When we buy a car, we are keenly invested in its upkeep and maintenance. We want to shield it from any untoward incidents or accidents. You may try to minimise exposure to such risks by taking every precaution in the book. But there are certain things beyond your control, for example, natural calamities like floods, earthquakes, landslides, fires, lightning and hurricanes. There’s no escaping the financial risks of car ownership in such cases. You could be the best driver, the most cautious one, and yet the bumpy roads with potholes and traffic jams will be hard on your car. And if you need to get the car repaired, it will be hard on your pockets too.
Getting a car insurance policy is imperative to safeguard yourself against such financial risks of car ownership. Having one policy with wide coverage is key to being prepared for potential damages to your vehicle, and insurance renewal is to be tracked timely.
Here we have listed out the 5 key stages and decisions needed to be made with regard to car insurance, from checking insurance quotes to making the actual purchase, followed by insurance renewal every year.Decide which insurance cover you need:-
1.Types of car insurance:
In order to make an informed decision about car insurance, it is imperative that you look at the product carefully, especially the types of insurance available. Simply put, there are two types of insurances: third party liability insurance and a comprehensive insurance. The former covers the damages or loss caused to a third party individual or property, and not any personal injury or damage caused to your car in case of an accident. According to the New Motor Vehicle Act, this insurance cover is mandatory. Thus, this is usually the minimum coverage offered by insurance companies in India, reflected in their online insurance quotes. The quotes then change in accordance with the additional coverage added. A comprehensive car insurance will protect you from the financial implications of personal damages, in addition to any third-party loss or damages. Thus, the risks of car theft, accidents, vandalism, natural calamities etc. are covered.
2.Research and compare:
The good thing about buying car insurance online is that you can browse through reams of insurance policies on offer, check your online insurance quotes to see how much the policy will cost you and even compare the benefits under various insurance policies by different insurance providers. Then you can find the one that suits your needs best and go ahead.
Insurance providers will also offer additional covers. These add-on riders will expand the range of services and coverage provided to you. An example of an add-on is the Lock and Key replacement coverage, which means fitting or purchasing new locks, replacing keys in the vehicle that is insured. You can also opt for an Accident Shield to be compensated in case of total permanent disability or death or any bodily injury that may be caused due to an accident that occurs when travelling in the car that is covered under the insurance policy.
4.Look at the fine print:
Look at the minor details in the policy. Check the insured declared value, and make sure that the IDV mentioned in the policy reflects the current market value of your car. That’s because in case of theft or total damage of your car, you will receive the IDV as compensation. Similarly, assess the voluntary deductible carefully. Voluntary deductible is the amount that you are willing to pay from your pocket at the time of the claim settlement. Make sure to choose the voluntary deductible wisely, so that your expenses in the form of premium and voluntary deductible are balanced.
5.Make the purchase:
Once you have read the fine print, the final step is to make the purchase. The application process for a insurance policy online is simple. You need to fill the form and furnish the details of the vehicle, like registration number, model and brand details, the details of the current or expired policy, if any. Once the insurer assesses the vehicle, you can make the payment and the policy is yours!
If you buy Bajaj Allianz car insurance online on Finserv MARKETS you can enjoy additional benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock car roadside assistance and much more.
To know more on Car Insurance in depth, you can check out these blogs:
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