Working professionals are the busiest of all. With constant meetings and work commitments, it gets difficult to spare time for themselves. In between all of the work are their lives, which have new and exciting events like marriage, starting a family and more. Be it any age, buying a car is an exciting experience. But along with buying a car, having insurance is mandatory.
An insurance policy is compulsory for all cars registered in the country. Apart from complying with the law, it is useful to protect against any unexpected damages and repairs. Let us look at how to select a suitable four wheeler insurance cover –
#1 Select the right insurance policy
The first and foremost step is to select the right insurance policy. There are two main types of insurance plans that you can purchase – third-party and comprehensive plans. A third-party policy is also known as a liability-only policy and protects against legal liabilities due to a third-person in an event of accident or damages. On the contrary, a comprehensive policy provides coverage for own-damage too. Here, you can ensure the scope of the policy covers any damages to your car.
#2 Comparison is the key
You must compare the available options before selecting any policy. Comparing the available options helps you select a suitable policy that fits your budget and checks all your requirements. A car insurance premium calculator simplifies the process of comparing the various plans while keeping a check on the premium to fit your budget. Make use of this tool available with most insurance websites when you shop for car insurance online.
#3 Set the right IDV
Insured declared value or IDV is the amount which the insurance company pays in case of a total loss or damage beyond repair. When purchasing an insurance policy, you must do the right math, i.e. set the right amount of IDV. Declaring a lower IDV to save premium may require you to pay from your pocket, and on the other hand, a higher IDV may increase the premium amount significantly. Hence, evaluate the market & enter the correct estimation.
A good insurance plan has a balance between premium and deductible. The deductible is one factor that directly impacts the premium of your policy. Thus, it is a critical decision where you choose the amount of deductible and get an affordable deal on your car insurance policy.
#5 Select right add-ons
When buying a comprehensive car insurance plan, you have the option to increase the coverage using add-on riders. These riders significantly enhance policy coverage at a nominal cost. Also, these add-ons are available when you purchase a comprehensive policy and not third-party car insurance. Thus, select the right add-ons to provide adequate coverage while taking maximum advantage of the add-on riders.
#6 Understand the claim process
Buying an insurance policy involves understanding the claim process too. So it is always better to know the insurance claim process. Understanding this process will go a long way in benefiting you from the policy when you need it the most.
These are a few tips that can help in selecting the right car insurance policy. Do not forget to read the fine print of your chosen comprehensive or third party car insurance online at your convenience when purchasing any plan as it helps you the events that are covered by the insurance company and not.