In our previous articles we have discussed how important it is to provide complete and accurate information when completing an insurance quote and buying insurance.

Not only is this important in the unfortunate event of claiming, but it is also important when comparing quotes from different insurers.

Different insurers ask different questions, but your premium is generally calculated on the same few parameters. By providing the same information to each insurer will not only allow you to compare the quote, but also ensure that the product and its benefits can be properly compared.

When choosing an insurance option take care to compare apples with apples. Too often consumers choose a cheaper premium not fully aware of the reduced cover this implies.

In the final part of the series we look at competitive quoting.

Here are a few variables to double check:

• Is your car insured for market or retail value? The premium will be lower if you select market value, but at what price? In the event of a write-off or if your car is stolen without it been recovered the chances of you being able to replace the vehicle with a similar one will be greater if you were insured for retail value.
• Check excesses, especially additional excesses. Most insurers will allow you to choose a voluntary excess, which can decrease monthly premiums. When choosing an insurance option determine whether the excesses that you will be liable for are comparable.
• Is the vehicle cover you are being quoted on for comprehensive or limited cover such as third party, fire and theft or third party only?
• Are you covered for private, professional or business use? Make sure that you understand the different options.
• Check in which countries your car is covered, insurers normally cover you when driving in neighbouring countries.
• Have you noted the same regular driver when comparing policies? Remember the regular driver and policy holder can be two different people.
• Ensure that the values of any specified non-factory-fitted accessories are comparable.
• Check whether car hire is selected and whether the period for which this benefit may be utilised is comparable.
• Does the policy require that you fit a tracking device in your vehicle? This could mean an additional monthly expense and a long-term contract, normally three years.
• Does the policy include any additional free services such as an emergency assistance? Also look at the usage conditions of the emergency assistance. Some insurers may limit callouts; once exhausted you are liable for the costs of a callout.
• Does the policy cover reasonable towing and storage costs in the event of an accident? Some insurers only cover a portion.

» MiWay offers competitive premiums on car insurance, home contents cover, credit life and motor warranty products. For more information visit MiWay.