Troubles come uninformed, therefore, even an experienced driver cannot avoid the risk factor while driving. Even a minor accident or a slight bump can result in heavy repair costs. The only way to be prepared against such circumstances and losses is to buy a car insurance policy.
Car insurance covers you against losses that you might incur due to theft of your car or damage due to accidents or even natural calamities. Each month you pay a certain amount of money to the insurance company and you get assured sum when in need.
Whether you have a set of shiny new wheels or a decaying rust bucket, cheap car insurance is a must for staying legal on the road as well as protecting your car from unforeseen events. Buying a car insurance plan can be tricky if you are unable to choose the right cover and the right insurer. To help you with the right plan. Here we go :
Tips to get the best car insurance plan:
- Understand and Assess:
Before you buy insurance for your car, it is essential to understand the two major categories of motor insurance, namely, third party liability and comprehensive insurance. Also, wisely analyze and decide the amount of cover required. The coverage must be equal to the total value of car and also keeping in mind the minimum level of cover set mandatory by state government.
- Compare and choose:
It is wise to compare the quotes before buying car insurance as it can save you a hefty amount of money and provide better coverage option as well. One can also survey by asking the existing customers of the insurance companies.
- Look for Discounts:
You need to be constantly on the lookout for discounts which can substantially reduce the burden on your pocket. Some factors like good driving record, gear lock, anti theft system can reduce the annual car insurance by up to 5%.
- Add-ons:
Add-ons make it possible to customize your car insurance as per your need, besides adding on to the protection. It increases the premium but provide extra protection to both you and your car.
- Never Undervalue:
The premium of your car insurance are decided on the basis of Insured Declared Value i.e. IDV of your vehicle. An agent might decrease the IDV of your vehicle so that your premiums are low. This is not advisable because undervaluing can create issues while claiming the right amount of the loss incurred.
