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Identify the best car insurance policy and important points to remember

Most automobile owners in India get auto insurance since the law requires it. People seldom compare auto insurance coverage and instead choose the cheapest option. If you own a car, you should be familiar with the many auto insurance features and evaluate the various packages available before making a choice.


The following pointers will assist you in choosing the best car insurance policy and help make the best decision possible.


Coverage requirements

The coverages determine the value of an automobile insurance policy to the policyholder. Before acquiring a vehicle insurance policy, you should constantly verify and evaluate the range given by various procedures. Keep in mind that the coverages might vary significantly based on the plan and the provider.


While a third-party car insurance policy covers just third-party liabilities - such as property damage, bodily injury, and death - caused by an insured's automobile to a third party, a comprehensive car insurance policy also covers the insured's car's damage in addition to third-party liabilities.


Reputation of insurance provider

When obtaining a vehicle insurance policy, it is essential to evaluate the brand reputation of the insurance company you are considering. Compared to lesser-known organisations, if you select a vehicle insurance company with a strong reputation in the industry, the chances of delivering on its commitments on time are higher. When purchasing vehicle insurance coverage, you should always strive to choose a reputable insurer.


Terms of policy

Nowadays, insurers strive to make insurance as easy as possible for their customers. Thanks to user-friendly websites, applications, and pleasant customer service representatives, purchasing or renewing auto insurance online is no longer a daunting task. However, before buying a policy or filing a claim, you should read and understand all the terms and conditions of the policy.


Insured declared value (IDV)

The IDV, automobile model and other parameters compute a car insurance rate. As a result, knowing the IDV of a car is very important. The Insured Declared Value (IDV) is the highest amount you may claim on insurance in the complete loss or theft. The IDV of a car continues to decline as the vehicle's age grows, implying that a brand new vehicle has a greater IDV than a vehicle a year old of the same model. IDV stands for the vehicle's current market worth in layman’s terms.


No Claim Bonus (NCB)

This specific criterion is overlooked by most insurance customers when purchasing automobile insurance coverage. It is common for insurance companies to reward policyholders who do not file any claims during the policy year with a "No Claim Bonus" upon renewal. In other words, the policyholder will enjoy further premium savings due to this change.


If you are a safe and responsible driver who has not claimed anything, you will be eligible for a No Claim Bonus. In addition, if the term of your insurance policy with one company expires and you want to transfer, you may request a No Claim Bonus Certificate from your current insurer to assist you in obtaining the NCB with another insurer.



Read More:- Can we claim insurance due to climate calamity under car insurance?





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