Points to check before Buying Car Insurance
How a health insurance keeps you safe during emergencies is the same way a vehicle insurance works for your car during unexpected accidents and damage. Before buying car insurance you need to make sure that you have made the right choice that fits your budget and also keeps your car secure.
Type of insurance coverage
As you know there are two types of coverage; third party liability and comprehensive plan or own damage. While the former is mandatory and covers the third party involved in the accident the latter covers third party liability, property/car damage, personal accident, theft etc. Though own damage is costly it secures your life and the life of a third person in the unlikely situation where your car meets with an accident.
Brand or company
We always need to go to that insurance provider who is reliable and trustworthy. Assessing the credibility of a provider who has a good track record is easy now as there are lots of parameters available to check the customer satisfaction and feedback, claims settled, time taken to settle the claim and more. Hence we can make a decision as to which insurance company to choose by measuring these factors else there is always an option to shift to another insurance provider.
No Claim Bonus (NCB)
Make sure that the vehicle insurance policy document mentions No Claim Bonus i.e. if you did not use your claim, the insurance provider will offer you discounts in your premium for next year of policy. The more No Claim Bonus gets accumulated the more discounts and monetary benefits you earn without a break in your policy.
With people wanting to spend less time waiting, they always go for those providers that offer fast and timely response along with the best of customer service. Many providers now offer over-the counter insurance policies and fast processing of requests like cancellation, endorsements, claims etc. Some providers have also liaised with garages for cashless settlement of claims if the vehicle of insured meets with an accident.
The premium of the car depends on the Insured Declared Value or IDV and rate multiplier often decided by the insurance company, higher the chance of accidents, higher goes the premium rate. Model of the car, geography, age of the vehicle, daily mileage and occupation of the insured are some factors that decides the premium amount of the vehicle.
Compare the quotes
Don’t always settle for one insurance provider, with lot of options available like telephone, internet etc. you can simply browse and check for different insurance providers and their quotes and settle for one which you feel gives the maximum benefits at the least possible rate. Buying a policy online is much cheaper as you save the money you need to pay the agent or broker who liaisesin the middle, less paperwork, fast issue of policy and accessibility anywhere.
Recommended Read :
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