Old car owners are usually antique car collectors who love and care about the vehicles they own. There is a certain satisfaction for the owner of this vehicle if you can take good care of it.
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The number is not much. Therefore, it is very important to enroll them in an insurance program. This is done as part of the concern for the old car. Here are some tips to consider in choosing the right old car insurance product.
Understand This Before Choosing Insurance for Old Cars
In order not to make the wrong choice, here are some things to consider when choosing old car insurance.
1. Understand the Protection from Comprehensive Insurance/All Risk
Although the premium costs are quite high, most customers like to choose this type of insurance with a guarantee of partial or total compensation for the damage that occurs. For example, when you have an accident on the highway, a fire accident, theft, or other unintentional events.
2. Understand Insurance Protection Total Loss Only (TLO)
This insurance can only make a claim replacement if the car customer's is damaged more than 75% due to natural disasters or other problems. If the damage is less than 75%, the insurance service provider does not pay for the loss faced and is charged to the owner of the car.
3. Compare Some Services from Insurance Service Providers
Get the best insurance service providers by comparing them. To get it, consider the following points.
- The value of the premium that needs to be paid is compared to the protection received.
- Advantages and disadvantages of the types of insurance that the service provider offers and compared to the features and claims process.
- Number of customers and branches owned by the service provider. The more customers who use the service and the number of branches means that the insurance service company has good financial management and service.
Pay attention to the factors that cause the premium value of old cars
Please note that the premium to be paid is determined by the following.
1. Car Price
The price of the car is directly proportional to the amount of the premium. This means that the higher the value of the car, the higher the overall premium that must be paid per month. If the insured car is an antique car, the premium price can be more expensive because the price of equipment or auto parts is also rare and expensive.
2. Year of the Car
The year of the car is also directly proportional to the value of the premium. So, the older the car, the higher the premium paid or according to the interests customer's .
3. Plate Type
The type of car plate according to the region also affects the amount of the premium because it is related to the entire workshop in the city where the car plate originates.
Use Used Car Insurance? Here's the Advantage
The prices for new and used cars are very different. Just to illustrate, every year new cars experience a depreciation of the after-sales price of approximately 10%. It's no wonder that most people want to buy a used car because they really want to get a car at a lower price.
Even though the status of the car is used, it still has to be covered by insurance considering that the car is a movable asset that is most prone to the risk of accident or loss. Ideally, in choosing used car insurance, choose a used car insurance that meets the 3Ts : the best when the car is used, the best in terms of protection, and the best in terms of price.
The benefits of using the 3T principles above are:
- Get comfort, peace of mind, and avoid considerable financial losses due to car damage or loss.
- There are other additional benefits, such as special facilities or services from insurance companies to their customers.
Understand the Treatment of Used Car and New Car Insurance
In theory, the process and treatment between used and new car insurance is the same. However, in practice, used car insurance is a little longer than a new car and the premiums are also slightly higher. Because it often makes used car owners reluctant to take care of insurance.
The process of used car insurance follows the following flow.
- First estimate the market price of a used car when it is insured by the insurance company. This is slightly different from a new car whose price has been fixed, aka definitely based on the price at the time of purchase on the road (OTR).
- The insurer will also conduct a survey process on the car to be insured to measure the risk which includes a physical survey, including pre-existing damage, aka checking for damage to a previously existing used car.
To make it easier to get used car insurance, one easy way is to buy a used car at showroom an official manufacturer's .
Benefits of Buying a Used Car at an Showroom Authorized Manufacturer's
Buying a used car through showrooms official , such as Mobil 88 (Astra Group), AutoSafe (Hyundai), Indomobil Used Car (Indomobil Group), and BMW Used Car Center , has several benefits compared to non- showrooms official . These benefits include:
- Used cars purchased through the showroom are manufacturer's official usually not accompanied by a risk survey so that the process of joining the insurance program is faster.
- The insurance company thinks the car from the showroom manufacturer's has been reconditioned.
- The insurance company can confirm that because the used cars sold in the showroom manufacturer's have been reconditioned so that the condition is considered good and there is no need for a risk survey.
It is also important to note that the age of the vehicle can also be a point of consideration for the car to be insured or not. Each insurance company has different policies in determining the maximum age of used car vehicles that can participate in insurance. There is a maximum of 7 years and some are up to 10 years.
Insurance Products That Are Suitable To Be The Mainstay Of Old Cars And Its Benefits
The biggest risk from the vehicle is when it comes to major religious holidays. It doesn't matter whether the car is new or used, the risk of an accident while going home or theft increases. Here are some tips for choosing the right insurance product.
- Check and make sure the product to be purchased. Usually the insurance company can provide leeway for its customers to get car insurance protection All Risk by being charged an addition for old cars.
- Also consult with the insurance company, whether the owner of an old vehicle whose age is more than 8 years and a maximum of 10 years can still get special insurance protection Total Loss Only (TLO) which is suitable for old car insurance. If so and the risk of your vehicle is relatively minimal, this product is suitable to be taken.
If your choice is the TLO type of insurance, we recommend that you apply for an extension of the guarantee that can be added and of course with the addition of the appropriate premium payment for old car insurance, namely:
- Extension of legal responsibilities to third parties.
- Riots, terrorism, and sabotage and natural disasters.
- Personal Accident for drivers and passengers.
Although Not Complete All Risk , Note The Benefits Of TLO Below
On the basis of consideration of cheaper premiums and relatively low risk, many vehicle owners choose TLO type protection with the following advantages.
- If there is a risk of loss, a replacement will be given by the insurance company. Usually the replacement is 10% lower than the actual price.
- If there is a risk of an accident that causes damage above 75% and the condition of the car is so badly damaged that it cannot be repaired, the insurance will provide a full replacement.
- The rate premium will be much cheaper.
- In the event of an accident that harms other people with the addition of the expansion of the Legal Liability (TJH) guarantee, the insurance company will provide compensation for the losses suffered by the third party or the third person.
Insurance Provides Convenience
Having an old car in addition to physical care also needs protection. The presence of old car insurance can make the car maintenance budget under control and provide comfort in driving. You can choose products TLO insurance or All Risk car insurance according to your needs based on the reviews above.
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