Ask Yourself These Questions Before Purchasing Car Insurance Online
Cars are often regarded as one of the most valuable possessions of a person. They are invaluable for our daily day-to-day activity. Whether it is transporting business delegates for an important meeting, or cruising through the highway at a leisurely pace in a road trip holiday, a car is always there.
Insuring your Car from Damage
As with everything else, cars are susceptible to damages that can deter its functionality. The cause of these damages mainly fall into 3 categories -
- . Natural calamities - bad weather, rainfall, landslide.....
- . Accidents - explosions, engine failure, breakdown.....
- . Intentional damage - theft or burglary, sabotage, assault on vehicle.....
Adopting a car insurance policy helps to ensure the safety of the car and provides it adequate protection, by recompensing any damage inflicted to the insured car. Policy holders also benefit from income tax deductions, health insurance coverage in case of any bodily harm inflicted by a third party during an accident, car garages etc.
By paying a highly affordable monetary installment/amount called premium at a regular interval for a pre-determined period, dependent on the insurance policy and the value of the car, the policy holder may avail all these benefits.
Some Things to Take Note of Before Purchasing an Online Car Insurance Policy
Insurance policies are normally contract-based. The terms and conditions are stated in the policy document to which the policy-buyer agrees and signs. These are irreversible and breaking these might result in legal ramifications. Therefore, to invest into a car insurance policy, one must know about the policy in detail. Here are some questions to ask yourself before purchasing online car insurance -
- What is the Full Coverage of the Policy?
Knowledge of the full extent of the insurance policy is always imperative. Does the policy provide health damage cost coverage? Does the policy provide on-site road repairs? Till how much damage cost will the insurance policy cover? These things must be known.
- Is Third Party Liability Insurance (TPL) Policy Included?
Under the Motor Vehicle Act, the government of India has made Third Party Liability insurance mandatory for all motor vehicle owners. This implies that you will be shielded from all legal ramifications, if any damage to another is caused by your car while driving.
- How Long Does it Take for me to Get the Insurance Claim?
Filing for an insurance claim after suffering an accident or loss under the insurance policy terms can take a bit of time. After the damage, the insurance company sends a specialist team to survey the extent of the damage and calculate the price to repair it. If the damage is too aggravating, and it meets policy terms and conditions, full coverage of damage is provided.
- How Can I Cut down on the Car Insurance Premium Pricing Using Insurance Deductibles?
Insurance deductibles are the most common way to cut down on the insurance costs. There are two forms of deductibles, voluntary and compulsory. With deductibles the policy-holder pays an amount to the insurance company during the time of insurance claim. This amount is deducted in the premium cost of the insurance policy. Their amount is either fixed, or it is optional, as per the insurance company.