Before buying a car, people research about its model and the brand thoroughly. Only after being swayed that the car they want to buy meets all their necessities and budget, will they shell out the money from their pocket. Though at the same time, a lot of people remain ignorant while buying a car insurance policy, they treat it as a formality without giving it much thought.
Buying car insurance online or offline should be given as much importance as buying a car itself. One should know all the facets and policies before going settling on a car insurance plan. Here are the basic things that one should consider when it comes to buying a car insurance policy:
Compare the Insurance Plans Available
When looking for car insurance plans, one should compare various insurance policies offered by different companies in terms of severable parameters, such as premium value, inclusions, exclusions, to name a few. As a thumb rule, it is best not to buy car insurance before understanding all the quotes and features from multiple companies. Checking the coverage provided and the premium that one must pay for the policy helps in making the best decision while picking car insurance. You can go through the customer reviews on the company’s websites to get an idea of how reliable the company’s policies are.
Look Out for Right Add-on Coverage
Add-on means additional protection for the safety of your car. While one goes deep into understanding the add-on, he should properly analyze the risks that are likely to be involved with their car. Then one should always look out for the add-on provided by the insurance company so that he can choose the right ones. For example, if you commute on your car daily, then a breakdown of the car can cost you hefty amount for daily commuting. In such cases, having a car insurance policy that offers you daily allowances to pay a fixed sum for vehicle repair is the best bet. Individuals can match the love for their car with amazing add-ons offered by reputed companies like Tata AIG. These include like depreciation reimbursement, daily allowance, roadside assistance, and so much more.
Opt for Deductible Wisely
You must have heard about deductibles while going through the online brochures of car insurance plans. Deductible is the amount of money you will pay in an insurance claim before the insurer comes in to cover the rest. There are usually two types of deductible, a compulsory deductible, and a voluntary deductible. One should understand all the aspects involved when picking up the deductibles. Also, they should keep in mind that a higher deductible means a lower premium.
Know the Vehicle’s Insured Declared Value
Always make a note of the IDV assured by the insurance company. The Insurance Declared Value is the value of your car after reducing the depreciation as it ages. One must understand how the IDV of their car is calculated to be sure that they are getting the desired insurance coverage. Like, if the market value of your vehicle is fixed at INR 7 lakhs then the Insured Declared Value (IDV) of the vehicle will be maximum up to INR 7 lakhs. Your car insurance premium depends on the Insured Declared Value of your car.
Before buying a car insurance policy online, one must understand all the aspects mentioned above to make the right call. With car insurance policies from reputed companies like Tata AIG, stay protected and make your driving experience worry-free!