Buying car insurance should be given just as much importance as buying the car itself. With a little understanding of car insurance, you can optimize your insurance purchase and enjoy greater benefits.
1)Third party insurance is mandatory:
Opting for a third party insurance plan is compulsory as per the Indian Road Safety Act and Indian Motor Vehicles Act. So, if you are buying a vehicle for the first time, make sure to get third party insurance before driving it on the roads. It would typically be provided by your dealer and the premium costs would be factored into your vehicle purchase price.
2)Know what is covered in third party car insurance:
Third party insurance will offer you a protective cover against damages caused to any third person, vehicle, or property. A third party is anyone who is neither the insurer nor the insured. Whether you're behind the wheel yourself or have a family member, friend or hired driver doing the driving, a third party insurance plan will cover claims for damage caused to a third party including claims for grievous injury, disability, or death. You cannot however seek any claim for damage caused to your own self or your vehicle under a third party insurance cover.
3)Seek comprehensive cover for better protection:
You can seek a comprehensive insurance cover that will offer protection for damages caused to your car and self in an accident. Furthermore, a comprehensive insurance will protect your car against any accidental fires, thefts, and other damages as per the selected insurance plan. Do not overlook comprehensive cover for saving on insurance premium costs as third party insurance does not offer any cover for your vehicle or self.
4)Seek additional covers based on your risk profile:
Buying add-ons for car insurance can mean you get optimum protection. Seek add-on covers as per your risk profile. For example, if you usually drive late nights and long distances, opting for a quick road assistance insurance add-on can be most suitable should you need assistance in any odd hours on a deserted stretch.
5)Do not overlook personal accident cover:
Opting for a personal acccident cover can ensure you get adequate protection against any physical loss or disability during a car accident. You can also avail this cover for any and all passengers in your vehicle based on its seating capacity.
6)Bundled car insurance can help save money:
If you think you are spending way too much on car insurance, a good option is to bundle the insurance plans of all cars in your household. Seeking a bundled insurance with the same insurance company can lead to discounted premiums for all your cars.
7)Opt for voluntary deductibles:
Opting for a voluntary deductible is a good way to lower your car insurance premium. With this option, you agree to share the costs of repair in case of any claim, resulting in a lower premium for your insurance plan.
8)Think twice about dealer insurance:
Your car dealer may offer you insurance at the time of making your car purchase. It may not necessarily be your best option nor would it necessarily be the cheapest option. As a thumb rule, do not buy an insurance product before comparing quotes and features from multiple insurers.
1)Third party insurance is mandatory:
Opting for a third party insurance plan is compulsory as per the Indian Road Safety Act and Indian Motor Vehicles Act. So, if you are buying a vehicle for the first time, make sure to get third party insurance before driving it on the roads. It would typically be provided by your dealer and the premium costs would be factored into your vehicle purchase price.
2)Know what is covered in third party car insurance:
Third party insurance will offer you a protective cover against damages caused to any third person, vehicle, or property. A third party is anyone who is neither the insurer nor the insured. Whether you're behind the wheel yourself or have a family member, friend or hired driver doing the driving, a third party insurance plan will cover claims for damage caused to a third party including claims for grievous injury, disability, or death. You cannot however seek any claim for damage caused to your own self or your vehicle under a third party insurance cover.
3)Seek comprehensive cover for better protection:
You can seek a comprehensive insurance cover that will offer protection for damages caused to your car and self in an accident. Furthermore, a comprehensive insurance will protect your car against any accidental fires, thefts, and other damages as per the selected insurance plan. Do not overlook comprehensive cover for saving on insurance premium costs as third party insurance does not offer any cover for your vehicle or self.
4)Seek additional covers based on your risk profile:
Buying add-ons for car insurance can mean you get optimum protection. Seek add-on covers as per your risk profile. For example, if you usually drive late nights and long distances, opting for a quick road assistance insurance add-on can be most suitable should you need assistance in any odd hours on a deserted stretch.
5)Do not overlook personal accident cover:
Opting for a personal acccident cover can ensure you get adequate protection against any physical loss or disability during a car accident. You can also avail this cover for any and all passengers in your vehicle based on its seating capacity.
6)Bundled car insurance can help save money:
If you think you are spending way too much on car insurance, a good option is to bundle the insurance plans of all cars in your household. Seeking a bundled insurance with the same insurance company can lead to discounted premiums for all your cars.
7)Opt for voluntary deductibles:
Opting for a voluntary deductible is a good way to lower your car insurance premium. With this option, you agree to share the costs of repair in case of any claim, resulting in a lower premium for your insurance plan.
8)Think twice about dealer insurance:
Your car dealer may offer you insurance at the time of making your car purchase. It may not necessarily be your best option nor would it necessarily be the cheapest option. As a thumb rule, do not buy an insurance product before comparing quotes and features from multiple insurers.
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