Top Ten Tips For Finding The Right Car Insurance Policy
Buying your first car is a matter of great pride and joy. As important as the make, model and colour of the car is, don’t forget to secure your dream car with the right car insurance policy. Having motor insurance cover is mandatory under law so here are a few tips for finding the right car insurance policy.
Type of insurance matters : A Third Party Insurance is a basic cover which only secures you against third party liability in case of a mishap. For better protection, invest in a Comprehensive Car Insurance policy which gives you personal accident cover and protects against risks like theft, damage etc. Benefits like No Claim Bonus (NCB) and Voluntary Deductibles which help lower premium rates are available only under a comprehensive cover.
Online Research is Important : Log on to understand various motor insurance terms which are regularly applied like Insured Declared Value (IDV), No Claim Bonus (NCB), Claim Settlement Ratios etc. Compare various policy plans for premium rates, add-on benefits, claim process etc. and choose a holistic budget policy. You can then get an instant bike insurance quote,buy or renew your car insurance online.
Consider your Insurance Requirements: Certain factors like the amount owed to the car financier, total worth of the car, number of dependents in your life, cost you can afford in case of an accident etc. are important considerations before purchasing a car-insurance policy.
Understand the coverage of your chosen Policy: It is crucial to thoroughly go through policy and understand what is included and excluded, the time period of coverage, your share to be paid and the claim process.
Know your Deductibles : Deductible is the amount you pay from your pocket in case of a claim. There are compulsory deductibles depending on age, risk and cubic capacity of car and voluntary deductibles which allow you to share the cost of repairs and reduce the cost of your premium.
Bundling Discounts: If you already have an insurance provider looking after your other policy needs (health, life insurance etc.), you might get a ‘bundling’ discount if you purchase your car insurance from the same company.
Know the Claim Process: Understand the nitty gritties of the claim process to avoid getting stuck in legal jargons. Compare claim settlement ratios (no.of claims settled/ no.of claims filed) of various providers and read customer reviews before deciding on a provider.
Check for Cashless Garages: Many insurance providers like Bharti AXA have cashless garages where you get cashless advantages on repairs and services.
Assess and adjust Insurance Periodically: Your car insurance needs may change from time-to-time. It is important to assess your insurance needs periodically and adjust (increase or decrease cover) as per your need.
Renew your policy on time: Don’t let your policy lapse and renew it timely to secure your NCB with break-in insurance offered by Bharti AXA to ensure that you are protected at all times from unprecedented damages.
The right car insurance for you is a few clicks away!