Things to Consider While Purchasing Car Insurance

The Insurance Sector has adapted digitization with open arms. Nowadays, you can easily purchase car insurance online from the comfort of your home. This, in turn, has avoided the hassles related to the offline purchase of car insurance. However, despite the convenience, a large number of people often overlook the important aspects while purchasing car insurance, and this eventually costs them dearly at a later stage.

To ensure that you make a well-informed decision while buying a car insurance policy, we have enlisted a few things that you must consider before making the final purchase.

1. Conduct Thorough Research

With a host of car insurance options available in the market, choosing the right plan for yourself can get a little challenging. Hence, a proper research beforehand becomes all the more important. Exhaustive research can help you settle for the right plan with the right insurer. Make sure that your car insurance offers wide coverage at an affordable premium. Also, you must settle for a credible insurer that has a decent claim settlement ratio and a wide network of garages. This can help you avail cashless claim facility without any inconvenience.

2. Choose the Coverage Wisely

Lower premium shouldn’t be the only determining factor when buying a car insurance policy. You must also carefully examine the coverage of your car insurance policy before taking the final call. In case of any damage to your vehicle, you would want the insurance company to bear the repair expenses. Thus, make sure that you opt for exhaustive coverage.

You can also consider opting for add-on covers such as roadside assistance, depreciation reimbursement, engine guard cover, etc., for enhanced coverage. However, opting for add-ons may increase your car insurance premium. Thus, you must decide on the coverage keeping your requirements in mind.

3. Inform the insurer about any modification

In case you have made any modifications to your car, ensure to inform the insurer about the same beforehand. The premium of your car insurance policy may vary depending upon the modification made to the vehicle. Also, if the insurer is not informed about modifications prior to filing a claim, your claim application may get rejected if it is about the modified parts.

4. Check The IDV

The Insured Declared Value (IDV) is the amount that the insurer will pay if your car gets damaged beyond any repairs, or is stolen. The IDV may vary from one insurance company to another. Before you check the IDV of the car, you must evaluate the current market value of the car. It is advisable to settle for an insurer that offers an IDV that is closest to the market value of the car.

5. Read the Policy Document Carefully

Ensure to read and understand the terms and conditions carefully before you buy car insurance online. Also, make a note of the inclusions and exclusions of your car insurance to avoid any inconvenience at later stages.

In India, according to the Motor Vehicle Act, 1988, it is mandatory for vehicle owners to have a Third-Party Insurance Cover. However, a Third-Party Insurance Policy will only cover third-party liabilities and not own damage. Thus, it’s always wise to opt for a comprehensive car insurance policy to secure your vehicle from damage, theft, accident, etc. So, get your car insured with a comprehensive four-wheeler insurance policy, today!