Buying your insurance – Information requirements
It is vital that you give the prospective insurer accurate information when applying for insurance cover. This information is very important in the sense that the insurer needs to be fully aware of all your circumstances and your historic information to be able to assess comfortably what you could be covered for and how to mitigate some risks from their end too.
The Importance of Honesty
Do keep in mind that insurance companies rely on the accuracy of the information you give them to offer you an insurance price that will cover your circumstances. You must exercise honesty as much as possible when seeking out to get insured because once the insurer finds out that you lied, they have a right to cancel that policy. Furthermore, there have been instances where insurers discover at claims stage that the information you gave them initially was falsified or that your circumstances over the years have somehow changed but failed to inform them of the changes. This can lead to questionable credibility, prompting an unnecessary further investigation.
Therefore, to avoid disappointment when you claim, be honest as possible and give the insurer the correct information. Generally, when applying for motor insurance, the following questions will be asked and please do have the answers to these questions handy as this will determine how much premium you pay for your car.
Please do have the following information at hand:
- Full names, surname, and Identity Number
- This is to fully identify the person who is taking the insurance policy.
- Contact details
- These are, your address, telephone number and or your email address. This is to ensure that they reach you when they want to talk to you. Also, your address is also used to calculate the risks the insurer will have to take to insure your vehicle.
- Description of the car
- You need to give the correct make, model, whether the car is automatic or manual, engine size and any other information
- Identification of the car
- This is the Vehicle Identification Number also known as Chassis, Engine and Registration number. This is to ensure that insurance has proper record of the car.
- Extras
- These are additional things you have put on the car e.g., radio, mag wheels, sun-roof.
About the driver:
- Regular driver
- This is the person who drives the car most of the time. You may be the owner; however, your partner or child drives the car most of the time. He/she becomes the regular driver.
- Nominated driver
- Only the person who is reflecting as the nominated driver can drive the car. No other person can drive it.
- Security
- Indicate if the car has a tracking device or immobilizer.
- Parking
- Where the car is parked during the day and night. A car parked outside is likely to be damaged by hail at night than the one parked in the garage overnight.
- Use of car
- When you use your car to go to work and back and for social activities, it can be covered as private use. When you use it to see clients, it must be covered as business use.