Should I buy comprehensive car insurance for my old car?

Owning a classic or vintage car tends to get expensive with all the maintenance costs. Since these cars are manufactured a long time back, the chance of component failure is inevitably higher. And, in that case, it becomes way too costly to source the spare parts. Keeping this in mind, to minimise your financial liabilities, it is always better to invest in a comprehensive car insurance plan.

However, before availing insurance plans for your old car, there are certain things a car owner needs to consider.

Aspects to consider before investing in a comprehensive insurance plan for old cars

Here are some important factors you need to pay heed to before you avail a motor insurance policy for your old car:

Insured Declared Value (IDV): Knowing the market value of your old car while availing the insurance plan should be the primary thing to do. The value of old cars automatically depreciates over time, and the IDV gets calculated depending on this aspect. Since your insurance premium will also be dependent on IDV, make sure to evaluate that beforehand.
Claim settlement process: Purchasing a vintage car is definitely easy if you are not too picky! However, when it comes to investing in a comprehensive car insurance plan, you need to be well aware of the claiming procedure first. Make sure to go for an insurance aggregator that offers a quick turnaround time.
Add-on covers: While availing of a motor insurance plan, one should acquire information regarding the add-ons available. Some car owners look for a passenger cover, engine protection cover, consumables cover, etc. However, note that going for these add-ons inevitably increases the premium amount.

One should also learn about the No Claim Bonus (NCB) facility available with comprehensive car insurance plans. You get this discount if you have not made any claims previously. Also, go through the list of deductibles or exclusions of the insurance policy you have picked for your old car.

Also Checkout:- How to renew a car insurance policy online?

Comments

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

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

Stay Protected on the Road- Understanding the Importance of acko car insurance

Having a car insurance policy is essential for every car owner. It not only provides financial protection in case of any damage or loss but also ensures a safer driving experience. Acko is one of the leading car insurance providers in India, offering a wide range of insurance plans to suit the needs of all car owners. In this article, we will be discussing the importance of Acko car insurance in India and how it helps to stay protected on the road. We will also look at the various benefits and features of Acko car insurance policies that make them an ideal choice for car owners. Understanding the Importance of Acko new car insurance in India As the number of vehicles on Indian roads increases, so does the number of accidents and other related incidents. Traffic jams, road rage, and bad driving habits are some of the major causes of accidents. It is important for drivers to stay safe on the road, and to do so, they must have a car insurance policy. Acko new car insurance is one of

All Insurance News and Plans

Search This Blog