While buying a car, you always check its features, specifications, and comfort level. You ensure your family members and relatives do not experience discomfort and can roam around easily. They can reduce their reliance on public modes of transport and travel together on long trips and excursions. In such cases, buying a four-wheeler insurance policy is mandatory. It ensures the all-round safety of the vehicle and reduces expenses during an accident.
You can now find many insurance companies and several car insurance policies,
particularly for first-time car buyers. The initial step is to understand the
basics. It includes the type of vehicle, model, economy, colour, cost, etc. The
next step is to finalise the insurance provider. Read all the policy
inclusions, exclusions, terms, and conditions carefully.
Following are the things to remember before buying the
insurance:
Assess your requirements: There are two types of car
policy: third-party insurance and comprehensive insurance. Third-party
insurance is obligatory under Indian law, but comprehensive insurance provides
more coverage and benefits. If you select minimum coverage only against
third-party risks, opt for third-party insurance. Choose a comprehensive policy
to cover your vehicle as well.
Set the Insured Declared Value: While buying car
insurance online in India, you need to consider the IDV of your car, which is
the estimated current selling price. If the vehicle is stolen or meets a
massive accident that damages it beyond restoration, it leads to complete loss.
You will then receive the insurance provider’s compensation for the
estimated IDV amount set when ordering the policy.
Deductibles: It is the amount you pay at the time of
claim. There are two types of deductibles: voluntary and optional. Under the
voluntary deduction, you will decide the amount you want to pay when making a
claim. Setting a higher deductible is beneficial for safe drivers but can lead
to a lower claim sum. Thus, when selecting a voluntary deductible, be cautious.
Add-ons: When you buy an insurance policy for your
car, you can opt for add-on covers like depreciation cover, consumables cover,
gap value cover, roadside assistance cover, passenger assistance cover, critical
loss cover, etc. These protect you from facing financial liabilities when your
car meets with an accident. It also helps you save for the future.
Timely renewal: You must ensure that your insurance
policy is always active and renew it on time to avoid claim denial. The policy
is typically valid for one year, though there are also long-term plans
available. An expired policy is of no value and would not give you or the third
party any form of financial protection. You can choose to renew your online car insurance
policy to get the No Claim Bonus benefit.
