Vehicle Inspections: Your Insurance Company And You

Insurance companies offering Insurance quotes usually ask for little information about the vehicle that has to be insured such as the type of vehicle, model name, year of manufacture, make, the total mileage and the condition of the vehicle. The other way is to analyse using the VIN number. Every vehicle has a unique VIN number of its own and If the vehicle’s VIN number is supplied ,the actual quote given will be more tailor made, based on its previous Insurance history, the car’s condition and the number, type of accidents so far the vehicle has encountered.

However, an insurance agent may wish to inspect your vehicle. Such inspections occur when car owners report that expensive items have been added to a vehicle. Insurance companies may wish to verify the value of accessories like expensive stereo or video equipment, high-value custom rims, or other custom features like fine leather seats. Typical insurance policies may not adequately cover a car owners investment in such features. When this occurs, a custom policy is often in order. In addition, insurance companies may wish to verify that anti-theft devices ? car alarms, GPS tracking devices, lojack are actually installed in the vehicle if the car owner is eligible for a discount based upon their existence.

Often the Insurance Company may insist on Inspection, just to know the overall condition of the vehicle alone and if they find the actual condition of the vehicle is poorer than what it is claimed, it may affect the actual insurance coverage. Mechanical faults, improper maintenance such as rust or faded paint, poor condition of seats all make your vehicle go down its ladder for maximum coverage. Moreover it will also let you down when it comes to the blue book, as it mainly depends on the perfect condition of the car which may inadvertently make you to lose a fair amount of money, slashing your pocket with few thousands of dollars. In case of accidents, where the actual damage done to the car is summed up and in the event of blue book claim, the total value is paid to you only after the insurance company analysis the perfect numbers to be paid.

Insurance companies usually protect their assets from undue claiming and fraudulent claims. This may include an inspection seldom, to analyze the exact condition of your vehicle. The process, indirectly favours both the parties, as paying an enormous amount of premiums for a vehicle that is in fair condition seems absurd when you can actually pay less by stating the true condition of the vehicle. Also, the Insurance Company has the right to withdraw or modify their coverage accordingly, if they find the actual condition of the quoted vehicle is poorer than what is claimed.

It is in your best interest to be truthful with your insurance company when searching for a quote. If your passenger door is about to fall off and you are just waiting to lie to the insurance company and tell them you were a victim of a hit and run and that your car door is now totaled, the insurance company can throw you in jail for insurance fraud. They may even already have pictures of your car before you created the accident.

This might affect you from renewing your Insurance coverage and might also lead to refusals of quote from Insurance companies in the future. Honesty is the Best policy and Honesty is best for getting policies too!

Graham McKenzie is the content syndication coordinator for Carinsurancesa.co.za. South Arica?s leading Car Insurance portal, which provides cover for all Car Insurance types.

AZLoans.info:

CRAMDOWN: Renegotiating Mortgages, Car Loans, Student Loans, Credit Card Debt, Taxes & Other Obligations in the Age of Wall Street BailoutsThis fall, Silver Lake Publishing is “crashing” into retail stores a new book on loan mods and other renegotiations. CRAMDOWN: Renegotiating Mortgages, Car Loans, Student Loans, Credit Card Debt, Taxes & Other Obligations in the Age of Wall Street Bailouts follows in the series that has included the national bestsellers Identity Theft and Scams & Swindles. This is the first comprehensive book on the topic of loan mods widely available to a national audience.
Today’s financial environment may seem like a chaotic free-for-all. But it's not. In order to take advantage of the opportunity to improve your situation (or your clients’) and to tell the honest brokers from the crooks, you need to know the rules. RESPA, TILA, ARRA, the FCRA, Regulation Z. This book explains those rules—and gives you the tools for explaining them to clients and prospects.
Each part of the financial sector (home loans, car loans, student loans, etc.) has its own standards, priorities and procedures. If you know these, you can speak the language of today's deal. Of the Cramdown.
Here’s the Table of Contents:
Chapter 1: The Spirit of Renegotiation
Chapter 2: Mortgage Modification
Chapter 3: Foreclosures and Deeds-in Lieu
Chapter 4: Real Estate Short Sales
Chapter 5: Settling Credit Card Balances
Chapter 6: Auto Loans and Leases
Chapter 7: Student Loans
Chapter 8: Personal Loans
Chapter 9: Payday Loans
Chapter 10: Taxes
Appendix 1: Letters, forms, etc.