Things To Know Before Purchasing an Insurance Policy For A Single Parent

Let’s face it. Life can be unfair, sometimes. Anything can happen anytime, and more often than not, we don’t have control over what happens. Sure, we can take all the precautions we can, but ultimately, we will have to accept whatever happens. But it doesn’t mean we will give up on life. Whatever the situation is, we do everything in our power to take care of our family. It is easier when we have the support of a partner. We can rely on someone to make sure everything is going to be okay. 

However, if you have kids and you are a single parent, things can get quite severe for you. Since you are the sole provider for your family, there will be circumstances when you are bombarded with responsibilities. And it is not easy to make your way through them without a partner, by which we mean moral or financial support. In times like that, an important insurance policy like car insurance can become the help you need. So, you must buy one for yourself and before you do that, check out the following points you must keep in mind while you are buying cheap car insurance for single moms.

Terms of policy

We cannot stress enough about the importance of reading the terms and conditions of a car insurance policy well before buying it. People often miss it and suffer the loss. You must know that there are two essential aspects of every car insurance policy – the inclusions and the exclusions. 

The inclusions relate to the advantages that your policy will be covering for you. At the same time, the exclusions simply mean the things that your car insurance company will not be covering for you. So, don’t miss any critical points if you are willing to make a decision that will benefit you in the future. 

Insured Declared Value

Insured Declared Value or IDV is just another factor on which your car insurance premium is calculated. You cannot afford to look over IDV because it is something that will be deciding the total amount of money that your car insurance company will be giving you when you meet an accident, loss, or theft involving your car. 

To put it simply, the insured declared value is the current market value of your car. This means that as your car ages, the IDV of your car decreases. 

Cover of personal accident

It is quite needless to say, but most of the car accidents and mishaps that take place, cause physical injury. If you have a proper cover for them, the whole process of healing becomes easier when you have financial assistance. 

The car insurance companies offer cover for personal accidents for some extra premium. You must have a look at them and discuss them with your insurer while you are checking out car insurance policies. You can buy personal covers for one or many people depending on the seating space in your car. 

Procedure for claiming

The goodness of a car insurance policy is determined at the time when you need to claim it. If it is really good, you will not have to wait for long in order to get your cover money. If it is not good enough, the claiming procedure won’t be easy or efficient enough. That’s why you must derive all the information about the claiming process from your car insurance company. 

It is also essential to know about the claim settlement ratio. It simply tells about the number of cases that have gotten back their claim money from the insurer. 

No Claim Bonus

No claim bonus is simply an added bonus that you get in case you have not made any claim for your policy throughout the year. This is an important aspect that must be kept in mind during the renewal process of your policy. In fact, you can even carry your no claim bonus forward to the next year. 

Did you know that you can collect your No Claim Bonus or NCB up to around fifty percent? So, you must educate yourself properly about it before you get a car insurance policy. 

Add on covers

In most cases, your car insurance policy is just not enough. The terms and conditions are way too clever. This is because car insurance companies want to profit from you. They don’t want to give you the maximum amount of money as your claim. That’s why you must be extra conscious and get some add on covers on your pre-existing car insurance policy. 

These add on covers are called car insurance riders. You will be required to pay a little more premium for them. This will give you personal accident cover, no claim bonus, and on-road assistance depending on the type of rider that you choose for yourself.

Greg Trim