Over and again you will come across advice like “do a double check before signing any papers”. Apart from the documents of insurance policy, it is difficult to really know what is in the product disclosure statement ( PDS ). The PDS describes the protection of your insurance coverage and also the terms & conditions that will be applied. And giving a detailed look at all the required documents is important because when you opt for a claim, you should be aware of the inclusions and exclusions of the policy.
Are you Covered?
Most of the comprehensive insurance policies protect you from losses or damages due to any sort of accident, a storm, flood, fire and robbery. A comprehensive car insurance policy will also protect you for damages you create towards third party property. However, insurance policies vary on the IDV you will be protected for, in terms of your own belongings, keys, after-accident treatment, towing, storage, accommodation and rented car.
Characteristics of car insurance policy
Car rental alternative:
Most of the comprehensive insurance policies provide a minimum rental car offer if your vehicle is thieved, but not in a case where your car was broken in other respects listed in the insurance policy. This additional feature will give you a secure feeling or comfort in your business and even in your lifestyle which will never be affected by the problems of not having a car for whatsoever the reason.
No Claims Bonus Protective cover :
This feature covers the no claims bonus, that you have worked very hard to develop for. This means that your no-claims bonus is not affected by the claims that you simply carry out ultimately help to make in this particular insurance coverage period .
Insured Declared Value (IDV) of your car:
The IDV is calculated either by the car’s market value or the value agreed upon by you or your insurance provider at the beginning of your insurance cover. The IDV is figured out once the loss or damage was incurred as well as displays the cost of your car will retrieve in the market given its mileage, version, type and age.
In case you modify your car and inform your insurer regarding this, the premium of your car insurance policy may increase. On the other hand, if you modify your car and don't disclose this to your insurer then you might not need to pay on a claim to restoration those modifications or just in case the car is stolen, your insurance policy might be invalid.
There are lots of exclusion clauses that might involve particular claims and even to the over-all insurance policy and these are generally described in your PDS. Even though if you do not have a car insurance protection plan yet, you might be in a position to get the PDS of potential car insurance policy online by the insurance provider.