Car is still considered a luxury item in the Indian market even after the entry of affordable cars. The most sold type of 4 wheeler car insurance is the private car insurance in India. A lot of research is done before purchasing a car regarding the features, cost, EMI, etc. If not the same amount at least a small amount of research is not made while deciding on the insurance company for your car insurance.
This may lead to a lot of problems at the time of claim settlement by the insurance company. It is the responsibility of the insured customer to verify the car insurance policy copy after the premium payment and any discrepancies in the car insurance policy copy are to be notified to the insurance company immediately and rectified. Here is the list of things to check after taking the car insurance policy from the car insurance company.
- Policy starts date end date: The most important thing to check in a car insurance policy is the risk start date or the policy start date and the end date. The risk start and end dates are the periods for which your car is covered by the insurance company. The risk start date should be typically after the end date of your previous car insurance policy. Any discrepancies in the risk start and end date should be immediately corrected by informing the car insurance company.
- Insured Declared Value: The Insured Declared Value is the value of the car mutually agreed upon by the insured customer and the car insurance company. The IDV presented in the car insurance quotes should be the same as the one in the car insurance policy copy. You should verify the IDV shown at the time of quotation is also present in the policy copy. Remember, any change in IDV alters the premium to be paid by you.
- Coverage as promised: Coverage, as promised in the quotation, should be present in the car insurance policy copy. The add-ons and the other sections which are agreed upon at the time of quotation should be present in the policy copy. The coverage promised by the insurance company should be reflected in the policy copy and this has to be verified immediately after receiving the car insurance policy copy.
- List of cashless garages: The list of cashless garages or tie-up garages in your area of operation should be collected from the insurance company along with the car insurance policy copy. The main intention of taking car insurance is to avail of the cashless facility at the time of claim instead of spending the repair amount from your pocket. The more the number of cashless garages in your area or city the more it is beneficial at the time of claim. The Cashless tie-up garages should be in significant number in the area of your operation. Higher the number of cashless garages, the higher the chance to get quick claim service in Car insurance renewal tips.
- Toll free claim number: Every insurance company has a toll free number mentioned in the policy copy to report in case of any claims. This number should be compulsorily present in the car insurance policy copy. If the toll free number is not printed in the policy copy the customer should collect the same from the insurance company. The car insurance policy copy should also contain the details of the agent who has sold the car insurance policy copy to you. The contact number of the agent will be printed in the car insurance policy copy to enable you to contact the agent in the event of an accident or theft claim.
- Other details: Other details such as the Name of the Insured customer, Vehicle number, chassis number, engine number, and make and model of the car should be verified after the car insurance policy copy is issued. If the name of the insured or any other details is not matching with the RC copy, then the same should be intimated to the insurance company and endorsement should be passed with immediate effect. These kinds of errors might lead to claim rejection by the insurance company. So it is of utmost importance to check the basic details after receiving the car insurance policy copy.
What are the Points to Remember While Buying Car Insurance Online?
Mr. Choudhury working as a department head in an MNC has purchased a brand new AUDI car on loan for 5 years. He has not paid much attention to the car insurance at the time of the 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 car insurance instead of coverage and features. This could mean not having adequate insurance coverage 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 premiums 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. Car insurance expired when the renewal is not done within the expiry date. Once the policy expires, the inspection would be mandatory by the insurance companies before accepting the risk.
Here is the list of points to consider before buying car insurance:
- Premium & Features: The first and foremost point to consider before taking car insurance is the premium that 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 the same for everyone.
- Online/Offline: Many online portals are offering online car insurance with many insurance companies as their partners. With offline mode, it would not be possible to obtain quotes from more insurers. Online platforms offer a wide range of choices for customers to pick up online car insurance. Web aggregators such as PolicyBachat have tied up with almost all the motor insurance companies to offer motor insurance for their 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 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 before 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 that 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 amounts of claims are presented.
For the best online car insurance quotes please visit Our Portal where you can check for the best car insurance renewal quotes and compare car insurance quotes.
Car Insurance Renewal serves the Best:
A car Insurance policy is the main and best part of your road trip. It successfully protects your car and you from any unforeseen mishaps. Your insurance needs continuous upgrades after your car insurance policy expiry. It is your responsibility to monitor your car insurance renewal to acquire uninterrupted benefits.
Some of you will genuinely forget about your car insurance renewal, but some intentionally do not go for the car insurance renewal policy just to save some bucks. If you fail to buy a car insurance renewal policy you should be ready to lose all the accumulated benefits that come in a package with a car insurance online policy along with no claim bonus which aids in reducing your next car insurance India policy premiums.
