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Things to Lookout for When Buying Car Insurance

Posted by Royal Sundaram on 15 Oct 2019

Things-to-lookout-for-when-buying-car-insurance

 

Add-on Features

 Many insurance companies offer add-on features that comes with car insurance at an additional cost. Though such add-on features will increase your premium, but you will get great benefits out of it. For example, zero depreciation cover. If you add this cover to your car insurance, then you will get full reimbursement for the replaced parts without any deduction while making a claim.

 

Insured Declared Value of Your Car

The premium of your car insurance is associated with the insured declared value of your vehicle. Thus, it is also considered as one of the most important things that you need to look out for while buying a car insurance. It is basically the maximum amount that one can claim under a car insurance. A brand new car will have a higher IDV value as compared to the one that is a year old and has same design and model.

 

Network Garages

While buying a car insurance policy, you must check for the list of network garages offered by the insurance company. Look for insurance companies that have got a list of network garages available so that you can avail the facility of cashless claims. Choosing an insurance company with a wide range of network ensures that your claim settlement is done fast without any hassles.

 

No-claim Bonus

 No-claim bonus is one of the best ways of reducing the premium of your insurance. It is basically a gift to the insured person for not making any claims in the previous years. Remember, no-claim bonus is associated with the policyholder, not with the vehicle. Also, you can get a discount of up to 50%, but that is only applicable if you maintain a claim-free record.

 

Claim Procedure

 This is yet another important thing you need to look for while buying a car insurance. So, before buying an insurance company, you must check the claim settlement ratio or claim data of the insurance company in order to understand its credibility. Thus, go for the company that has the best claim settlement ratio and simple claim process.

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