How to choose the right Car Insurance Policy for you?

10 Sep
how to choose the right insurance policy for you

How to choose the right Car Insurance Policy for you?

Most of us spend a lot of time looking for the right car based on our needs – capabilities and desires, but we do not do the same in order to find the right insurance for our car, so we are not fully covered for the car we have acquired with effort. One reason we neglect to find the right insurance policy for our Car Insurance is that there is not enough free time as well as there is no proper knowledge of the insurance industry and covers. In order to find the right insurance policy according to our needs, we can contact an Insurance Consultant, who has extensive experience in this field, and will help us choose the best solution for our needs.

This article mentions the mandatory and optional coverage offered by almost all insurance companies in the car insurance industry, in order to help the reader have a more complete view on the subject of “Car Insurance“.

We can choose only the basic car insurance which includes the coverage of the Liability of the owner – owner – user – driver of the insured car. Third Party Liability is a compulsory coverage by law and concerns the civil liability that the driver has against third parties, for body injuries and / or material damage.

In a basic insurance “package” there is the possibility of adding coverages such as:

  • Coverage by uninsured vehicle

Coverage from an uninsured vehicle, compensates the insured person in case of damage from an uninsured vehicle, in which accident he is not responsible but the uninsured vehicle.

  • Premium guarantee or bonus malus protection

The premium guarantee or bonus malus protection, as mentioned many times, covers the insured so that the company does not increase his premiums for the next insurance period in case he is responsible for up to 3 accidents.

  • Road assistance

With this coverage we are covered in case of unexpected damage or a minor crash, roadside assistance comes to serve us with only a phone call and by giving the necessary information. At the same time, the roadside assistance, in case of a car accident, serves us in completing the accident statement as well as in photographing the vehicles involved and the traffic conditions.

  • Glass protection

The glass insurance covers damage to our car on the front and rear windshields, on the side windows as well as on a factory sunroof. Also, some insurance companies offer the possibility of covering exterior mirrors.

  • Personal Driver Accident

The personal accident of a driver concerns the coverage that the driver has from his insurance company in case of an accident.

  • Legal protection

Legal protection covers the legal costs (for example lawyers’ costs) of the policyholder, in relation to the insured car, up to a certain amount, which varies depending on the insurance company and the insurance policy.

The second (2nd) “insurance package” of car insurance includes optional coverages, which can be added to the insurance policy individually, if the insured wishes, such as:

  • Total or Partial Theft

Total Theft insurance covers the theft of the insured car after burglary or robbery, with an amount of compensation equal to its commercial value (at the time of theft). In case of total theft of the vehicle and until the compensation is completed by the insurance company, there are insurance contracts which provide replacement of the vehicle (vehicle rental) until the completion of the compensation, for the best service of the insured. Partial theft coverage refers to the theft of parts of the insured car, as well as covers the damages from the attempted theft (in some insurance programs). Total theft coverage can be added to an insurance policy as such or in combination with partial theft. Finally, some insurance policies on the market provide for coverage of vehicle damage that may occur during the time it has been stolen and is in the possession of the thief.

  • Fire

Coverage of the insured vehicle by fire insures the vehicle against the risk of fire, lightning or explosion and provides a second supplementary coverage of the fire from terrorist acts.

  • Riots – Strikes – political unrest – terrorist actions

Coverage from stops, riots, policies, terrorist acts, covers the insured car for damages that may arise from the above cases.

  • Malicious acts

By covering the vehicle from malicious acts, the insured car is covered in case of being damaged by a third party for the purpose of sabotage and is not a terrorist act. Malware coverage can be either integrated into a terrorist package or in the mixed coverage.

  • Natural phenomena

Natural damage insurance is defined as the damages caused to the insured vehicle by cases such as:

  • Flood, Storm
  • Snow
  • Windstorm
  • Earthquake
  • Landslide
  • Volcano explosion
  • Lailapa
  • Tidal wave (tsunami)
  • Sedimentation
  • Hail

Car insurance coverage for hail includes any damage caused to the insured car by Hail. In some insurance policies hail coverage is included in the coverage of natural phenomena, but in some others, it exists as additional coverage.

  • Expansion of coverage outside Greece

Some insurance companies allow the insured vehicles to extend their coverage beyond Civil Liability and abroad (EU or EEA) with the issuance of the Green Card.

The third (3rd) “package” concerns the Own Damages Insurance. With own damages insurance, the insurance company indemnifies the insured driver for damages that will be caused to his own car (by a collision), even if he is responsible for the accident, after deducting his own participation (exemption) in the damage.

For more information regarding to your Car Insurance contact us.