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A collection of articles in various insurance topics – product of a long-established professional experience

An update on car insurance plans

In the past, car insurance was a simple product with very few differences between insurance companies.

It was clear to all that the compulsory insurance covers bodily injury, third party insurance covers damage done by policy holder’s car to other vehicles, and the comprehensive insurance covers damage to policy holder’s and also third party cars. It was possible to add towing services including replacement vehicle and glass replacement to the comprehensive insurance. Costs and rates determined according to the age of the drivers along with the claims record indicating the number of accidents of the driver.

Over time, the car insurance industry evolved and insurance companies were offering a variety of plans including different coverages.
Nowadays, alongside the standard plans, there are insurance plans offered for cars being driven for a lower number of KM (for example less than 10,000 KM per year), plans for adult drivers with the option of adding a young driver only while he is actually driving and reporting this by electronic means. There are also plans that increase the deductible and decrease the premium for careful drivers, and some that are completely digitally issued by the policy holder himself.

Beyond these changes, there are possibilities to add a separate coverage for the side mirrors, headlights or bumpers which will not affect the future premium.

The world has changed and evolved and so did we at El-Ad. We use digital tools that allow us to compare three offers from each of the six leading insurance companies in Israel. Competition in the car insurance market is extensive, and we are here to guide you in finding the appropriate policy with a decent premium.