Points to consider while taking car insurance – Think twice before you act
Mr. Choudhury working as a department head in an MNC has purchased a brand new AUDI car on loan for a period of 5 years. He has not paid much attention to the car insurance at the time of car purchase. Car insurance was taken from the showroom itself and nil dep was not included by the showroom in an attempt to reduce the overall premium.
Often low cost premium costs are the deciding factor in selecting the car insurance instead of coverage and features. This could mean not having adequate insurance cover for your newly purchased car. In the interest of customers it would be wise to go for online car insurance where the car insurance quotes can be compared and premium can be calculated car insurance calculator. There would be more options to compare and pick the best option after due diligence from your end. It is equally important to be aware of all the facts before taking car insurance as the insurance would be useful only at the time of claim.
Here is the list of points to consider before taking the car insurance:
- Premium & Features: The first and foremost point to consider before taking car insurance is the premium which the insurance company is charging for the particular model and IDV. Insured Declared Value (IDV) is the value of the vehicle that is used for arriving at the premium. Any claim would be settled only up to the maximum limit of IDV. Also the features should be checked before taking car insurance, these features include 30 minutes small claims settlement, 3 days claim settlement, travel vouchers for the time car is in the garage due to repair etc.,
- Riders / Add-ons: Riders or add-ons are the like the toppings on a pizza which are charged extra. The selection of riders or add-ons is to be based on one’s requirements. For example a person residing in a flood prone area might require engine protection cover more than a person residing in a hilly area. But the Nil depreciation add-on would be required by everyone as the depreciation concept would be same for everyone.
- Online/Offline: There are many online portals offering online car insurance with many insurance companies as their partners. With offline mode it would not be possible to obtain quotes from more number of insurers. Online platforms offer a wide range of choices for customers to pick the online car insurance. Web aggregators such as www.policybachat.com have tied-up with almost all the motor insurance companies to offer motor insurance for its customers. Be it online or offline it is equally important to check the features, add-ons and other things before deciding upon the insurer.
- Exclusions: It is of utmost importance to understand the exclusions in an insurance policy. For instance some insurance companies don’t cover the existing damages in the car. Most of the insurance companies may reject the pre inspection report of your car if there are any existing damages to the car in case of expired car insurance renewal. These damages form a part of the exclusions as they exist prior to the inception of the policy.
- Network Garages: The main reason to take insurance is to get monetary help for damages or repairs at the time of claim. So, it is of utmost importance to check for the cashless garages in your area. With online car insurance from us we have more than 25 insurance companies which offer cashless claim settlement at the place of your desire.
- Claim Ratio & Company Reputation: Insurance is a service and intangible. The real use of insurance comes into play at the time of taking a claim. So it is equally important for you to consider the claim ratio and the reputation of the company before opting for insurance. An established company might have handled different scenarios of claims and might be able to bear the big losses before going bankrupt while the new entrants may take a blow if high amount claims are presented.
For best online car insurance quotes please visit https://www.policybachat.com/ where you can check for the best car insurance renewal quotes and compare car insurance quotes.