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Things To Consider Before Buying A Long-Term Comprehensive Car Insurance Plan

Published On Jul 21, 2021

Read this article to understand the points that you should not forget when you are purchasing a long-term car insurance policy.

For every owner, cars are extremely precious assets. It needs a lot of expense to maintain. The owner is protected by automobile insurance against financial obligation in the event of a misfortune. Comprehensive insurance packages are meant to provide financial protection for your car's repairs due to non-collision events. Comprehensive car insurance includes own and third-party obligations, such as death, physical injury, disability and property damage, (up to RS. 7.5 Lakh) of the third party, such as damages caused in a road crash, natural catastrophe, fire, riots, theft, etc. For every car owner, third party insurance is mandatory according to the Indian Motor Vehicle Act. Although, the purchase of a full insurance coverage is optional.

Things To Consider Before Buying A Long-Term Comprehensive Car Insurance Plan

Things To Keep In Mind While Selecting Long Term Comprehensive Car Insurance Policy 

A long-term comprehensive vehicle insurance coverage relieves the policyholder of the need to renew their policy on an annual basis. The acquisition of long-term insurance also means you have to pay the premium of the purchase year, which saves you from an evident price increase. Given the long-term nature of this insurance plan, it is quite vital to choose a plan that meets your needs. This article tells you what elements you must take into account before you choose your long-term comprehensive insurance policy.

Legal Obligation

According to the Indian Motor Tariff, all new car owners must obtain long-term third-party car insurance coverage for their vehicle that is valid for at least three years. Rest assured, all car owners have the option of choosing between long-term and short-term car insurance policies. This legal requirement can be met by purchasing either a three-year third-party vehicle insurance policy or a three-year comprehensive car insurance policy.

Additional Covers Selection

Additional covers are facilities that are offered by the insurance company in the form of riders. These facilities are usually not covered in the standard insurance policy. Hence, it is critical to thoroughly analyse your demands when selecting add-ons to your long-term comprehensive car insurance coverage. Riders raise the cost of the premium, therefore every policyholder must consider if their rider is worth the extra cost. Choosing an add-on that you will not use after a specific period of time will be inefficient.

Comparing Different Policies

It is usually recommended to examine several plans before completing your long-term comprehensive car insurance coverage. This is largely because there are multiple plans. Comparing these strategies helps you to clarify what your car needs. Make sure once you have compared your policies from a trustworthy source.

Credibility of The Insurance Company 

When obtaining long-term insurance, it is critical that you do it from a reputable insurance provider or organisation. Insurance claims are regarded to be a difficult procedure. Hence, it is critical to select a provider that makes the insurance claim procedure easy and straightforward.

Term of The Car 

A long-term insurance may not be ideal if you plan to sell your car within three years. Long-term insurance packages are advantageous for new cars or cars that will be kept for more than three years. Before you finalise the conditions of your car insurance, make sure you thoroughly analyse your needs and drive cautiously.

Take Away

Purchasing a long-term comprehensive car insurance policy should not be rushed. Take as much time as you need to analyse various policies based on your own criteria. You may browse and compare numerous insurance from the comfort of your own home in today's internet environment. Insurance purchases can also be completed online. Make sure you get your car insurance from a reputable company and that you get the right riders. Insurance is not only deemed necessary, but also favourable.

Also Read: 

How to Cancel A Car Insurance Policy and Receive A Refund?

What is Key Replacement Cover in Car Insurance?

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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