In addition to these, you will solely be liable for any accidents that happen and will be involved in legal procedures. All these times your pocket will face the effect of no car insurance renewal. After the grace period of 90 days, your accrued benefits will go down the drain along with your NCB.
Every one of us has a myth about buying a car insurance policy online and thinks it is a big headache. But if purchased carefully from an IRDA-approved web aggregator, you can save some handful of sum compared to traditional offline car policy renewal. Through online purchases, you can even enjoy some added benefits that come with your car insurance renewal policy.
- Compare varied car insurance online renewal policies
It is not mandatory to change your present car insurance India policy while purchasing a car insurance renewal plan, but comparing your present car insurance online policy with various other car insurance policies through a car insurance calculator might land you with a good catch with more benefits than the present car insurance plan.
- Read your car insurance policy document
Know the hidden clauses in your car insurance policy, and read your fine print carefully to avoid any kind of hassle in the future.
- Calculate the market value for your car
Knowing the value of your car will save you from paying out a huge amount of money as a premium to your insurers. It is always advised to calculate your car’s market value before buying a car insurance renewal policy. By this, you will know the depreciation on your car which gives you a chance to negotiate with your insurer.
- No Claim Bonus
If you managed to complete your car insurance India policy period without registering any claims, then you will receive a No Claim Bonus for your policy which will in turn reduce your car insurance renewal premiums for the next consecutive car insurance online policy period.
- Boost your Claim Deductibles
Decrease your car insurance premiums further by increasing your voluntary deductibles. This will make you pay some amount from your pocket but still reduces your car insurance renewal premiums.
On the whole, car insurance renewal will give you a better chance of utilizing car insurance India services. Buying a car insurance online renewal policy will even reduce your premiums and offer you many more add-on benefits. Buy the best car insurance renewal policy online by comparing various policies through a car insurance calculator at PolicyBachat and call us on our toll-free number for further queries.
For the best car insurance renewal quotes visit Our Portal and get the best car insurance renewal quotes at the most affordable premium from the top car insurance companies.
What happens if you lose your Car Insurance Policy?
Many of us might have faced the situation of losing our car insurance policy which could have been due to many reasons. Once the car insurance policy is lost, it might be difficult to show it to the traffic police or the authorities during the search. Earlier the policies were printed and an original copy was provided to the customer to keep it safe and use in case of a claim. But due to the advancement in technology, these days insurance policies are sent online via mail or WhatsApp.
The insurance policy can be downloaded and shown at any point in time, but what if there is a situation where you have not received the insurance copy digitally and the only hard copy of the insurance policy is missing? Let us understand how to act if your insurance policy is lost:
1. You know your Insurance Company:
The first scenario is where you have lost your car insurance policy but you were not able to retrieve it from your mail or any other means and the only thing you remember is the insurance company name. In this scenario, it is advisable to approach the insurance company stating that you have lost your car insurance policy.
How to renew insurance online? Insurance companies have a database to store the policies issued over some time. You need to tell your car number, engine & chassis number, and Mobile number to enable the insurance company staff to search for your policy. Once the policy is found in the database of the insurance company, a duplicate insurance policy will be provided by the insurance company.
2. You Don’t know your Insurance Company:
The other scenario is where your car insurance company name is not known to you. In this case, there is little possibility to get a duplicate car insurance policy copy.
- Agent: You can try to remember the name of the agent from whom you have taken the car insurance policy. The agent can be a person or bank or petrol bunk or broker or car showroom etc. You need to approach them for a duplicate car insurance policy. They do maintain the database of the insurance policies issued by them. The best car insurance agent is the one who is available at any point in time to their customers and provides satisfactory service.
- Parivahan Portal: The government of India has started a portal named “Parivahan” to store the details of a vehicle such as Model, Make, Registration Date, Insurance details, etc. Some of the state governments also have similar apps which store the details of the car. From these portals and apps, the insurance company name can be found, and also the date of expiry can be found from these portals.
3. At the time of Claim:
Insurance is a service and not a tangible product. Hence the real use of insurance comes at the time of claims. If the policy copy is not available at the time of claim, then it would be highly difficult to identify the insurance company to approach for a claim. Technology has grown by leaps and bounds and there are many ways to store the car insurance policy copy and retrieve it at the time of claim.
A car insurance policy copy has all the information relating to the insurance coverage provided by the insurance company and any errors or discrepancies in the policy copy should be rectified immediately so that any future claims are settled hassle free.
It is advisable to keep a soft copy of the car insurance policy copy in your mail as well as a Xerox copy at your home. This helps in retrieving the car insurance policy copy if the original policy copy is lost. For the best Car insurance quotes visit PolicyBachat and get the car insurance quotes for renewal at an affordable price.