21 September, 2016
When it comes to buying a car, we put a great deal of time and effort into buying the perfect car, and rightly so. Unfortunately, most car buyers do not take the same kind of trouble when it comes to buying insurance for their automobiles.
Most Indian car owners opt for the minimum insurance required by the regulatory authorities and often neglect important aspects of insurance policies. Here are some of the most common mistakes that you should avoid, when purchasing insurance.
1. Failure to Compare Insurance Quotes
Comparing the rates offered by different insurance companies is beneficial. In addition to offering different rates, there are differences in the features of policies offered by different car insurance providers.
2. Availing Minimum Insurance
Most people only avail basic coverage, as mandated by regulatory authorities. This may not be prudent, especially if the repair costs due to damages are high. Policy buyers should check the details for comprehensive coverage and do a cost comparison against possible maintenance and repair expenses in the future.
3. Failing to Bundle Insurance to Procure Discounts
Insurance companies provide benefits to individuals who acquire multiple policies. Choosing to avail home, health, and car insurance policy from the same company can help to lower the premiums. Most insurers offer discounts on a 2nd car that you insure or when 2 vehicles are insured together, so always club such purchases.
4. Delay in Payment of Annual Premiums
Any delay in the payment of premiums can affect claims. Before buying an insurance plan, assess your needs. Opting for add-ons covers is optional.
5. Choosing Unnecessary add-ons
There are several add-on covers available with a standard package policy. However, certain covers will only add to the cost of the policy, without actually minimizing the risk. Thus, to minimize cost, avoid selection of unnecessary addons.
With Royal Sundaram Car Shield insurance plan, owners can enjoy several benefits, such as free on-road assistance and 100% invoice price coverage. You can also enjoy unlimited liability for third party injuries with this policy.
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