We often find people thinking what to look for when buying a car insurance in India or what important things to be taken care while buying a car insurance in India. There is no simple Car insurance checklist or points present but all it depends upon your requirement. Policystar brings you main key parameters you should take care of while purchasing a car insurance:
IDV (Insurance Declared Value)
It is basically the current market value of your car as per the insurer. This is equal to the maximum amount of Sum Assured by the insurance provider
Higher the IDV of your car, higher is the premium amount you have to pay
This is the depreciation value an insurance provider considers while calculating your claims
Type of Insurance
Based upon your requirement, you may opt in for a third party auto insurance or a comprehensive policy or a Zero depreciation plan. If the market value of your car is high, zero depreciation plan becomes favorable as at the time of claim settlement, the insurance provider won’t be decreasing the value of your car as per existing present age of the car.
It is always good to get your car insured through the person who would have helped you in settling up claims you would have raised earlier.
- You should always try selecting third party covers as well, hence a comprehensive policy would be helpful as in case of any mishaps, it is including you and the other person’s car who are damaged.
- Get Theft Protection inbuilt in your coverage, so that you don’t have to worry about your car getting stolen anytime.
- If you live in the areas susceptible to floods or earthquakes, get your car covered with this add on.
- If you have a driver for yourself, you should go ahead with Paid Driver Cover as well
- Always go for Zero Depreciation – this ensures the insurer settles the entire bill for you
- Protect your car from making claims of small amounts so that you are eligible for NCB (No Claim Bonus) in the renewal.
- Its up to you if you want to go ahead with invoice cover – this would entail the insurer settle you with the invoice value of your car in case it is fully damaged
These days people prefer buying insurance policies online as the information available is more transparent and process is quick. Definitely, go for a policy which fits in your pocket while simultaneously covering you from unwanted scenarios.