Q: I don’t have the highest budget but I would like to insure my vehicle in order to be in good standing. I have been told that Comprehensive insurance is the best option even though it is more costly, but I’d like to start off with something cheaper until I am able to afford the Comprehensive policy.
A: Comprehensive cover is the Cadillac of motor coverage but you are correct; it may not be ideal for your financial situation. There are things however you can do to reduce the cost of Comprehensive cover. You could for example, increase your excess from 5% to 10%. Additionally, you would then compare prices on www.mibinsure.com and choose the insurer with the most cost effective price. You may be surprised at how much you have reduced your insurance premiums while continuing to enjoy the full protection of Comprehensive Cover.
Q: If I had a claim, (a) how will that affect my premium? (b) will my premiums be higher if I wanted to change my present insurer because I am dissatisfied with their renewal premiums?
A: You have asked a question that affects thousands of motorists. If you have a claim, some insurers (a) remove all your no claim discount (b) some remove part of your no claim discount and some even increase your premiums with what they call a ‘Loading’.
Fortunately, you are now NOT left to the mercy of your present insurer. Go to www.mibinsure.com and carefully follow the questions. When you reach the claims section, complete it accurately and truthfully. One of two things will happen (1) you are ‘Referred’ that is, you are asked to call a special number and the person on answering will walk you through the quote process or (2) you will be shown multiple quotes, some of which most likely will be lower than the premiums your present insurer is quoting. In any event, www.mibinsure.com is your best friend. Let me know how it works out – Good Luck!
Shannon Samuda
Communications Officer
Marathon Insurance Brokers
smsamuda@mibja.com
