Thursday, June 30, 2011
Business people are frequently taken to foreign countries in the name of work, often for years on end. This presents a myriad of issues for financial planning that extends from your pensions to your personal saving account – drivers will have extra challenges to confront as they will need to get their car insurance sorted out. Here are a few steps that will help you make this transition without any hassle.
First of all you need to cancel all your insurance plans in your previous country, preferably before leaving. It is also worth investigating whether your insurance company or bank offers services in your destination country, this will allow you to transfer over seamlessly and pair you with a provider that you are comfortable with. That is the easiest solution of all.
If you are not able to stay with a familiar insurance company or bank you should look for large multi-national companies that have developed customer service. Insurance regulations in your new country may be quite arcane, or you may encounter significant linguistic difficulties – in these situations it always good to deal with a big company who are likely to be accustomed to dealing with foreign clients who only speak English.
Finally, you need to spend a bit more time investigating your options before committing to an insurance plan: there may be significant difference on issues like coverage, road side benefits and deductibles that might seem entirely foreign to you. By devoting a fair bit of time to some thorough research you should be able to find something that suits you well.
If you are living abroad for a long period of time a car may well be essential, especially if you are bringing your family – just make sure you get the right insurance plan or it could end up being a bit of a hassle.