Having a car insurance will definitely give the car owner many benefits. No matter what vehicle you buy, it must be covered by at least the minimum car insurance. Most people take their friend’s advice or advice from any relative etc. before buying a car insurance and later regret it. This is not how you choose your car insurance. Insurance companies vary in the car insurances they have to offer. Therefore, it is always good to do your research and enquiry, compare car insurance before choosing and then buy the best car insurance.
However, you must ask yourself a few questions before choosing a car insurance policy:
1. What kind of insurance policy do I need?
You need a third party car insurance in the least, as it is compulsory by law. This refers to liability insurance that provides coverage against injury or death of a third party due to any accident caused by your car. The damaged caused to the vehicle or property of the third party is also covered along with the legal fees. Other types of coverage available must also be considered, and then choose based on your needs, i.e.
Comprehensive Insurance: This cover provides a comprehensive all round coverage. You will receive monetary compensation even if your car is damaged from non-accident causes such as natural calamities, theft as well as third party liability.
Personal Accident Cover: If you are in an accident, all your medical charges will be paid or lost wages incurred with the help of this coverage.
Always ensure that you go through the policy wordings provided by the general insurance provider.
2. What deductible should I pay?
The amount of money that is decided between the insurers and insured is known as deductible. If there is any case of accident, you will have to pay the deductible amount before insurance company pays the rest. Premium rates can be lowered if a higher deductible is chosen. There are chances, you might not even have an accident, but always make sure you choose a deductible that is easy to pay for you in case of any accident.
3. Will my insurance cover original manufacturer parts?
You will need to ask this question to your insurer. Two kinds of spare parts are available. Aftermarket parts are made to fit a general type of vehicle and are less expensive. Second kind are the original manufacturer parts that are made for particular models. Original parts must be included in their policy by your insurer.
4. How will my car be valued?
Your car’s value is decided based on its IDV. Insured Declared Value or IDV is the compensation you are eligible to receive it the event of total loss or theft.
Before you go ahead and buy the car that you want, do a little bit of research until you find the best car insurance that fits your budget as well as suits your needs.
Basically, a car insurance will act as your companion no matter what damage is caused to your vehicle. Therefore, having a car insurance is a must!