just a few moments agoAuthor: Sandeep Singh
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Motor According to the Motor Vehicles Act, 1988, every car owner must have insurance for his car. Driving a car without insurance is illegal. Doing so can result in heavy fines and even car confiscation.
But it is not just because of the fear of fines but also because of the increasing accidents on the roads that it is important for you to have car insurance. There are many reliable insurance companies in the country that offer policies with very attractive features. There is a difference in the policies of all these companies.
In such a situation, people face many problems in choosing an insurance policy. But if you have bought a new car, you are going to take car insurance for the first time or the insurance of your old car has expired, then we are telling you some ways, with the help of which you can choose the right insurance policy.
so today news of need I will talk about car insurance. Also, we will know that-
- What things should be kept in mind while purchasing a car insurance policy?
- How can we know whether an insurance policy is good or not?
Question- Why is car insurance necessary?
answer- Car insurance is a tool that helps you protect yourself from financial risks in case of any future accident.
Apart from this, as per Indian law, it is mandatory for all car owners to get third-party car insurance because if your car is involved in an accident or causes any damage to anyone, the insurance company will compensate for it.
Question: What things should be kept in mind while taking car insurance for the first time?
answer- When buying car insurance for the first time, it is important to carefully consider all the options. As a first-time buyer, you should choose a policy that offers the right coverage for your new car.
Understand from the graphic given below what things to keep in mind while taking car insurance.
Graphic-1
Keep these things in mind while buying car insurance for the first time
- Do check the IDV (Insured Declared Value) in the company policy. The insurance company will make the full payment in case of car theft based on the IDV.
- Before choosing an insurance plan, definitely compare it with the plans of other insurance companies.
- Check the Claim Settlement Ratio (CSR) of the company. It tells how many of the total claims the company settled in a financial year.
- Always give correct information to the insurance company. Wrong information can result in cancellation of your insurance.
- Read carefully what will be covered in the insurance policy and what will not.
Source: Policy Bazaar
Question- What things are not covered in insurance?
answer- Usually, while taking car insurance, people do not read the entire policy documents carefully. The fine print of the insurance policy contains some information that clarifies the things mentioned in the policy.
The insurance company has certain rights to reject your claim or not pay it in full.
Understand this from the graphic given below.
Graphic-2
Car insurance claim will not be available in these situations
- In case of any problem in the engine, transmission or electrical part of the car
- Wear on tyres or brake pads
- Accident caused while driving under the influence of alcohol
- Accident while driving without driving license
- Modifying the car without informing the insurance company
- If the accident or damage is reported after the policy deadline
- Violating the terms and conditions of the insurance policy
Source: Investopedio
Question- How to choose the right insurance policy for the car?
answer- Before taking car insurance, it is important to understand what your needs are. For example, to cover the damage to the car, you should take an on-damage policy. Apart from this, how much compensation you will get from the insurance company in case the vehicle is stolen or destroyed in an accident depends on your insured declared value (IDV). In simple words, IDV is the current market value of your vehicle.
Graphic-3
How to choose the right insurance policy for your vehicle
- Don’t ignore third party own damage cover.
- Compare insurance from different insurance companies.
- Pay attention to the size of the insurance policy coverage.
- Check the premium and deductible of the policy.
- Choose add-on covers based on your needs.
- Avoid unnecessary cover in insurance policy.
- Take a comprehensive plan that includes own damage cover along with third party.
- You can also take a Zero Dep policy, but make sure to know its detailed features.
Source: Policy Bazaar
Question- Is it right to take car insurance policy online?
answer- There is no problem in taking car insurance policy online. It also has many benefits. Such as-
- The policy can be easily purchased sitting at home.
- You can easily compare prices of different insurance companies.
- The premium for online car insurance is often lower than the premium for offline insurance.
- Online policies also provide coverage equal to that of offline policies.
Question- How to check genuine and fake policies online?
answer- If you are buying a car insurance policy online, then it is most important to be careful and cautious. Even a little carelessness can make you a victim of scam or fraud.
This kind of risk increases in online car insurance because people usually do not buy policies from their authorized agents or directly from their insurance company. In such a situation, drivers become a target of online insurance fraudsters, who sell policies that are either not genuine or expire after a short time.
To avoid fraudsters and scammers selling fake insurance policies, keep these things in mind. Such as-
- Go to the insurance company’s website and enter the policy number and do online policy verification.
- If the policy number is invalid then you can contact the customer care of the insurance company.
- Visit the insurance company’s website and check the IRDAI certification or registration number.
- Use the policy verification link on the insurance company’s website.
- Look for the QR code in the insurance policy. Scanning the QR code will give you the policy status, details and information about the insured vehicle.
