According to the Motor Vehicles Act of 1988, every vehicle owner is required to get a basic third-party insurance policy. This basic policy excludes coverage for personal injury. If you also want coverage for harm done to your car, you must buy a comprehensive policy. Many consumers make the serious error of choosing the incorrect coverage and not knowing how to check car insurance, which leads to their dissatisfaction even after having a motor insurance policy.
The following are some of the most typical errors people make while purchasing car insurance coverage that must be avoided:
- Putting out claims for minor repairs
Most individuals are unaware that if you make no claims during the period of your policy, the insurance company will provide you with the advantage of a No-Claim Bonus (NCB). If you don’t file any claims for five years in a row, you can obtain a maximum concession of up to 50%. The NCB may be lost due to even a single minor claim. Don’t lose out on NCB benefits by filing claims for simple, modest repairs that can be handled without difficulty. *
- Ignoring the extent of coverage and concentrating primarily on cost
People believe that if they buy a policy with a low premium, they will benefit from it. Instead, if you do so, you risk becoming financially burdened. Instead, you must choose a policy that provides the most coverage possible. It is equivalent to not having a policy at all if your insurance offers insufficient protection. Consider additional coverage options, insured declared value (IDV), the claims procedure, the claim settlement ratio of your desired insurance provider, etc., when purchasing a car insurance policy. *
- Refusing to buy add-on covers
Assistance will be needed if you take a long drive with your friends or family and get trapped somewhere without any garages around. In this case, the standard car insurance policy won’t be helpful. However, you can get help from your insurance company if you choose a 24-hour roadside assistance add-on plan. Similarly to that, you can select additional add-ons. There are other options available, including Zero Depreciation cover, Consumable costs, Lock and Key Replacement, and Engine Protector, among others. *
- Not purchasing car insurance online
You can simply purchase an insurance policy from your insurer’s website rather than having to go through the inconvenience of visiting the company’s branch office. You won’t be required to pay any middlemen in any way by doing this. From the convenience of your home, you may complete this yourself. You can do online car insurance renewal through a very convenient and easy process.
- Not reading policy documents carefully
Some individuals buy car insurance policies without reading the policy documents, which may cause difficulty later. People make mistakes while filing claims because they are not knowledgeable of the insurance policy’s features, exclusions, terms, and conditions. It is crucial to comprehend the insurance given by the company. It’s also important to carefully review other information, such as your email address, the amount of add-on covers you’ve chosen, your name on official documents, the brand and model of your automobile, your IDV, etc.
You can achieve your aim of selecting the most outstanding car insurance policy if you stay away from the blunders outlined above. You may use the car insurance calculator to determine the premium online and obtain the best rates. It will be even better if you research several insurance options online before choosing one.
The online car insurance renewal process is hassle-free that can be made online at your convenience. This will make it clearer to you how different insurance providers are willing to provide the same coverage at lower costs.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.