Since the last few weeks, an increase in traffic fines has been the major points of discussion. Though traffic rules like wearing helmets, avoiding over-speeding, abiding by traffic signals, etc. are made; there are multiple scenarios where traffic rules are flouted by the two-wheeler & car riders. It is necessary to keep important documents like driving license, car insurance originals, etc. when you are driving the car.
Many first-time car owners do not have complete information about car insurance due to which they choose a car insurance policy that may not suffice their requirements. Car Insurance is an insurance policy that an individual can use to claim the liability that arises during the time of an accident. Earlier, choosing the right insurance policy would take a couple of visits to the insurance company but now you can search, compare, and buy car insurance online.
The main advantage of buying car insurance online is that you save time and energy that you would have otherwise spent in visiting the insurance provider. Below are some of the tips that you can use to choose the best car insurance policy
Do your Homework
Before you shortlist any insurance provider or a particular insurance policy, you must do thorough research about the policy that might suit your requirements. Check the coverage offered by the insurance policy.
Check the coverage offered by the policy
Every insurance policy requires the customer to pay a certain premium periodically so that the vehicle is insured. In ideal cases, higher the premium amount; higher is the insurance coverage. You should always check the coverage offered by the insurance policy.
As far as insurance coverage is concerned, comprehensive car insurance policy is preferred by many car owners. Comprehensive package policy from a company like Royal Sundaram General Insurance covers loss or damage to your car, third-party liability, and damages/loss to the vehicle due to natural calamities e.g. earthquake, Landslide, Riots, Fire, Explosion, etc.
A couple of months back, a fire broke out at the Aero India show in Bengaluru. More than 300 cars caught fire but majority of the car owners could not claim insurance. RTO Karnataka revealed that most of the car owners had third-party insurance due to which they could not submit the claims (Source). If you are in Karnataka, you should be aware of the RTO Karnataka office list. Out of 70 RTO/ARTO offices, close to 67 are functional. By looking at the initials of the number plate e.g. KAXX, you can make out the place where the vehicle is registered in Karnataka. It is always recommended that you opt for a comprehensive car insurance package.
Add-ons are the extra protection options for your car that can be helpful in peril situations. While choosing the add-ons, you must have a look at the condition & valuation of your vehicle.
Some of the popular add-ons are Depreciation Waiver Cover, Windshield Glass Cover, Voluntary Deductible Cover, Full Invoice Price Insurance Cover, Loss of Baggage Cover, Key replacement cover, etc. Royal Sundaram General Insurance offers many add-ons that enhance the protection offered in the standard package policy.
No Claim Bonus (NCB)
As the name suggests, No Claim Bonus (NCB) is the amount that you earn during the policy renewal in case you do not claim your policy in the one-year period. This is like receiving an award from the insurance company for following traffic rules and driving safely.
Know the IDV (Insured Declared Value) of your car
It is a known fact that a commodity like a car is a depreciating asset i.e. its value reduces over time. As the name suggests, IDV is the maximum amount that you would receive from the insurance company in case your car gets stolen or suffers complete damage.
Before you shortlist a car insurance policy, it is recommended that you do thorough research online and also talk to experts to seek their opinion. It should not happen that in crisis kind of situation e.g. accidents, you are not able to claim insurance for your car because of the wrong insurance package.