Car insurance policy buying tips

Look Beyond The Price for The Best Car Insurance Policy

Trying to find the best car insurance coverage that meets your basic needs and won’t break your wallet? This can be a daunting task. Therefore, while coming across the basic tips to compare plans offered in the motor insurance marketplace to ensure you are receiving the cashless services, you need to stay open to various value additions. Taking the easy option and sticking with the same provider for another year rather than facing the complexities of shopping around is appealing. But staying put year after year may not be the best option. It pays to shop around. Here’s how to go about securing a cheaper & better deal.

DON’T GO WITHOUT OWN DAMAGE COVER:
Third party car insurance is cheaper but it does not provide any indemnity in case your car is damaged. Any loss to your car is not payable under Act only cover. So it serves no purpose if your car is new and very well maintained. Accident is an untoward incident, may happen at any time. Take comprehensive cover for that unfortunate moment.

COMPARE ONLINE CAR INSURANCE BEST DEAL:
Your car premium is decided on the basis of age, make, IDV and area/zone. Compare car insurance prices on the basis of above. The discount offered to you should be without deduction of any benefit. Third party premium is tariffed and so similar with all motor insurance providers. Don’t agree for reduction in insured’s declared value. Get it insured at the current market value.

THINK OF YOUR UNCOVERED RISKS:
A car insurance policies excludes the risk of : Wear and tear breakdowns, Consequential loss, Driving with invalid driving license or under the influence of alcohol, Loss due to war, civil war, etc., Claims arising out of contractual liability, Use of vehicle otherwise than in accordance with `limitations as to use ‘ and policy deductibles. These losses have to be borne by you. Think of them.

ATTRACTIVE MOTOR INSURANCE ADD-ONS:
Motor insurance companies provide attractive add-ons to cover the losses caused by various exclusions. These additional riders are available at an extra but nominal cost. It is always better to pay lesser then to suffer greater. You may choose the suitable add-ons as per your requirement, like, Nil Depreciation Cover, Free NCB Protection, Emergency Transport & Hotel Expenses Reimbursement, Return to Invoice, Applicable to new vehicles only, Personal Belongings Cover, 100% reimbursement of car value in case of total loss of new vehicles, Multi Car Rebate, Key Replacement etc.

ADVISABLE ADDITIONAL INSURANCE FEATURES:
Some insurers provide additional features at an extra cost. At times these features prove very useful. Like:

  • Electrical & Electronic Accessories: Your electrical & electronic accessories like music players, seat covers, LCD mini TV, fog lights, etc can also be covered.
  • Bi-Fuel System (CNG/LPG Kit): Your CNG/LPG Kit can also be covered.
  • Personal Accident: You can avail of this cover for yourself, for the driver of your vehicle, and unnamed passengers as per the seating capacity of your car. Unnamed passengers can include your spouse, children, parents, etc. The Personal Accident cover is available from Rs. 10,000/- to a maximum of Rs. 2,00,000/-

Price is one criteria of selecting the products and the product provider. But product does not matter, service does. Simple claim procedure is the hallmark of corporate service of an insurer. Choose a company that provides the 24×7 claim notification service, Timely customer contact and assistance, Survey and quality of claim settlement. So look beyond the best car insurance price and go for the best cover.