Buying your own car is very exciting as well as an important thing in life. However, it isn’t as simple as it might sound. A new vehicle comes with new responsibilities. People tend to invest a ton of money in purchasing a car. That’s why it can be a bit stressful at the same time regarding its protection and safety. Apart from looking for the model and other features of the car, we should also give equal importance to luxury or even general auto insurance.
Why Car Insurance?
Car insurance is a type of comprehensive protection to your car in case of damage due to unpredictable incidences. The insurance companies like Money Expert car insurance have to compensate for the loss caused to the insured vehicle. Also, it is mandatory in India to buy at least a third party insurance policy for four-wheelers, whether it is for personal or commercial use. With little understanding and awareness, you can purchase car insurance with more significant benefits. However, if you do some research and contact FreewayInsurance.com you can save money and have great coverage. Here are some suggestions you can keep in mind while buying car insurance:
The most important factor to keep in mind before purchasing insurance is the comparison of different policy plans. Evaluate different policy plans offline or online. Your car dealer may also provide you with insurance at the time of buying a car. It may not necessarily be beneficial. You might end up having a plan for a higher premium. So, do not buy insurance before comparing premium quotes from multiple insurers.
- Types of insurance plan
There are typically two kinds of auto insurance policies. One of them is a third party liability insurance policy, whereas the second is called a comprehensive car insurance policy. A third-party liability insurance plan covers only injuries caused to other people in the accident but does not cover the damage caused to one’s own vehicle. It will compensate you for death, disability, injury caused to any third party. However, comprehensive car insurance covers all the types of damages, including third party losses as well as damages caused to your own car. Comprehensive car insurance can be further extended by choosing add-ons such as accidental fire, thefts, medical expenses, etc.
Hence, it is better to seek a comprehensive car insurance plan than third party liability car insurance. Do not overlook the comprehensive car insurance plan for saving insurance premium costs.
- Read terms & conditions carefully
Before filling up the proposal form, you must check the form thoroughly and factually. You should read the policy brochure carefully. If there is something unknown and incomprehensive, then first gather all the information about it. Read all the terms and conditions thoroughly. Examine the claim policy and procedures. Also, discuss it with the existing users to know their experiences. All these efforts should be made before having car insurance.
- Mode of purchase
The mode of purchase also matters. The best way to buy car insurance is online. When you purchase online, you can get a better deal for a similar plan as compared to offline buying. Nowadays, buying car insurance online has become a common practice. While buying online, you get the following benefits:
- Zero paperwork
- Convenient and time-saving
- Cashless facility
- No need for agents
- Payment reminders and many more.
- Know your IDV
You should know the IDV (Insured Declared Value) of the vehicle before looking for an insurance policy. This is because the car insurance premium is related to the IDV of your vehicle. IDV is the maximum amount you can claim under a motor insurance policy. Look for an insurance provider that has an easy claim settlement procedure.