Nowadays, protecting your car does not only mean being cautious while you are behind the wheel, there are events that do not depend on you like: natural disasters or accidents.Protecting yourself with insurance is the best thing, as long as you know the terms related to it. If you are looking for insurance or if you are already protected by this type of insurance, know its elements, to eliminate the
The first step is to identify what eventualities you want to protect like theft, accidents, damages caused to third parties, a consequence of the incident, among others. The next thing is to make the request, get it.
1. What is an insurance application?
A document that collects information from the contractor: name, address, people who conduct it usually, among others; Of the vehicle: make, model, sub, plates, etc., and of the policy.
2. Where can you get it?
Through an insurance agent, on the premises or website of the insurance institution or via telephone.
The elements of the policy or contract are: the cover, general conditions or endorsements, get to know them.
1. The cover of the policy contains
- Name and address of the insured and insurance institution.
- Description of the vehicle.
- Covered events (contracted coverage).
- Sum insured (maximum amount covered in case of loss).
- Premium: amount per hedge.
- Total premium: total amount payable for protection.
- The frequency of payment of the premium.
- Term (beginning and end of the contract).
- Endorsement number.
- The method of payment.
- Policy number.
2. General Conditions
clauses that regulate the insurance and includes the risks covered (coverage), cases not covered (exclusions), as well as the rights and obligations of the insured and insurance institution. Usually, it is the little book that you are given along with the cover of the policy.
Some cases not protected (exclusions) are:
- Partial theft of part or things you leave in the car like bags, backpacks, boxes, etc.
- If the driver is not licensed or allowed to drive or is driving drunk or under the influence of drugs.
- The delivery of the car for purchase or sale transactions.
A document that allows modifications, additions or clarifications of the policy and generally has an additional cost of the premium. For example, if you seek to protect the sound equipment of your car you can request an addition of the protected by means of an endorsement.
Having insurance allows you to protect your vehicle from an unfavorable situation – while it is covered -; In a case of theft or total loss, the institution will indemnify you by paying the car at commercial value – including its depreciation per the books that the institution handles – unless you make the contract under other conditions.
In the case of loss:
- Do not celebrate any agreement.
- Identify vehicles (number of plates, name, and address of drivers).
- Report the accident immediately to the insurer.
- Do not order the repair of the car without the express authorization of the adjuster or insurer.
Avoid making a false step and go to safety
What are the most common coverages to protect a car?
- Material damage: it covers the cost of losses caused by an accident such as collisions, falling trees, overturning, among others.
- Total Robbery: If your car is stolen, it will give you the corresponding amount.
- Civil Liability: protects against material damages, personal injury or death that you could cause to third parties.
- Medical expenses cover the payment of medical care for bodily injuries of the insured and/or other occupants of the vehicle due to traffic accidents.
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Identify the coverages that you contract on the cover of your policy
What is the sum insured?
It is the maximum amount that will be paid in case of theft or total loss of the car. To determine this it is considered:
- Invoice value or again: corresponds to the value of the sale to the public and indicated in the invoice issued by the automotive distributor.
- Commercial value: it is the highest value for the type and model of the vehicle established in the books as EBC Guide or Blue Book at the date of the accident.
- Agreed value: is the value that is assigned to the vehicle based on an appraisal made by a specialized agency, institution authorized for that purpose or qualified expert.
What is the deductible?
Payment to be made in the case of an unfavorable event and can be a fixed amount in pesos – General Minimum Wage Days Valid in the DF (DSMGVDF) – or a percentage of the value of the vehicle.
For example: in the case of total theft of the car, the payment corresponds to 10% of the value of the car: $ 220,000. So, the amount you would have to pay the institution would be $ 22,000.
When you get your insurance, the policy does not forget:
- Sign of receipt, setting the respective date.
- Carefully read the information on the cover of the policy.
- Review in detail the general conditions of the policy, especially exclusions of coverage.
- Ask in writing any doubts as little paper speaks and you will have the certainty of the risks covered.