Insurance, may it be life or vehicle insurance, is very important as it safeguards the insurer’s interest in the long run. Given how crucial insurance is for you and for what you are insuring, it is important to be a little mindful of a few things before availing any policy.
Let us consider in detail the checklist to be bear in mind before availing any vehicle insurance..
Buying a Vehicle Insurance Policy is a tedious job as there are various players in the market providing insurance policy at a competitive rate. We generally tend to not compare car insurance or two wheeler insurance. We prefer the ones taken by our friends and relatives.
But this is a not how one should buy a vehicle insurance. So instead of falling in this trap, it is recommended to keep in mind the following things before availing a vehicle insurance policy:
- What kind of policy do I need?
Vehicle policies are of two types: a) Third party which covers the damages done to the asset of third party and does not cover for the losses caused to own asset and b) Comprehensive policy which provides cover for own and third party asset. Some comprehensive policies also provide protection against unforeseen events like theft, fire, earthquake, floods etc.
- Does my policy provide for personal injury expenses?
Some policies cover for medical expenses and bills. It is always advisable to avail a policy which covers such personal injury expenses.
- Will my policy cover for the damages done by other driver?
Given a scenario what will happen if your car meets with an accident while it is driven by your friend or by your teenager son? Will the insurance company pay for the damages caused? Make sure that you know how your insurance company is going to tackle this scenario and that you are covered for such cases too.
So, the best idea is to compare car insurance policy before opting for one.
- Which extra-benefits should I look for?
Ask your insurance policy provider for all the extra benefits that are available and can be availed by you by paying a little extra over the premium and will fetch you safety and security in the long run. Add-ons like Zero Depreciation cover, Road Side Assistance, Ambulance and Medical Expense rider etc. are few extra benefits that you should opt for.
- Are there any discounts available?
Ask your agent or general insurance company for discounts. Discount on premium can be availed if you have no history of claiming the policy i.e. if you have not claimed any amount on your policy then a discount on premium amount can be availed by you from the insurer. Also now-a-days almost all cars come with inbuilt enhanced safety features so chances of theft of such cars is a rare event so you can avail policy accordingly.
So, if you compare car insurance policy before opting for one, you will be able to choose a policy according to your choice. You can even search for two wheeler insurance online before finalizing one.
- Is it safe to avail insurance policy online?
Yes it is absolutely safe and secure to avail a vehicle insurance policy online. Almost all general insurance companies have a virtual presence these days and they provide for online insurance policies at a cheaper premium as there are no agents involved. Consequently, as the chain is direct between the company and the customer a heavy discount is given if one opts for an insurance policy online. Also the policy document is generated immediately once the payment is successfully made.
So, before choosing a new or renewing your existing plan, it always makes sense to compare two wheeler insurance online so that you can weigh the pros and cons of the same.
- Will the policy pay for original parts?
This is one of the most important aspects which everybody tends to overlook. One should specifically look for the terms related to the payment for the damages of the parts and should check whether the company is ready to pay in full for the OEM parts or is there any cap on it.
- Additional information to ask for?
Always avail policy of the company which has the following features:
- It is always better to opt for those companies who have a wide network of physical presence across the country. This facilitates any query resolution promptly
- Have a 24*7 customer service.
- Have a good claim settlement ratio
- Provides for cash less claims
- Have a good customer review and feedback.
So above are the points that you should keep in mind before availing any vehicle insurance.
Lastly, it is strongly advised to get all your queries satisfied from your insurance provider and be absolutely sure before buying any vehicle insurance policy, after all they are your priced possession.