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In India, under the Motor Vehicles Act of 1988, it is mandatory for all vehicles driven on the road to be insured. This car insurance is classified into third-party car insurance and comprehensive car insurance. Although third-party car insurance is required by law, the purchase of a comprehensive policy is only according to the desire of each one.
What to consider before taking out a car insurance policy
No wonder it is said, “Never bother problems until problems bother you.” However, why worry when you can easily analyze your own needs and choose the right cover for your car?
1. Analyze your coverage
Understand and analyze your coverage. Make sure you cover your car properly. We’re not advising you to be undercovered, however paying huge premiums doesn’t make sense either. For example, third-party car insurance is required by law. If your car is involved in an accident, third party coverage is guaranteed only for bodily injury, permanent disability and accidental death. What’s wrong with your car now? In this case, your assets could be at risk if it were to be a major accident. So opting for comprehensive insurance now would make sense to avoid major repair costs.
2. Go shopping
With the variety of insurance companies available, you can narrow down your search to select the right insurance policy for your needs. Some online insurance portals like Coverfox.com provide a good comparison of different insurers based on premium, cashless garages, claims settlement ratio, etc. By comparing car insurance policies, you save a lot of money as this involves less paperwork. You also get a wider range of products. So shop around for auto insurance and nudge your wise decision.
3. Pay extra, choose add-ons
When you have a car, insuring it is the first step. However, protecting it wisely with the right accessories is like a cherry on the cake. Insurance companies provide different add-ons such as bumper to bumper, paid driver coverage, engine protector, roadside assistance, and passenger coverage to name a few. In short, you pay a little more to cover all your risks. However, again, check which add-on suits your car best, and then go for one.
4. Free trial period
The free trial period is a period of time decided by the insurance companies during which you can decide whether to continue with the policy or not. If you are not satisfied with the terms and conditions of the policy or with the Insurer’s services, you may request cancellation of the policy and request a full refund.
5. Ask about discounts
Why be embarrassed about asking for discounts when it can actually help you save some money? You can earn good discounts for being a good driver! The most expensive parts of the car such as the gear lever, safety equipment, air bags, etc. it can actually benefit the insurer by lowering the cost and rewarding you for safe and responsible driving.
6. Monitor the Insured Declared Value
Always take into account the value of the car before buying the insurance policy. The declared insured value or the IDV is the factor that decides the car premium. Always make sure the premium charged is correct because the lower the IDV, the lower the premium. In case of total damage, make sure your IDV is correct. If it turns out to be wrong, then you would have to shell out a lot of your savings. Therefore, always declare the correct value of the car.
So avoid the commotion and choose the right coverage. We hope this article has been helpful for you to consider the minute details before purchasing auto insurance for your prized possession.