According to the Motor Vehicles Act of 1998, India makes it mandatory that all vehicles on the roads be insured. Third-party and comprehensive car insurance are two types of car insurance. Although third-party insurance for cars is required by law, purchasing a comprehensive policy can be purchased at one’s discretion.
Consider these things before you buy a car insurance policy. It is true that “Never trouble trouble until trouble troubles you”. You don’t need to be worried if you can easily assess your needs and select the right coverage for your car.
1. Analyze your coverage
Analyze your coverage. You must ensure that your vehicle is adequately covered. While we don’t recommend that you be underinsured, it doesn’t make financial sense to pay high premiums. Third-party insurance for cars is required by law. In the event that your car is involved in an accident, the coverage provided to the third party is limited to bodily injury, permanent disability and accidental death. What happens to your car right now? If there were a major accident, your assets could be at stake. To avoid major repairs, it would be sensible to get comprehensive insurance.
2. Shop
You can narrow your search to find the right insurance policy for you by comparing the available Insurance companies. Coverfox.com, an online insurance portal, allows you to compare different insurers based on their premiums, cashless garages, claims settlement ratio, etc. Comparing car insurance policies can help you save money as there is less paperwork involved. A wider selection of products is also available. Compare car insurance quotes and make a wise decision.
3. You can add-ons for an extra charge
The first step in owning a car is to get it insured. It’s important to protect your car wisely and get the right add-ons. There are many add-ons that insurance companies offer, including bumper to bumper, driver protection, engine protector, roadside assistance, and passenger coverage. You pay a little more to protect all your risks. You should check which add-on is best for your car before you decide to buy it.
4. No cost for a look
The Insurance companies will give you a free look period during which time you can make a decision about whether or not to keep the policy. You can cancel your policy and request a full refund if you are not satisfied with the terms or services provided by the Insurer.
5. Ask for discounts
If you can save money, why not ask for discounts? Good drivers can get discounts! The most expensive parts of a car, such as the gear lock and safety equipment’s like air bags, are the most expensive. It can be a benefit to the insurer because it lowers the cost and gives you rewards for safe and responsible driving.
6. Pay attention to the declared value of Insured
Before purchasing an Insurance policy, always consider the vehicle’s value. The premium charged for a car is determined by its insured declared value, or IDV. Make sure that the premium you are charged is correct. A lower IDV means a lower premium. In the case of total damage, make sure your IDV is correct. Incorrect IDVs can cause you to lose a lot of your savings. Always declare the car’s true value.
Avoid the chaos and select the right coverage. We hope you found this article helpful.
