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How To Avoid Messing Up Car Insurance?

Published On Dec 31, 2020, Updated On Mar 20, 2021

Car insurance is not only an essential protection for your car, but also for your financial liabilities. In the event you meet with an accident, car insurance not only protects your car, but also protects you from financial responsibility, medical bills, and legal repercussions.

While careful driving allows you to some degree to protect your car from injury, you never know when untoward incidents can lead to you incurring huge expenses that can impact your finances. Hence, it is important to purchase car insurance to minimise any financial damage.


How To Avoid Messing Up Car Insurance?


Buying Car Insurance? Keep these Things in Mind

Purchasing car insurance must be given just as much importance as purchasing the car itself. With a little knowledge of car insurance, you can optimise the purchase of insurance and enjoy greater benefits. Below are some of the points to be kept in mind when going for your car insurance

  1. Investigate Your Coverage: You must understand the coverage, analyse and review it. Make sure you properly protect and insure your car. It also does not even make sense to pay huge premiums. Understand the type of coverage provided. For example, third-party car insurance is compulsory by statute. When you choose to apply for third-party car insurance y and your car happens to meet an accident, in such a situation, the third party's cover is assured only in the event of bodily injury, permanent damage and accidental death to the third-party. This means that with a third-party insurance you cannot claim for any damages to your car or for any bodily injury you get Hence, it makes sense to look for comprehensive car insurance to avoid the big repair costs.
  2. Compare Different Insurers: Before buying your car insurance policy, you must keep various things in mind such as comparing insurers (this can be also done online). With the various types of insurance policies available, you can narrow down your search to choose the best insurance cover as needed. Check different insurance providers for premium payment (amount/frequency), cashless garages, claim settlement ratio, etc. You save a lot of money by comparing the car insurance coverage online, since this requires less paper work. You also get a large selection of products. So, before you finalise one, compare car insurance and go for the best that suits your needs comprehensively.
  3. Buy Add-Ons: When you purchase a car, getting your precious possession insured is the first move. Nevertheless, protecting it carefully by opting for appropriate add-ons becomes like "the final thing that makes something perfect". Insurance providers offer different forms of add-ons, such as bumper to bumper, paying driver protection, engine protector, roadside assistance, passenger cover, and so on. This means, to protect all the risks, you pay a little more. Nonetheless, check what add-on fits your car best and then go for one.
  4. Check Insured Declared Value (IDV): Before you buy an insurance policy, don't forget to check the value of your car. One of the main factors deciding the premium of the car is the insured declared value or the IDV. Often make sure the premium paid is right, since the lower the IDV, the lower the premium amount. Make sure that your IDV is correct in the case of total damage.
  5. Check for Discount: Never hesitate to check for discounts. By being a reliable and safe driver, you will win upright discounts! The most overpriced parts of the car, such as the gear lock, protective devices, air bags, etc., could benefit the insurance provider as it reduces the risk, giving you incentives and discounts for your responsible and safe driving.

Take Away

The purchase of a car insurance is deemed unimportant by people living in India. They don't owe it as much meaning as they would give to buying clothes. This is why certain individuals end up choosing the wrong plan for their cars and regretting paying exorbitant premiums later on. When having their car covered, most persons do not consider various factors, which may potentially turn out to be a major concern later on.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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