Factors to Consider When Choosing the Right Motor Insurer for Your Vehicle

When it comes to motor insurance, there are many options available in the market. The intention of this guide is to create awareness about the key factors to consider when selecting a motor insurer to protect your valuable vehicle. These tips will help you not only choose the right motor insurer but will also give you peace of mind, knowing that you made the right choice for protecting your valuable vehicle and keeping your loved ones safe on the road.

Protection

The most critical factor of all is to ensure that your vehicle is adequately protected at all times and the level of coverage is in line with your vehicle’s value. The key here is to take the time to carefully see what is covered, what is excluded and if there are any deductions that may be applicable at the time of a claim. There’s a lot to factor in, for example, if your car is brand new, you must determine whether you are entitled for agent repairs. If your car is older, how much you will have to pay for brand-new replacement parts, are there any deductibles, etc. There are also additional benefits that you need to consider, like having a Call and Go facility, Personal Accident Covers, Coverage of Medical Expenses, etc. If you need assistance, you can always call the insurance company and speak with a dedicated person assigned to motor insurance or even your own Relationship Manager.

Speed of Service

As a customer, you pay premiums now for protection in the future when you may need it. Therefore, you need to be confident that you have selected an insurer who has the capability to live up to your expectations and has proved itself to its customers in their times of need. This can be easily confirmed by speaking to an existing customer of the insurer you are considering, an insurance broker who maybe servicing that customer or any financial institution/bank that works with the insurer. It’s very important that you choose a company that has a 24/7 call center, and an island-wide assessors’ network, with access to reputed workshops to restore your vehicle in case of an unlikely claim. Selecting an insurance company with a wide branch network closer to your doorstep will be an added advantage to you.

Comprehensive coverage with affordable premiums

As economic conditions harden, we all find it extremely difficult to make ends meet. Therefore, its essential that you choose an affordable insurer who can provide adequate protection to your valuable vehicle at an affordable premium. However, we advise you not to go looking for the lowest premium in the market as it can seriously compromise your chances of recovering a claim. Adequate Protection and Quality of Service are important at the time of claim, and you shouldn’t have to lose out on both when you need them the most because you decided to save some money on the cost of the premium.

Financial Stability and the reputation

Another important factor to consider when choosing any insurer is the company’s financial stability and its reputation. You can consider the company’s financial strength, information about its shareholders and its past financial performance, especially during challenging times. Companies that have a solid reinsurance program and profitable financial records are favorable and will give you additional peace of mind knowing that your insurer is also secure.

Flexibility

Finally, flexibility is also important. The company you have selected should have - you, the customer, at its centre. You should be able to negotiate the terms of your policy and feel comfortable to do so, with the company taking the time to educate you on the process, and the policy terms and conditions. Obtaining the policy and settling a claim should be easy and quick. The customer care representatives should be attentive and help you calmly even amidst a chaotic situation when there is loss involved.

Selecting the best motor insurance policy requires careful consideration of the above factors. We at Orient Insurance hope this guide serves you well when selecting your next motor insurer. We offer a range of comprehensive motor insurance policies that are tailored to meet the specific needs of our customers. With our competitive premium rates, value-added services and dedicated claims team, you can trust us to protect your vehicle and ensure your peace of mind.

Please feel free to seek the help of one of our expert motor insurance professionals by calling +94 11 2030 300 or visiting us at www.orientinsurance.lk.

We wish you and your loved ones a safe journey!