Having comprehensive insurance, in many cases, is not a very difficult decision for those interested in acquiring it and giving their vehicle protection in the event of an accident, asking for a tow truck, or, more commonly, asking for the chosen driver.
For many, the decision is based on the cheapest, best coverage, that meets the conditions of the financial or that meets the three conditions in one.
As we usually know most of our purchases are BBB «Good, nice and cheap».
It happens to all of us that we want to save a few pesos in this decision and with all the conditions that the market offers us, that is, a super policy at a low cost.
On this occasion, we are going to learn a little about the coverage offered by the state insurance with clu all-risk insurance policy.
We have marketed it for several years because it is a policy that meets 90% of the expectations of most customers and we wanted to focus on its pros and cons.
It is a company that to date, in our opinion, has specialized a lot in the commercialization of products such as compliance policies, compulsory insurance against traffic accidents -SOAT- and also all-risk insurance.
In the same way, it has a broad portfolio, more than 30 products between general, life, compliance and all-risk insurance for cars.
This company is not from the state or the national government, one of the questions that we are frequently asked for a possible benefit, especially for public employees.
It acquires this name because in the 70’s it was acquired by the state bank and it took this name that is still valid to date.
This is a brief summary of its history to get to know the company and its products.
State Insurance All Risk Policy
State insurance has a product for light vehicles and heavy vehicles.
We are going to focus in this publication on private family vehicles, those that we use on a daily basis such as taking us to work, taking our children to school, making personal laps and going for a walk.
But it is not too much to list which are the branches that are in each product, for general knowledge and that we will talk about in future publications.
Light Car Insurance
Directed for private family vehicles, public service, commercial, cargo up to 5 tons, and passenger buses.
Heavy Car Insurance
It is aimed at road cargo transport vehicles, with cargo insurance, civil liability insurance policy for dump cargo vehicles, and special bodies.
Family insurance policy
This all-risk state insurance policy is aimed solely at private vehicles, whether they are cars, campers, vans, and pick-ups.
Let’s know your protections to go into detail of your coverage:
- Extra-contractual civil liability
- Major Damages
- Minor damages
- Grand theft
- petty theft
- Earthquake and natural events
- Patrimonial protection
- Transportation expenses for larger losses (damage or theft).
- Legal assistance
- Towing, transport and protection expenses for the insured vehicle.
- Travel Assistance
- replacement vehicle
- Personal accidents
- Great medical advice
- Unlimited Legal Assistance
- Towing service due to breakdown or accident
- Personal Accident Coverage for $50,000,000, for each occupant of the vehicle up to five people.
- Forensic investigation of claims in case of injuries and/or death for reconstruction, animation and collection of evidence in traffic accidents.
- Telephone medical guidance with preferential prices by the insured.
- Reduction of the deductible in larger losses if the insured agrees to be compensated under the figure of “REPLACEMENT TO NEW”.
- Basic road assistance (gasoline, punctured, opening doors).
- Information prior to a trip.
- Medical assistance and transportation.
- professional driver
- chosen driver
- Medical expenses abroad.
- Urgent shipment of medicines outside of Colombia.
- Location and shipment of luggage.
Why take the state insurance all-risk policy
Its civil liability coverage of 1,000 million in damages to third party property, 1,000 million in injury or death to one person and 2,000 million in injury or death to two or more people is quite considerable in case of third party damages.
Some companies use a single accumulated limit for this protection, that the maximum known is 4,000 million and in order to compare them, we could say that state insurance in its all-risk policy would be 3,000 million.
As we identify this data, it is adding the 2,000 of injury or death to two or more people, plus the 1,000 million in damages to third party property.
It manages a zero deductible in damages and theft of greater amount, that in case of a claim the client would not assume any payment in the affectation by this protection.
However, you can opt for a 10% deductible in these protections and that could adjust a little less to pay for the value of this policy.
It is worth highlighting something very frequent and confusing, the value to be compensated in this amparo is the value that the vehicle is in phasecolda, which makes this value lower than what was initially insured.
Protection that we really like to highlight in this policy are their assistance, in blown tires, broken side windows, small accessories, blown shock absorbers and loss of keys.
They are assistance that in case they are used, the insured will not have to assume any payment for the deductible and the affected item is replaced or changed, of course, it cannot exceed a certain insured limit.
You want to have a quiet drink and you are with your vehicle, you can request the chosen driver if you wish.
This company has the unlimited chosen driver service, but try not to do it very often, the following year in the renewal they may limit it to a certain number of services or take it away from you.
Cons of hiring an all-risk policy with state insurance
Until now, one of the characteristics that disadvantages this policy is the deductible in its protection of damages and theft in a greater amount, there are alternatives in the market that grant a fixed deductible in this protection.
It would be the only one against that to our concept that you have the state insurance product in your all risk policy.
The true benefit or disagreement in a service such as an all-risk policy will be reflected at the time of a claim.
If the telephone service or the app to deal with a claim or assistance was adequate.
That the tow truck showed up in the shortest possible time, the chosen driver showed up at the indicated time and place without major setbacks.
That in the event of an accident they attended to the request, repair and/or delivery of the vehicle in the shortest time possible.
Over time we have identified that the good or bad of an all-risk policy is based on the customer’s experience and companies focus their efforts on making this experience the best.
In summary, this all-risk state insurance policy meets the expectations of a client who seeks protection for his vehicle, complete coverage, special assistance and good customer service.
In this summary we gave our opinion on the policy is not the only one and may be different from other opinions of colleagues or the same clients, we only wanted to deliver if for them it is an option for their vehicle or not.
We hope that this summary meets your expectations, tell us if you have had any experience with this policy, what your story was and if you have any questions about this product, we would be happy to document and investigate these issues.