Buying car insurance can be very confusing for those who do not understand the nitty-gritty of the policy. While your neighbour may have the same car you do, his/her insurance policy may be very different from yours. This can throw you off balance. Especially if your premium is higher than theirs.
Hence, before you invest in a car insurance policy, it is very important to do thorough research. It is important to understand the basics, use a car insurance calculator, if required, to get a better understanding of the subject. In this article, we have compiled a list of points to be looked into before zeroing in on the best car insurance.
- Compare the Key Features: Compare car insurance plans on offer and ensure you receive benefits such as own damage cover and coverage against a personal accident as well as injuries succumbed by a third-party.
- Evaluate Add-on Riders: One must select the add-on features that are most suited to one’s individual needs. The following are some of the crucial motor insurance riders:
- Engine Cover: It provides additional protection by safeguarding against additional expense incurred due to car engine damage.
- Third-Party Liability Coverage: Protection of the car owner against any financial liability that could be because of any bodily injury, death, and damage repair cost of a third-party motor.
- Roadside Assistance Cover: In the event of being stranded because of the engine failure, an accident or a puncture, one can avail roadside assistance. You can call the insurer and make a request to send a car mechanic at the location.
- Zero Depreciation Cover: When zero depreciation cover is added, the depreciation on substituted car parts is waived off by the insurance company. It signifies that one is eligible for getting a higher amount of claim.
- Personal Accidental Cover: Personal accidental coverage ensures financial protection to the vehicle owner against unexpected and unfortunate events that might cause physical trauma, accidental death, or permanent disability.
- Check Available Reviews: One must consult with others regarding their experience with a specific motor insurance company. If you are planning to buy car insurance online, you can check reviews of existing customers too. This will help you make an informed decision.
- Compare Insurance Premium Online: While comparing car insurance plans online, analyse the following aspects:
- Compare various car insurance plans offered by different insurance providers. But, don’t end up comparing apples with oranges. The insurance for a light motor vehicle would differ from a sedan.
- Ensure that the comparison site computes the premium on the fixed IDV (Insured Declared Value).
- Compare the insurance premium on at least 3 online insurance comparison sites.
5 Beware of Scams: You’d be surprised to know the extent crooks can go to rip you off. Some may even stage an accident, which can result in an insurance claim against you. Therefore, it is important to do thorough research before you plan to buy your insurance policy from a certain company and follow driving rules sincerely to avoid unpleasant scenarios.
6 Take Advantage of Discounts: Many companies offer great discounts to drivers who take a driving-training course or have not been involved in any accidents before. So keep an eye open for great deals.
A car insurance policy is vital, not just for your car’s protection, but for your safety too. So, do an evaluation and avail a flexible policy. If you are able to get a policy that can be customised according to your needs, and budget, then you should totally consider investing in it.