Five Car Insurance blunders you need to avoid
Five Car Insurance blunders you need to avoid 12th August 2021
The Motor Vehicle Act of 1988 requires all vehicles to be insured by adequate insurance coverage before they are driven on the road. As the country advances digitally, it is more obvious now than ever to purchase insurance or get a car insurance renewal with just a few clicks online.
At the same time, the increasing number of insurance rejection cases has become a serious concern to both insurance companies and policyholders. Many policyholders fall victim to a riptide of errors by selecting the wrong car insurance giving them more headaches than benefits.
In this space, we will talk about some common mistakes that you can avoid while renewing your car insurance or getting a new one.
1. Don't forget to compare policies:
There is an array of companies that provide car insurance services, and each has its own features and benefits. Take the help of web tools to compare the regularly purchased policies in the market and choose the one that offers the best benefits for your vehicle.
And, it doesn't end there. Do more study and read the terms and conditions of the policy document. Consider all the hidden charges and provisions before you purchase it.
2. Showing your back to online insurances:
By not doing so, you will prevent any unnecessary payments such as fees of intermediary agents, paperwork, etc. Insurance firms are encouraging insurances at reduced prices to online consumers since they believe they are informed and cautious. The online method simplifies the customer's buying experience with multiple plans focusing on the requirements, efficiency and attractive pricing.
If you are looking for a convenient and user-friendly method of buying car insurance, online is always a good option.
3. Avoid opting for basic third-party insurance:
Many car owners decide to get car insurance just to comply with the government rules and hence simply end up purchasing third-party insurance to save money on the policy premium. But, unfortunately, these insurances only cover the third party's injury and not the policyholder or the vehicle.
Given the hefty repair costs or total loss, it is logical to get comprehensive vehicle insurance covering all hazards. Make sure you do not choose only "third-party insurance", as it will get you in more trouble than convenience.
4.Right choice of add-ons:
Adding the add-ons isn't all of it! Maintaining a proper add-on balance is essential to enjoy maximum benefits with a long-term perspective. Adding excessive add-ons will cost you a hefty premium, whereas not including any add-ons will result in inadequate coverage.
You should be sensible to leave the add-ons that are not serving your purpose. It helps save you a handful of money on an annual premium.
Here is the list of some of the add-ons that you must have:
● Zero Depreciation
● Road Side Assistance (RSA)
● Engine protection cover
5. Read the insurance documents carefully:
A vehicle insurance policy paperwork may appear to be exhausting and requires immense reading. Many automobile owners feel it irrelevant to read the entire document and thus ignore reading the policy papers. However, they are unaware of how necessary it is to verify specific things mentioned in the policy.
Even if you do not read it word by word, it is imperative to confirm the features promised by the insurer. This will go a long way toward avoiding issues during a claim.
Here are few of the details that are important to verify in any policy document:
● Policy holder's name and contact details
● Vehicle registration number
● Engine and chassis number
● Insured Declared Value (IDV) of your car
● Policy coverage
● No claim bonus
● Other T&Cs
Be a responsible buyer and go into the depths of every insurance policy that you may deem fit for your valuable vehicle. Making quick decisions is worth it only if your decision is a smart one. Insurances are meant to provide financial security to your belongings, so you should avoid making blunders while buying them.