Things to know before you buy Car Insurance

People, in general, do not compare car insurance policy and base their buying decision based on the low premium cost. This often leads to having inadequate coverage.

Look for a comprehensive cover

One of the essential things to look for when you compare car insurance online is to check comprehensive coverage. A comprehensive car insurance cover provides a wider coverage than the third-party insurance; it covers both third-party liability as well as damages to self. Additionally, a significant advantage of a comprehensive cover is that it provides coverage against man-made and natural disasters. Like fire, theft, riots, rain, storm, etc.

Insured Declared Value

The insured declared value or IDV is the amount that the insurance company will pay if your car gets damaged beyond repairs or if your vehicle gets stolen. You must not confuse the IDV as the resale value of your car; it is merely the maximum value of the car (as determined by the insurer) that you get paid in the event of any mishap leading to total loss of the vehicle.

Services offered

While most people choose a car insurance company that provides the lowest premium, you must avoid this mistake. When you are looking for the best car insurance policy, you must also consider the reputation of the insurers. And the quality of the services offered. You must look at the claim settlement ratio of the company; it is advisable to buy insurance with a high claim settlement ratio.

No Claim Bonus

No Claim Bonus or NCB is the reward offered by the insurance companies for making no claims during a year. The reward is usually provided in the form of a discount on the premium when you renew the car insurance policy. If you don’t file a claim for five consecutive years, you can get a NCB discount of up to 50% on the premium.

Additional covers

The add-on covers or the riders are the extra covers. You can purchase these over and above the original protection offered by the insurance policy. You can choose any additional cover you want as per your specific requirements and customise your policy. look for a company that offers the add-on cover you need.

Get zero-depreciation cover

Zero depreciation cover comes at an additional cost with your car insurance. If you have this cover, then upon a claim you will get complete reimbursement for the parts replaced without any deduction for depreciation. Although your premium will be on a higher side than otherwise, you’ll be the benefit as you will get complete reimbursement in case of an accident.

To know the best insurance policies, feel free to connect with us at 9460825477