Skip to main content

3 Common Misconceptions About Car Insurance



The importance of possessing a car insurance policy cannot be stressed enough. It not only makes a vehicle road legal but also helps owners to deal with financial losses during an accident. 

However, the myths surrounding such policies have added to the confusion of opting for one. One needs to debunk such misconceptions to make an informed decision.

3 Myths about car insurance policies

Here are the top three myths about car insurance plans that one needs to be aware of –

  1. Minimum coverage is enough

Yes, it is mandatory to avail a minimum coverage, a third-party plan that offers basic financial assistance against a low premium amount. This plan may sound like a solid financial decision, but it is not profitable enough in the long term.

For instance, if your own car sustains significant damage, you will have to burn through your savings to pay for its repair.

Hence, it is better to opt for a comprehensive motor insurance policy that includes significant coverage for third party and own damages as well.

  1. The number of drivers have no implications

It is quite the opposite; any vehicle driven by multiple drivers increases the risk for an insurance provider. Resultantly, they will charge a higher premium amount in such cases. On the other hand, if a single driver drives a vehicle, it is deemed safer by insurance companies, resulting in lower premium amounts.

  1. Only dealers sell the perfect car insurance

No, one can also conduct market research and find a better policy outside of the companies recommended by a particular dealer. Usually, dealers have affiliations with different brands, and they try to push their products. Buyers can look elsewhere to avail an insurance policy; it is not mandatory to purchase it from a dealer.

Since car insurance policies are essential, it is imperative to make an informed decision to avoid facing any difficulties in the future. In this regard, being aware of these myths is important.

Read More: Things TO Know About Third-Party Car Insurance In India
Labels:

Comments

  1. Unknown15 April 2021 at 14:24

    Good blog,

    Property Loan Chennai, Loan against Property Chennai, Bridge Loan in Chennai, Mortgage Loan against Property Chennai, Short Term Funding Chennai, Emergency Loan Chennai, Jaldi Loan Chennai, Finance against Property Chennai, Mortgage Loan Chennai, Stop Gap Funding Chennai, Home Loan Chennai

    https://www.akhshayaafinance.com/

    ReplyDelete

Post a Comment

Popular posts from this blog

Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category. If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below: Comes at a reasonable price  If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the
Post a Comment
Read more

Necessary Information On Hospital Cash Insurance Plan

Medical treatments these days are a matter of the huge amount of money. And if you need quality treatment facility from the super-specialty hospitals and clinics you need a medical insurance plan for you and your family. If you are planning for the medical insurance plan with hospital cash cover , then be sure to consult with the best insurance plan provider.  Let us discuss in details. Financial companies such as reputed NBFC Bajaj Finserv and other insurance companies have their own health insurance policies that range from smaller amounts of bigger amounts. All these medical policies fall under the pocket insurance policy scheme. It gives clients the facility to get benefits with minimum investments. The procedure is quick and does not require lengthy documentation. You can get a higher amount of money with such hospital cash insurance to continue medical treatments even for critical patients. Just make sure you read the policy details clearly before you in
Post a Comment
Read more

Know Detailed Information About Acko Bike Insurance

  If you’re a bike enthusiast, you know that it’s important to have the right coverage for your bike. Acko Bike Insurance provides comprehensive coverage for bikes, offering a range of plans to suit different needs.  Acko Bike Insurance is an insurance product from Acko General Insurance, a digital-first insurance company based in India. It’s an innovative product that provides comprehensive coverage for two-wheelers, offering a range of plans and features to meet the specific needs of bike owners.  Acko Bike Insurance provides coverage for a range of bikes, from standard models to high-end bikes. The coverage includes accidental damage, theft, fire, and natural disasters. It also covers legal liabilities, including for third-party property damage and bodily injury.  The main benefits of Acko Bike Insurance are the comprehensive coverage and the flexibility of the plans. You can choose from a range of plans, each with its own set of features and benefits. You can also customize the co
Post a Comment
Read more