Significant Things To Know About Car Insurance Plan
To buy a car insurance policy is always recommended, but selecting an ideal plan requires an understanding of technicalities. Read to know important things about car insurance to make your purchase cost-effective and beneficial.
Table of Contents
Everyone purchases a car insurance policy due to obligation as well as to secure their cars. But, very few people understand the technicalities required to choose an ideal plan for them. To avail the benefits of car insurance to the fullest, you need to be aware of some key points related to the car insurance policy. Let’s discuss some significant points which you should follow while dealing with car insurance.
1. Do Not Get Conscious About Brand
No matter how good an insurance company is, your focus should be on the policy you are buying. Being brand conscious while purchasing a car insurance plan can cost you. Instead of an insurance company, you should check if you are getting the right coverage at the right price. Many insurers sell their plans through their agents or brokers by including their fees in premiums. Hence, you should search for a car insurance plan online by comparing them based on your budget and needs rather than picking it due to its brand.
2. Paying Full Premium Can Help You Save More
While purchasing a car insurance plan, many people choose to pay premiums in installments such as monthly, quarterly, or half-yearly. Although it can make the plan affordable for them, it can also make the policy expensive as many insurance companies charge additional fees for taking premiums in installments. Therefore, if you can afford the policy premium, it is suggested to pay it in full. It can prevent you from paying added charges and eliminate the worry of missing any payment.
3. Importance of Including Add-on Covers
Buying a comprehensive car insurance policy is always recommended as it provides you with overall coverage. However, some people find this plan expensive while many could go unsatisfied with some of their requirements. To cater to such needs different add-on covers are available such as Zero Depreciation Cover, Return to Invoice Cover, Engine Cover, and so on. You might have to pay additional coverage to opt for add-ons, but they will provide you assistance for your exact needs.
4. Transfer NCB from One Insurer to Another
No Claim Bonus (NCB) is a facility offered by insurance companies to their policyholders as a reward for raising a claim in a policy year. It starts with 10% of the first claim-free year and goes up to 50% for five consecutive claim-free years. To keep availing this benefit, you need not stick to an insurance company and you can always transfer it to the next insurer you select. The NCB benefit can also be switched from one car to another as it is provided to policyholders and not to the car.
5. Cashless Repair At Network Garages
The insurance companies have a lot of garages under their network. If you take your car to any network garage for repair after an accident, then you will not have to pay anything out of your pocket as your insurance company will take care of your payment by paying your repair bill amount directly to the garage. To avail this facility, you should intimate your insurance company about the incident and about your visit to the network garage.
Conclusion
Purchasing a car insurance plan without understanding some of its important points and technicalities can disappoint you later. Therefore, we have tried to put forth some significant things about car insurance. We hope buying a policy after going through the above-mentioned points can make it easier to make your purchase the cost-effective one.
Also Read:
5 Most Important Sections In Car Insurance Policy Wordings
Top Factors That Determine The Premium of Your Car Insurance Plan
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.
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.
