Looking for a new car insurance policy? Know this before you proceed further : The Tribune India

Join Whatsapp Channel

Looking for a new car insurance policy? Know this before you proceed further

Looking for a new car insurance policy? Know this before you proceed further


Getting insurance is part and parcel of any new car purchase because the safety and protection of your car are not only necessary and crucial but also mandatory.

Many don't realise how important a car insurance policy is and choose any plan without doing research, which ends up costing them a lot. 

So, before you buy new vehicle insurance, here are some important things you should look into. 

Decide on the coverage type of your insurance policy:

Before you look for car insurance or 2 wheeler insurance online, you should take a moment to think about what you need. 

For instance, Third-party insurance, which is mandated by law, covers third-party harm or death but provides no benefit in terms of own damage. 

However, comprehensive insurance covers damage to your car and other people's cars, but it costs more and may have needless add-ons.

So compare policies and choose one that suits you, especially one with good personalisation.

Here are a few coverage types:

Third-Party Car Insurance Policy:  

Basic insurance that meets legal standards and covers third-party losses and injuries, including their vehicles, in incidents you cause.

Comprehensive car insurance:  

Covers accidents, theft, natural catastrophes, and other non-collision incidents, as well as third-party coverage for your car.

Zero Depreciation Policy:  

This policy covers everything in a comprehensive policy without taking into account the depreciation of value when settling claims.

Stand-alone “Own Damage Cover Policy”:  

Covers your car but not third-party liabilities. 

PAYD (Pay As You Drive) insurance: 

This is a vehicle usage-based auto insurance. Driving less or safer may cut rates compared to regular fixed-rate insurance.

Take a moment to think about what you need and how much you can spend to find the type and amount of coverage that works best for you. 

Compare insurance policies:

Many buy an insurance plan because it's affordable. But sadly, it's often insufficient.

So compare policies, read reviews, ask other customers, and look for extra features that you may need before finalising.

Do not go for low premiums blindly. They may be cheap, but they may not offer the finest coverage, which could cost you later.

Check the Insured Declared Value (IDV):

Knowing your car's IDV is important. An IDV is what you get if your car is stolen or badly damaged.

Every insurer quotes differently. To guarantee a fair settlement during a claim, pick an insurer that offers an IDV close to your car's market value.

You can find the best IDV for your vehicle easily with any online tool. 

No-Claim Bonus:

There's a perk for drivers that insurance companies provide. It’s known as the No Claim Bonus (NCB). 

This is a discount on your car insurance premium if you don’t make any claims in a year. So, choose a policy with the NCB programme that considers its transfer in their quote.

NCB is IRDAI-regulated, so if you continue to drive safely and don't make any claims for five years, you can get up to a 50% discount on your premium! 

Claim settlement process: 

It doesn't make sense to buy insurance if you have to fight to get your claim paid! 

Find out as much as you can about the insurer's claim settlement process and ask past policyholders if they would recommend them.

Network of garages for cashless repairs: 

Policies that offer cashless claims with a good garage network are important. It makes authorised repair shops accessible, expedites claims, and reduces your out-of-pocket expenditures. 

Additional benefits:

Some insurance companies only cover the bare minimum, while others will cover things like roadside help, coverage for zero depreciation, and more.

So check what they offer as additional benefits, and if you really need those, pick the one that provides the most value for your money.

Now that you know what you need, find one that provides all the above features, and you’re set. 

Conclusion:

After everything is said and done, the best auto insurance for you depends on your needs and situation. If you're looking for a company with many features and benefits at a reasonable price, ACKO is worth considering.

Disclaimer: This article is part of sponsored content programme. The Tribune is not responsible for the content including the data in the text and has no role in its selection.


Top News

PM Modi targets Rahul Gandhi, says after Amethi, Congress' ‘sahabzade’ will lose Wayanad seat also

PM Modi targets Rahul Gandhi, says after Amethi, Congress' ‘sahabzade’ will lose Wayanad seat also

Modi says some INDIA bloc leaders left Lok Sabha and moved t...

US sanctions Chinese suppliers for providing critical components of Pakistan’s ballistic missile programme

US sanctions Chinese suppliers for providing critical components of Pakistan’s ballistic missile programme

As a result of the action, all property and interests in pro...

Iraq's popular mobilization forces post hit in air strike, sources say

Iraq's popular mobilization forces post hit in air strike, sources say

US official said there had been no US military activity in I...

Indian student's death in US possibly linked to 'Blue Whale Challenge': Report

Indian student's death in US possibly linked to 'Blue Whale Challenge': Report

The 20-year-old, who will remain unnamed here in deference t...


Cities

View All