September 22, 2017

Ways to save money and time for buying and claiming CTP insurance

Use this handy checklist to save you time and money for all things related to car insurance.

Before you buy

Prepare your documents and do a bit of research to ensure you are getting the best deal you can.

What you will need

  • Car registration details
  • Owners identification
  • Credit card or other payment method

What to do

  1. Work out the cheapest name to register and insure the vehicle in – usually the eldest or person with cleanest driving record.
  2. Compare each of the CTP providers
  3. Consider available discounts for multiple products or existing relationships – try your financial institution or insurers you have other insurance policies with.

Making a claim

If you need to make a claim, make sure you report any accident you wish to make a claim on to the police. If you are not ‘at fault’ then make sure that your insurance company knows this so a claim can be made against the ‘at fault’ person’s own insurance policy.

What you will need

  • ‘At fault’ driver’s registration details
  • ‘At fault’ driver’s CTP insurance details
  • Police accident report reference number
  • Registration and insurance details of other vehicles involved in the accident

What to do

  1. Seek medical immediately. You do not need to wait to make a claim
  2. Exchange details – If you were the ‘at fault’ party then you need to provide the other party with your insurance details so they can make a claim. If someone else was at fault you need to follow information to make a claim against their insurance:
    • License
    • Registration
    • CTP insurance
  3. Report the accident to the nearest police station – any accident in which a person is injured must be reported to the police.
  4. Contact the ‘at fault’ party’s insurance company to start a claim.
  5. Have your medical practitioner complete the medical certificate as part of the claim form.
  6. Claims must be made within nine months of the accident or injuries first appearing. If the ‘at fault’ vehicle cannot be identified, then claims must be made within three months.
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Ways to save money when buying a used car

Buying a used car, rather than a new one, is a great way to save money. As cars age the effect of depreciation decreases, so a used car will be losing less each year, compared with a new one.

However, used cars are still an expensive asset and any saving you make has the potential to be a significant amount of money. Here are five ways to save money when buying a used car.

Be prepared

Research is vital for any important purchase. It serves two purposes; firstly, allows you to pick something that is right for your needs, and secondly, makes you look like a serious customer in the eyes of the seller.

Don’t head straight out to a car yard, or the salesperson will do what they do best, sell you something. If you need finance, sort out a pre-approval before you start looking for a car and compare car loans.

Buy the car you need

Once you know what you want and need, look for a car the fits that purpose. Buying a car that is too big, powerful, fancy or unique will cost you more, compared with a regular sized, common car. It isn’t only the higher upfront price, but the ongoing costs that will hurt you in the long run.

Be methodical

Make a checklist to take with you to each car you inspect. What you put on the checklist is up to you, but it should be the things that you really need. Fill in the checklist dispassionately. This will help temper your emotions should you happen to see the car of your dreams, which is, however, completely impractical.

Be in control of the sale and yourself

You should try to look like a serious buyer who is ready to make a purchase, if given the right offer. Know what you are looking for and how much you willing to pay for it. Leave room in any offer you make for a bit of back and forward between you and the seller.

You need to be able to walk away from a deal that isn’t right, or perhaps wait for a seller to move to your price.

As much as the seller is trying to sell the car to you, sell yourself to the seller. Focus on things that make their life easier like quick sales, paying on the spot, and getting inspections done quickly.

Calculate the costs

Cars are only part of the equation; there is registration, insurance, and repairs to consider. Before you commit to any car, have an independent, qualified mechanic check it out to see if it needs any work. Even if you think it looks alright, there could be thousands of dollars in maintenance due in the coming years, which you obviously don’t want to find out about after you have bought it.

With a little bit of patience and discipline you can save a decent amount on a used car. Just be sure to have the car check out so you aren’t left paying out any saving you make on fixing it up later.

Do you have any tips to save money when buying a used car? Comment below.

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