Do’s & Don’ts of Choosing A Car Insurance Plan
Today, owning a car is no longer considered a luxury, but has become a necessity. So, if you are a car owner, you must protect your asset with an insurance cover. Read on to know more about the do’s and don’ts while buying a car insurance plan.
In India, as per law, all car owners must have an insurance policy. Driving with valid insurance is a punishable office, and it can attract a hefty fine. If you own a car, you must at least have a third-party liability insurance cover for your vehicle. An insurance policy is vital to protect you from the financial liabilities that may arise in the event of an accident or a road mishap. Apart from third-party car insurance, you can also consider buying a comprehensive car insurance policy. The comprehensive plan, as the name suggests, provides more extensive coverage, and it covers both third-party liabilities as well as damages to your car.
Today, several insurance companies in India offer a variety of car insurance plans to suit the specific needs of the people. If you are a first-time car insurance policy buyer and are looking for the best car insurance, the sheer amount of variety available in the market can leave you confused. Listed below are a few do’s and don’ts that can help you make an informed purchase decision.
Compare the plans
Before you jump onto buying the first insurance plan you come across online, it is paramount that you compare the plans from a few different insurance companies. The comparison must be in terms of the inclusion, exclusion, premium amount, the add-on covers available, network garages, NCB, etc. Evaluate your needs and choose the plan that best suits your needs and has an affordable premium.
Read the policy documents
In India, several insurance buyers are guilty of not reading the terms and conditions mentioned in the policy documents. So, before you sign the policy papers, make sure to read the terms carefully, and there is something unknown, ask the insurer about it. Knowing the policy terms beforehand will help you avoid any hassles at the time of filing for a claim.
Ask the insurer about add-on covers
If you have purchased a comprehensive car insurance policy, you are entitled to buy add-on covers. These covers are additional coverage options that you can buy by paying an extra premium and widen the scope of your policy coverage. There are different types of add-on you can buy with your car insurance policy; some of the popular add-ons are zero-depreciation cover, roadside assistance cover, engine protection cover, NCB protection cover, etc. Ask the insurer about the various add-ons and its benefits and choose the one that best suits your needs.
Purchase the insurance offered by the car dealer
It is not mandatory to purchase insurance from your car dealer. So, it is advisable that you politely decline the car dealer’s insurance offer, and do your research about the best car insurance plan.
Leave any column blank in the insurance form
Several experts suggest that you must fill the insurance form yourself. If you don’t understand anything about any section of the form, don’t leave the form blank while submitting, but you must get in touch the insurer’s representative and ask them to explain them about it. If you think the question does not apply to you, write NA or Not Applicable.
Make false declaration
While filling the car insurance form, don’t make any false declaration. If the insurer finds the truth, it may not only result in a hefty fine, but you also risk the cancellation of the insurance policy.
Now that you are aware of the do’s and don’ts choose your car insurance policy wisely.