How To Choose Best Car Insurance Policy Online In India

Is Personal Accident Cover for Owner-Driver Compulsory?Is Personal Accident Cover for Owner-Driver Compulsory?Is Personal Accident Cover for Owner-Driver Compulsory?

A car insurance policy that is ill-suited to your needs and not carefully selected can end up defeating its purpose and being a source of unnecessary expenditure. That is why it is crucial to properly research and select a policy appropriate for your needs and to be aware of all of its features in order to prevent it from leaking money, ensuring that it serves your needs well and offers adequate and effective coverage and protection in the times of crisis. Here are some things to be cautious of while purchasing car insurance to ensure it does not become a drain for your funds.

How To Prevent Your Car Insurance Policy from Leaking Money?

By being aware of the following few factors, you can ensure that your car insurance is right for you and does not create any unnecessary costs. Taking these into account will minimise the expenditure associated with your car insurance and choose best car insurance policy online.

1. Appropriate Car Insurance Add-ons

Car insurance add-ons are extremely useful features that strengthen the coverage of a standard comprehensive car insurance and offer additional protection to your vehicle. It is wise to customise your policy with add-ons that would be useful to you. However, hoarding add-ons can be detrimental, as they require additional premiums, and one should only select add-ons that are relevant to one’s needs. For example, if you may not require additional passenger coverage if you usually drive alone.

However, selecting the correct add-ons for one’s needs is a path to saving money and avoiding having to pay out of one’s own pocket in the case of emergencies. Add-ons such as Zero Depreciation Cover, which ensures that in the case of damage, the value of car parts is reimbursed at the original value rather than the depreciated market value, would be relevant to all policyholders, and the additional premium would be offset by the strengthened policy coverage.

2. No Claim Bonus

It is important to be aware of all the applicable discounts when availing car insurance. This is an effective path to avoiding unnecessary expenditure and reducing out of pocket expenses. No Claim Bonus in car insurance is one such discount which will create drastic savings for the policyholder and reduce the cost of the car insurance considerably. It refers to a discount offered to you if no claims are raised during the policy period. It would be applicable during the renewal process and applying it would ensure that you make only expenses that are needed and prevent your insurance policy costing you more than is necessary.

3. Timely Renewal

A car insurance policy must be renewed before its expiry date. Failing to do so is not only against the law in India, it also exposes you to additional unnecessary charges. By not renewing a policy by the expiry date, one would lose out on any potential accumulated NCB, leading to an expense that otherwise could be saved. Furthermore, one is left without coverage in the event of an unfortunate occurrence in which one would then have to pay out of their own pocket and would be left without insurance protection.

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Conclusion

A car insurance policy is thus extremely useful for setting up appropriate coverage in case of an unfortunate event. However, it may end up leaking money. It is thus important to select it carefully and be cautious of the ways in which one can save on expenses.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.