Whosoever may be the driver and what may be your experience is, you can’t forgo the risk factor while driving. Even a minor accident or may be a small dent on your car can lead you to pay heavy cost of repair. The best possible way to get away from these unforeseen situations which might affect your financial plans badly is to have the right car insurance policy.
The best part of buying car insurance Plan is that it not only covers you from financial losses from accidents or damages happening to your car while you are driving but it also gives you a financial safety in case of an of event of theft or even damage happening due to natural calamity. A car policy is though a mandatory thing as per government regulations if you own a car and drive it but other than that it always advised to have one with the right cover that suits your requirement which arise out of your driving habits. Say if you are sales person whose larger part of his daily job revolves around moving from one place to another can have different needs compared to person who only uses his/her car just for commuting to his/her office. Buying a car insurance policy can be though tricky without proper analysis of various options available in the market you can end up choosing the wrong policy or the wrong insurer. We tried sorting some key factors which can help you understand the right product:
a) Never Underestimate the value of your car, the premium that you pay is calculated on the Insured declared value of the car. You may be provoked by the greed of saving money on the premium by showing low IDV of your car but it can have long term bad effects. The bad situation arrives when you make a claim and your insurers pays you less against the financial damage you actually incurred. By devaluing you car you might even end by writing of your car’s value in case of accident and you don’t get the claim. In that case not only the premium that you paid is lost but also the money that you have bear from your pocket to rectify the car’s damages.
b) Understand and access every option diligently. Technically a car insurance policy offered by any insurers comes with two forms of covers, one is the third party cover and the other option is a third party cover. As per the government guidelines only the third party cover is mandatory but the perspective of complete protection a comprehensive cover is always advisable. Plus it is always unsafe to stay uninsured but without doing a diligent analysis of the various options you might pay more for less.
c) Do a comparison online. It is very easy to compare when you are doing it for something that is hardware where features are quite visible but when you are looking at comparing car insurance policies, the terms of the policy document can be sometime look something but they end up having a different meaning because they are legal document. Be clear with what you need because policies also come some features which might be of no use to you but you end of paying money for it. Other than online comparison website also considers factors related to post service standards to give you a list which can be quite helpful. Comparing policies on myinsurancebazaar.com can also not only help you save a lot of money on your premium but can also help you pick the right product.
d) Look for discounts offered, Insurance companies always rewards customers based upon their driving records, if claims not made in the preceding years and even when you already have installed anti theft devices, gear locks and other safety features in your car. All these installation can lead you to save close to 5% on your premium. All these safety driving habits can help you save a lot of money on your premium.
e) Look for Add-ons. Car insurance policies other just covering you car provides a lot on driver safety like personal accident cover for the owner of the car. Other than that policies come with zero depreciation features for a period of 3 to 5 years and some come with specific cover options for parts of your car which are not covered under a regular policy. In the new era now car insurance providers are also offering road side assistance whenever you need it.
Though all these add-ons add an extra price to your premium but a lot depends on what you want so that you can customize your policy exactly as per your need and you pay a premium which is worth of the value the policy gives.