Almost every car owner buys an insurance as a formality. They don’t even give it a second thought on which one will be appropriate and cover maximum risk. Many of them take insurance on the basis of premium amount, as if it is the sole deciding factor. This could easily mean not having adequate protection cover during a disaster.
It would be wise to go online to compare sundry insurance products of different companies on several parameters – like auto insurance ratings. Not just that, you should also be aware of all the facets of auto insurance before finalizing a deal.
Therefore, it is very necessary for you to give the same amount of importance to the insurance that you give while to the car itself. Here are some of the factors that you should ponder while buying an auto insurance:
Third Party Insurance
Opting for a third party insurance is very crucial in terms of covering the risk. It will offer you a cover against damages caused to any third person, vehicle, or property. Although, this insurance will not cover the damages caused to you and your vehicle, but it will ensure that you don’t need to pay anything for the third party damages. So, if you are buying a vehicle for the first time, make sure to get third party insurance before driving it on the roads.
Seek for Comprehensive Cover
A comprehensive insurance covers the damages occurred during the accident to you as well as your car. It also protects your vehicle from incidents like fire, theft, etc. Do not overlook comprehensive cover for saving on insurance premium costs because third party insurance will not cover any damages for your vehicle or self. Moreover, you can also go for add-ons to get the optimum protection – like 24*7 roadside assistance and zero-depreciation.
Personal Accident Cover
Personal accident cover ensures protection against any physical loos or disability during a car accident. You can also get this cover for other passengers in the car on the basis of your car’s seating capacity. Taking multiple covers can be a big burden for your pocket, so, you can look for an insurance inclusive of all these amenities. Going for a single insurance policy with the same company will help you get it at the best price.
Shop Around
There are many insurance companies with a wide variety of coverage. So, before finalizing the deal with one, shop around and compare the deals offered by multiple companies. This will not only help you reduce the burden from your pocket, but it will also help you get the best deal in the market with maximum benefits. You can compare the offers on the internet or can also look for an advisor.
Check the IDV of Your Car
The premium amount of the car insurance is totally dependent on the Insured Declared Value (IDV) of your car. It is the maximum amount you can claim from the insurance company, in case your car can’t be repaired, stolen, etc. There can be cases where one insurance company offers an insurance at a lower rate in comparison to other companies. So, check the IDV before buying as it is an important factor in a car insurance.
Buying an insurance isn’t a formality, it covers the risk associated with your vehicle. Therefore, think twice before buying one and consider all the factors to get the most favorable deal.
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