January 9, 2020

7 tips for choosing the right motor insurance policy

There are certainly more fun things to do than looking for car insurance. However, it has to be done, and it can save you, or lose you a great deal of money, also protect you with valuable legal assistance just when you need it the most. .You can’t always predict what might happen on the road, but you can protect yourself against the consequences.

With some many different insurance products, plans and companies, we hope these tips below will help you to make an informed choice, after your vehicle is important to you isn’t it?

A route through the maze of prices and cover

Many drivers choose insurance when they buy their first car and stop worrying about premiums or their insurance coverage for some years. This is a pity, as it is often possible to negotiate when moving from one insurer provider to another.

Our tip: Every time you change your vehicle or every 3 years, check you are still getting the best deal by asking for some quotes.

Do not just take the lowest price

In the event of an accident, cheap insurance can often prove to offer incomplete cover, and your claim payout might not be as much you need or expect.

Our tip: choose a first-class insurer, not just the cheapest, with a reputation for taking good care of its customers in the event of a claim. To find out, read reviews by genuine customers (and look out for fake reviews).

The vehicle is important

The cost of your policy does not depend solely on your ability to avoid accidents. The model of car, engine size, age, value, fuel, and any assisted driving options all influence the calculation of the premium.

Our tip: Before buying any vehicle, whether new or used, ask your insurer for a comparison quote.

The insurance you need

Civil liability (Third party liability)

Civil or third party liability is the mandatory component of any motor insurance. The law requires all vehicle owners to have third party insurance, whether or not the vehicle is in use.

It covers loss or harm caused to other people, and to your vehicle’s passengers.

Roadside assistance

If your travel is important to you, this option should be important too. Roadside assistance typically offers not only a vehicle recovery service, but also a replacement vehicle and return travel home for the driver and passengers, or the vehicle itself.

Legal protection

Legal protection covers the costs you incur on your legal defence or on enforcing your rights with the help of a lawyer. It also insures recourse against liable third parties to recover the compensation due to you. It might include cover to provide assistance in the event of a dispute when buying or selling a vehicle, or with a mechanic following a repair, or even a dispute over a motoring offence.

Fully comprehensive and partial comprehensive insurance

These cover plans over combinations of cover in addition to your third-party cover. They include cover for fire, windscreen and window replacement, and theft of the vehicle. Sometimes roadside assistance, collisions with animals, and damage from natural causes (storms, hail, flooding, etc.) are also covered in the partial version. Fully comprehensive cover offers the same insurance as the partial version plus physical damage caused to the vehicle’s bodywork.

Value to new

Depending on the age of your vehicle, it can be useful to take out this option to receive a claim payout for your vehicle to the current new replacement cost in the event of total loss, including theft. Depending on the insurer, you can also obtain a payout at its purchase value, or an increase in the payout based on a replacement value.

Online services offered by the insurer

To facilitate dealings with their policyholders, insurance companies are offering online customer areas and apps with ever-increasing functionalities. It is possible not only to find information about your policy but also to complete various formalities such as submitting a claim, paying your bill, etc.

Motor insurance policy excess

After a claim, the insurer does not necessarily cover the full amount of the loss or damage, and the policyholder has to pay this share, known as the excess. The amount can vary depending on the type of claim (windscreen replacement, material damage, etc.) and the insurance company; some do not apply an excess.

The excess is therefore one of the important factors to take into account when choosing a motor insurance policy.

Our tip: Asking for an excess can bring down the premium. In contrast, if you prefer not to pay any excess if you make a claim, opt for a non-excess plan.

Changing your insurance

You have the option of cancelling your insurance policy, each year, providing one month’s notice is given before the policy expiry/renewal date.

You can also cancel the policy within 30 days of receiving the renewal notice. The cancellation deadline is stated on the notice.

7 tips to secure your online payments
During this period of confinement, the shops are closed, but certain purchases are still important, even if they are not a “basic necessity” (books, clothing, etc.). Inevitably, we are turning to the internet and its online stores. But paying on the internet should not be done lightly! Scams, fraud and data hacking have become commonplace. Here are 7 rules for safe online payments.
If infected, what is the situation with medicis cover?
Due to the very rapid spread of COVID-19, Luxembourg’s government has taken a full range of steps to limit the number of infections in our country and in neighbouring countries. Nevertheless, due to the high level of contamination, no one is safe.
In view of the measures taken by the government to slow down the spread of the virus and to protect society’s most vulnerable people, Foyer’s management are doing everything possible to continue providing services to our clients, but only by telephone, post and online. Our branches and the service desks at the Head Office in Leudelange will no longer be receiving visitors and will be closed until further notice. From this point on, we invite all of our clients to contact their agent (by telephone or e-mail). Thank you for your understanding. At the same time, faced with this unprecedented situation, we have decided to cancel the waiting period for customers who took out medicis insurance before 20/03/2020. You’ll find the contact details for the Foyer agents in the “Agents” section. As a reminder, the instructions from the Health Ministry are published at https://msan.gouvernement.lu/en/dossiers/2020/corona-virus.html