When you are seeking for the right motor insurance, the process can seem overwhelming. After carefully reading and following the below steps everything will seem clearer to you, so that you can make the best decisions for your car.
In order to receive an accurate car insurance quote, insurance agents or brokers require a few pieces of information to get started. Begin the shopping process by gathering the following information:
Basic information — This includes the address the policy should reflect, the policyholder’s full name and birth date.
Vehicle information — VIN (vehicle identification number), manufacture year, make, model, safety features and mileage information can be found in the vehicle or on your registration.
Drivers’ information— You will need driver’s license numbers from all drivers that will be covered on the policy you’re shopping for, as well as their birthdates. This will provide the insurance agent or broker with each driver’s basic details that will determine rating factors.
Previous policy information—Your insurance documents will show your current coverage limits. This information allows you to match your previous coverage if preferred.
Determine your coverage needs
It’s significant to compare all schemes and agent quotes when shopping for car insurance. When comparing quotes from several insurance companies, make sure you are searching within the proper parameters of coverage so that each quote reflects the same limits and you can get the best value. The best place to start is by matching your previous insurance coverages. Everyone's situation is different. The level of insurance coverage that you choose depends on a number of factors, including what vehicle you drive and how much you drive.
Compare insurance providers and inquire about qualifying discounts
Once you’ve chosen your method for shopping, gather quotes from at least three carriers that you are interested in. Each insurance company will have its own set of available discounts, though most insurers offer the same basic options.
In addition to qualifying for discounts, there are a few methods to lowering your auto insurance rate:
• Raise your deductible — The math on this one is pretty simple, a higher deductible means lower payments. The reasoning for this is that you are assuming more of the risk in the event of a claim.
• Install an anti-theft device — A car security system is a great way to put your car insurance company at ease and to lower your chances of your vehicle being stolen.
• Pair your insurance policies — Many companies allow you to mix and match your car policy with your home insurance.
• Pay your premium at one time— You can save money by paying your full premium up front.
• Compare quotes — Because each company has a slightly different method of determining rates, you can save money by regularly shopping for insurance quotes.
Purchase your new insurance policy
Upon choosing a new insurance provider and policy, it’s time to buy! You may secure your new policy by paying the down payment and setting up a monthly payment plan or paying the premium in full. Don’t forget to cancel your old policy after you’ve signed the documents for your new policy. Make sure to set the cancelation date of your old policy for after the start date of your new one to avoid a lapse in coverage.
Now that you have a step by step guide to shopping for insurance, you will be able to repeat the process regularly. We recommend shopping for a new policy every few years to see if you qualify for any new discounts or if another provider might offer a lower rate for the same coverage.
G.A.P. Vassilopoulos Group acting as Brokers through their well-established relationships with local Cyprus Insurers’ can cater for Motor Insurance to suit all drivers and vehicles.
You can contact us to compare and select the most appropriate motor insurance policy that works best for you.