Today’s world has become tech-savvy, thanks to the Mobile First age! Consumers are now comfortable searching, comparing and buying products ranging from groceries to apparels online. One such online activity that consumers have adopted is comparing & buying vehicle insurance policy. Here, are few points one must consider while buying insurance to avoid any issues at a later date.
- Penny wise and Pound foolish
Motor insurance is mandatory for all the vehicles on a road, in India. So, the majority take this for granted and buy any reasonable policy that is pocket-friendly. Applying for any motor insurance policy without analysing the nitty-gritty, may deprive the applicants of insurance claim when required.
- Declare what is asked
While buying the policy there are certain details which the insurer asks for, like the year of manufacture of the vehicle, type of fuel used that is CNG, LPG, or petrol, any past claims etc. Not giving the exact details may land you in trouble as the insurer may cancel the policy on discovering the facts.
- Compare or Lose
First come first serve habit won’t work. We tend to buy the first policy which we find while surveying and don’t compare other options. Comparing vehicle insurance is a very important phase as it facilitates to make a perfect choice! There may be lowest quotes with Zero depreciation offers from the best of insurers available. So make sure you make a wise decision!
- Sale it is!
Various insurers offer discounts for applicants with benchmarks such as the occupation of the buyer, age of the buyer or safety gadgets installed in the vehicle. So double check, if you are eligible for discounts on vehicle insurance for any of these categories. This may fetch a handsome discount of up to 10 %.
- Know before you Buy
There are mainly two categories for vehicle insurance policies in India i.e. Third Party and Comprehensive. Third party insurances cover the cost of other person’s car and medical expenses when you are the defaulter and a comprehensive policy includes self, theft, as well as third party, claims whomsoever is the defaulter.
Hence, it’s very important to carefully analyse the type of motor insurance policy before you make a choice.