Insurance is one of the products that can be said to give a sense of spaciousness. Not only for health and mental conditions, but also for your valuable items. One of them is a car.
Talking about bonuses, the amount paid must vary from one product to another. This comparison is also experienced the next day when submitting an insurance claim to the industry.
The comparison is not independent of these 5 next values. Come on, take a look before buying it to understand better.
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1. Big bonus paid
The amount of the bonus that is weighted on the customer for each insured means of transportation is different. But know, the bigger the bonus paid, the maximum benefit from the insurance.
The comparison can be seen from the type of TLO and all risk insurance, where the all risk insurance bonus is much more expensive. However, customers have the power to get more expansion than TLO type insurance.
That’s why all risk insurance is worth thinking about before buying a special insurance product. Certainly by looking at the relief of claims from the insurance industry that is related too, right!
2. The situation of the means of transportation when insured
The next thing is the situation of the means of transportation to be insured. Between the latest means of transportation and the rest of the same type and form can certainly be subject to different bonus payments by the insurance industry. This matter is not free from the situation of the car engine where the engine of the remaining transportation equipment is more prone to defects than the current one.
If the age of the means of transportation is at the base of 5 years, it is recommended to quote all risk insurance. Because, the warranty payments provided by the insurance industry are not only for big damage, but also small. Quite enough to protect the financial situation if your means of transportation often face minor damage.
On the other hand, for the age of transportation equipment above 5 years, it is recommended to quote TLO type insurance. Because, the ability to face great destruction is much greater.
3. Use of vehicles
The use of means of transportation in everyday life also affects the amount of insurance coverage. Means of transportation that are rented out to other people are definitely more vulnerable to destruction than if they are only used for individual needs.
Regarding this matter, it is generally registered in the insurance policy. You should read all the determinations listed in the policy carefully before signing the conclusion.
If the policy has been signed, it means that you have agreed with all the determinations made by the insurance industry regarding claims after that day.
4. Type and year of vehicle manufacture
Different types of means of transportation, so there are also different risks that may arise during consumption. Between SUV-type transportation and sedans, for example, where SUVs have a better appearance when carried over rocky road conditions than sedans.
Not only that, the year of manufacture of the transportation equipment also quite influences the warranty value when a claim is submitted. The level of risk that arises for older cars is greater. Therefore, it is not confusing when the insurance industry decides the age limit for cars that can be insured.
If, for example, the car to be insured has matured, don’t be discouraged if the industry denies registration of the policy. It’s better to find another industry that if you want to welcome the current state of the car.
5. Benefits of coverage
The benefits of the warranty that are defined here are about what the insurance industry will cover tomorrow. Is the warranty only when the transportation equipment is completely defective, lost, or when other conditions are also listed? This means to pay close attention to the many external factors that affect the appearance and condition of the means of transportation.
If sometimes you want to get a bigger guarantee benefit, then there will be a bonus adaptation that is paid every year. Adaptation is related to the situation of transportation equipment, usage, and the area where you live.
If it is really necessary, you should carry out a efficacy expansion to optimize protection on your favorite means of transportation. Moreover, if the means of transportation are often carried on foot for long expeditions.
2 Types of Insurance to Consider
1. All Risk Insurance
If you need maximum benefits, it is better to choose all risk insurance. This type of insurance covers major damage due to a disaster or minor damage, such as scratches or dents.
Payments that stick out for car repairs when the damage is determined will be covered by the insurance company. Assuming the type of damage is registered in the policy determination, as a result the claim can be processed quickly.
2. Overall Loss Only Insurance (TLO)
TLO insurance is different from all risk, where the protection benefits obtained are much smaller. The industry only covers the costs of major disasters, the destruction of which reaches 75% or when the means of transportation are almost unusable.
If the resulting damage is less than 75%, there is a possibility that the claim will be rejected by the industry. If you are planning to choose this type of insurance, you should think carefully about avoiding disappointment later in life.
Equate Insurance Type with Vehicle Desire
The amount of the guarantee figure submitted by the industry is not free from the bonus figure that is paid every month. However, that doesn’t mean you have to take big premium insurance to get maximum benefits. Always equate the type of insurance with the need for transportation, so that the annual bonus payment does not burden the financial situation.