No matter how good a driver you are, there are a number of instances when you can get involved in an accident while driving your 4-wheeler. Whether you end up with a small scratch or a huge dent, the financial expenses involved can be heavy on your pockets. That is why you need to keep yourself well-prepared to face such situations. One way is to invest in a good car insurance policy.
The right car insurance can help you in overcoming various losses such as theft, damage due to accidents or natural calamities, etc. Read on to find out how to buy the right insurance policy for your 4-wheeler.
Buying Car Insurance Policy
The first step would be to understand the various policies available such as third-party insurance and comprehensive insurance. You also need to decide the amount of coverage you need.
Once you have decided on the type of policy and the amount, the next step is to get the quotation from various insurance companies. This is because every company offers different premium and risk coverage. You need to compare all the rates and then choose the best policy.
You could also customize your insurance according to your needs by add-on coverage as this provide additional protection to you and your vehicle. But you need to be aware that your premium rate will increase if you opt for add-on coverage.
The Insured Declared Value of your car decides the premium of your vehicle. Don’t let your insurance agent undervalue the car as it can lead to problems when you have to claim for total loss or theft.
Once you have bought the right insurance policy, you need to remember to renew it on a yearly basis. There are chances that you might miss out on renewing your insurance policy which is not a good practice. There are different ways to renew car insurance policy.
Renewing Car Insurance Policy
One way to renew your car policy is to do it online. A simple and easy way to renew your insurance policy, all you need to is just login to your insurance company’s website, fill in all the required details such as the policy details, vehicle registration number, add-on coverage details, etc., and submit it. The entire process would hardly take 5 minutes and can be done right in the convenience of your home or office or even when commuting.
Another way is to meet up with an agent from your insurance company who would come and inspect the vehicle and then decide on the premium amount. You would have to submit all the paperwork related to your existing policy. This is slightly a lengthier process than the online one and would also take considerably more time.
No matter which option you choose, you have to ensure that you renew your policy well in time and don’t wait for it to expire. If this happens, there are chances of you losing out on some of the benefits offered by your insurance company.