Global Courant
In Indian culture, buying a new car brings excitement to the whole family. It means good luck, flourishing and the beginning of the trips you have planned with your family in your new car. In excitement about a new car, people generally ignore that buying a new car is not only a matter of pleasure, but also a great responsibility.
If you analyze well, you will find out that having a car or buying a new car comes with a great responsibility as we have to make sure that we don’t get anyone out of our car while driving. In the event that we do this, we must have proper insurance coverage for our car and for the third party to ensure compensation.
It is not only our responsibility to take out car insurance, but it is also a legal obligation to take out liability insurance under the Motor Vehicles Act. There are a number of insurers in the market that offer different types of car insurance, but we should consider for ourselves which is the most suitable plan. To buy the right car insurance policy, we need to compare them before deciding which policy to buy. We just have to keep a few things in mind:
Make a short list of your requirements: Before buying car insurance, it is very important that you first decide what you need in your car insurance policy. Just list the type of coverage you are looking for in a policy, such as TPL, IDV, add-ons and so on.
Cover Comparison: Once you’re done with the short list of your requirements, compare policies online. In addition, the type of coverage offered with a civil liability is different than with a comprehensive policy. Liability only covers loss and damage caused to the third party, while the comprehensive policy gives you full coverage including TPL, vehicle damage and personal accident. It is therefore advisable to compare car insurance carefully before purchasing.
Compare IDV: The premium rates are based on the car’s IDV (insured declared value), which means the current value of your car after an established depreciation. A car’s IDV depends on the age of your vehicle, the older the car will be the higher the premium will be.
Premium: Another important factor in choosing the right car insurance policy is the premium of the policy that you have to pay to the insurer. Some auto insurance policies may be available at very competitive rates, but a low premium doesn’t mean it’s a better policy. You should compare the features and benefits of the policy before making a final decision. If you get better coverage by paying some extra charges and it is really worth it for you then you should opt for the same. Keep in mind that car insurance premium is always determined by multiple factors such as model, age, vehicle type, capacity, fuel type, etc.
Compare Insurer’s CSR: Always compare the CSR of the insurance company where you plan to buy a policy for your car. You must take out a policy with the provider whose (CSR) claims settlement ratio is good. Don’t buy a policy from a company with a low claims settlement rate. Every year IRDA publishes a detailed report on the claims settlement rate. You can easily find this on the IRDA website.
How do you choose the best subscription for your car?
World News,Next Big Thing in Public Knowledg
#choose #subscription #car