Let’s just be honest, most of us have day-dreamed of driving a shiny new car and zooming off into a glorious horizon at some point in our lives. The joy of driving is something that everyone looks forward to right from their childhood. If you are just learning to drive or recently learned driving, you must be nervous and excited at the same time, for the road can be a dangerous place. The minute you are behind the wheel, it’s important to remember that you are not just responsible for yourself but also for others on the road. Another important aspect of owning and driving is car insurance or motor insurance. If you are a novice at driving, it is essential to understand the nuances of car insurance. Here we have listed out 5 car insurance tips that you must know if you have learned driving recently:
Avoid Making Claims for Minor Damages
Car insurance or four wheeler insurance offers a benefit called No Claim Bonus (NCB) which is a reward for not making any claims during a given policy year. The NCB can be availed in the form of a discount on the premium at the time of renewal. What’s more, with each claim free year, the NCB increases progressively up to 50% discount on the premium. Hence, if you happen to suffer from minor damages, make a claim only if the claim amount is more than the NCB discount. Otherwise, you stand to lose a much larger NCB benefit for minor claims.
Understand Policy Types
Car Insurance Plans are of two types – Third-party Car Insurance and Comprehensive Car Insurance. A Third Party policy covers only third-party liabilities and is mandatory by law under The Motor Vehicles Act, 1988.
On the other hand, a comprehensive car insurance policy covers a wide range of risks such as theft, fire, natural and man-made calamities along with third party liability. Since you are new to driving, it’s important to have a comprehensive insurance policy as it offers broader coverage.
Know the Claim Settlement Process
Make sure to understand the claim settlement process for your policy beforehand. Doing so will ensure a smooth claim filing and settlement process.
Understand the Value of Your Policy
Take out some time to read your policy documents carefully and understand the value of your car insurance policy. The value of your policy is determined by the Insured Declared Value or the IDV of your car. The IDV in car insurance is the maximum amount you can claim from your car insurance policy. Read what is IDV in car insurance to understand this concept properly.
Keep Track Of the Renewal
Timely renewal is essential as it ensures seamless insurance protection for your car. If you don’t renew your policy on time, you could also lose out on the NCB benefit.
If you follow these tips, claiming the policy will surely be a seamless experience for you. If you want to simplify things further, consider buying Bajaj Allianz car insurance policy with Finserv MARKETS. Make the most of exclusive benefits like swift claim settlement, cashless garage service across 4000+ garages and round the clock assistance by paying a reasonable insurance premium. To buy or know more about car insurance, visit our platform today.
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