likely to get into accidents. You must check the insurance claims of different cars before moving on to buying one.
2. Where you live: Insurers bring things like how prone your car is to being stolen into account while deciding its insurance cover. If you park your vehicle in a place from where it can easily be picked up, your premium rates will increase accordingly and vice versa.
3. Your age and experience: When it comes to car insurance, your age and experience matter greatly. Young drivers, because of lesser experience, are more at risk of getting into accidents and hence it is more expensive to insure them. Some companies also consider other personal details like your profession etc.
4. Your driving record: Your driving record is one of the most crucial factors in determining your insurance cover. If you are a driver with a clean record, it is very likely that you land up a great insurance plan. The basic concern of insurance companies is how much of a risk you will be to them. It is on the basis of this that they decide upon your premiums.
Companies like AIG have earned the confidence of car owners with their convenient motor insurance plans. They also keep coming up with lucrative offers, much to the benefit of those who have quoted with them. Deciding which insurance plan will cover you best can be a little tricky. But once you get these factors right, it will be easy for you to make an informed choice.