Have you recently brought your dream car home? Hearty congratulations! But wait, your job is not done until you buy a comprehensive car insurance policy to keep your beloved car protected from accidents, thefts, and other damages.
However, purchasing a car insurance policy is not an easy decision to make. No matter how much research you invest to find the best car insurance policy, it is natural to get confused with so many options around. Here are a few quick tips to help you zero in on the best policy with no huss and fuss:
Things to consider before buying a car insurance policy
• Type of insurance policy
Third-party insurance: If you just want to purchase a liability insurance that covers all damages and losses caused to a third party by your car during an accident without any cover for yourself, it is ideal to get a third-party insurance policy.
Third-party, fire, and theft insurance: You can also opt for a third-party fire and theft insurance to cover any damage caused to a third-party individual, his/her car, or property in an accident that involves you. This policy also offers coverage for your car if it gets damaged or destroyed in a fire or is stolen.
Comprehensive policy: However, if you want complete coverage against all types of loss and damages caused due to accidents, theft, fire, natural disaster, vandalism, terrorist activities, and other similar incidents, including third-party cover, consider buying a comprehensive insurance policy. It covers the cost of repairing and replacement of your car or its parts in these circumstances.
• Insured Declared Value (IDV)
As car breakdowns, repairs, and part replacements can give you a major financial setback it is of profound importance to have your car covered with the right amount of Insured Declared Value. It is the maximum sum assured amount that is predetermined by the insurer and provided on damage, theft, or loss of the vehicle. So, calculate the required insured value for your vehicle and buy a policy that fulfils your requirement at the best price.
• Premium price
It is the amount that you will have to pay to the insurer every month as a part of your insurance policy. Hence, be vigilant and opt for a policy with a monthly premium that you can easily afford without stressing your monthly budget. If you prefer to choose a policy with low premiums ensure to check the deductible amount as in most cases, policies with lower premiums call for higher deductibles.
• Zero-depreciation cover
A zero depreciation cover is a must-have feature in your car insurance policy. It ensures that you will get the entire repairing cost incurred as a result of an accident in spite of any depreciation caused to your car due to factors such as age, wear and tear, and obsolescence. When you have this feature in your policy, the insurer will bear the entire cost without reducing any depreciation amount.
• No claim bonus facility
Make sure that the policy that you are considering purchasing comes with the No Claim Bonus facility. Under such an insurance policy, if you don’t raise any insurance claim in a particular calendar year you will be eligible for. No Claim Bonus benefits the following year. As such, for every claim-free year, you can earn a good discount on the renewal amount.
Before signing on the policy papers, it is extremely important to check the deductibles. This is the amount of money that you have to pay out of your pocket, in the event of an insurance claim before the insurer starts paying the expenses. Thus, it’s a very important factor to consider before buying a plan. Decide on a deductible amount based on your economic condition and affordability.
You need to be extra vigilant when you are buying an insurance policy for your car. It is wise to buy an insurance policy from a reliable insurance provider to avoid any hassle in the future. Get in touch with the insurance experts of Compare Market Insurance to know more about car insurance policies.