From comfort to passion, from romance to thrill and to escape the daily grill there are endless reasons why you buy a car. However, when you have a car, you also have the responsibility to take care of it. And what would be the best way than buying a Car Insurance! It enables safety, financial backbone and ease of life. Living in the metro cities like Mumbai, which is one of the busiest and crowded cities, you never know when harm can happen to your property. So better safe than sorry!
In India, if you possess a vehicle, like a car or a bike then it’s mandatory to have an Auto Insurance handy. But is this reason enough to get convinced to buy car insurance? Yes, No, Maybe!
Here is a checklist of things you ought to know, before opting for Car insurance.
Choosing the right car insurance policy can be a little tricky if you are not pro-efficient enough. For this, you need to understand the types of policies available in the market. There are different types of Motor Insurance policies like Car Insurance, Two Wheeler Insurance and Commercial Vehicle Insurance. Out of which, car insurance is the fastest growing business.
Various companies have exclusive deals comforting your car needs. Just surf the internet to recognize the ideal one. You can check this website called compare4cover which offers good deals and all the facilities you seek in a car insurance policy. Don’t get jumpy over low premium scheme just because it’s affordable. Not necessary that the lowest premium is always the best one. So ensure you don’t fall into that trap because admit it or not we are easily tempted by the words Discounts and Offers.
While buying car insurance in India, make sure you know the Insurer Declared Value (IDV) for the car. There are certain companies who try to allure you with lower premium by decreasing their insurer declared value. IDV is the maximum amount you can claim in case of vehicle damage beyond repair or vehicle theft. Therefore always aim for highest IDV with lowest possible premium.
What are the benefits of Car Insurance?
A car insurance coverage is a protective umbrella for all these problems-
Bodily Injury - covers all bodily injuries caused during an accident.
Property damage – covers the damage caused to your car and third party damages like another person’s car.
Medical disbursement- covers all the people who suffered in a car accident including the policy owner.
Calamities- Covers both natural and manmade calamities like fire, rockslide, landslide, storm, flood, earthquake, burglary, theft, riots or any damage caused to the vehicle in transit by road, air, inland waterway or rail.
The coverage differs from company to company. There are comprehensive plans which cover all the above-mentioned liabilities. If you are paying a high premium you may also get extra cover for loss/damage to electrical/electronic accessories which are added bonus to your car insurance cover.
Always confirm that the insurance provider which you select has the highest claim settlement ratio. Take note that the company is capable of providing hassle-free cashless claim.
We hope you remember all these points before buying any car insurance policy and hit the road without any worries!