What All You Must Consider When Purchasing Car Insurance? | RenewBuy

What All You Must Consider When Purchasing Car Insurance?

Many times, individuals solely focus on purchasing a car and don’t give car insurance much thought. At the most, it is considered a formality that needs to be performed. A majority of people buy car insurance considering the premium rates. If this is the case, you won’t have enough protection cover in case you meet with an accident. It is imperative to conduct thorough research before buying car insurance policy online and we are here to help you take into account a few things you should consider.

  1. Claim Settlement

When buying car insurance, you need to check the company’s claim settlement ratio. A company that has a good reputation and track record and settles these claims in a rapid way is ideal. After all, you do not want to wait for prolonged periods to obtain the amount. Remember, no one wants to pay premiums only to have your claim rejected.

  1. Comprehensive Cover for Improved Protection

A comprehensive cover presents coverage by safeguarding the damages caused to your own car or injury to self, in case of an accident or unfortunate incident. Based on the insurance plan you choose, this cover also protects your vehicle from thefts and accidental fires. Don’t believe that you will save up on insurance premium costs by forgetting about comprehensive insurance.

  1. Be Aware of the Insured Declared Value of your Car

The Insured Declared Value (IDV) of your car and your car insurance premium is connected to each other. IDV is the greatest amount you can claim under any particular policy. A brand new car will have a higher IDV and a car that consists of the same model but is a year older will have a lower IDV.

Read more on Should You Increase the (IDV) Insured Declared Value?

  1. Think about Voluntary Deductibles

If you are seriously considering lowering your car insurance premiums, you can choose a voluntary deductible. This means you are in favour of sharing the costs of repair in situations when a claim is made. This leads to a lower premium for your insurance plan.

  1. Do Away with Unnecessary Frill

Sometimes you feel that getting all of your services covered at one place is easy but this is not the case when you are on a budget. Car insurers usually offer you towing services and 24x7 road side assistance among many other things. These features can add to the premium rate and may not be very helpful. If you are on a budget, you can skip these unnecessary frills and save money. Choose these add-ons, only if you can afford it.

  1. Arranging Documents and Buying the Policy

After you have come to a conclusion, get your required documents, which include a duly signed claim form, an RC copy of the car and a driving license copy, and purchase the policy. You can opt to apply online as it requires fewer documents. You obtain your policy document after you make your payment. Read the document carefully so that there are no errors or faults.

Your car is one of your most prized possessions. It is your duty to protect it with good insurance that attends to all of the above requirements.