Buying a car insurance requires proper research and time so you can pick the right 4-wheeler insurance. Getting the right motor insurance can not only save you money down the line but also help in your time of need.
So, if you find yourself picking insurance just because you have seen an advertisement on TV at your car dealership, or because of word of mouth, stop and think.
This is because car insurance premium rates defer between companies and are based on the customer’s profile. So, you need to understand what each policy offers and compare rates before deciding the best option for yourself. Comparing car insurance online or getting various auto insurance quotes is a step in the right direction.
Car insurance is available online from financial companies such as Bajaj Finserv, which offers 4 wheeler insurance with multiple benefits. These include online car insurance premium calculation, 24-hour phone telephone assistance and cashless claim settlement.
To make the right decision, here are some questions you need to ask before buying car insurance.
- What kind of 4-wheeler insurance coverage do I need?
You will need to purchase third-party insurance as the law in India requires all cars to have this cover. This insurance only covers costs to the third-party in case of an accident. The costs include injury, death, vehicle damage, property damage and legal fee claims in case of an accident.
You, as the owner of the car, cannot make any claims. So, it is best for you to also get an Own Damage cover that protects your vehicle from damage. Plus, you can choose to a personal accident cover for yourself and c-passengers as well as add-ons like zero depreciation cover, key placement, and 24/7 road-side assistance.
The best way forward is to get a comprehensive motor insurance that includes all this apart from damage to your vehicle from accidents, fire, vandalism, theft and acts of nature.
- What will be my deductible in case of an accident?
The amount that you will be required to pay in case you get into an accident will vary depending on your insurance plan. The deductible amount is inversely proportionate with your insurance premium. The higher the deductible, the lower your insurance cost and vice versa.
While setting a higher deductible will reduce your insurance premium, keep in mind that you will be required to pay the deductible in case of an accident or your car will not be repaired.
- What is the discount offered by the insurance company?
Insurers offer various discounts based on your profile and your insurance claim history. However, you will need to ask for these discounts as they will not automatically be added to reduce your premium.
Discounts are offered for having additional safety features in your car such as airbags, for your ‘clean driving’ record meaning there have been no prior claims from you, and also if you have other insurance covers from the same company such as homeowner’s insurance. Remember to ask for discounts and offers when taking a new policy or at the time of renewal to save money.
- Does insurance offer 24-hour claims service?
Getting into an accident is stressful and in case of injury to you or a loved one, the stress is higher. Your first move in case of an accident is to inform the insurance company. For this, ensure that the insurance offers a 24-hour 365-day claim reporting system.
There is no point if you have to wait for Monday morning to report an accident that occurred on Saturday. You will want the insurance process to start at the earliest so you can benefit from the premiums that you have been paying.
- Will your No Claims Bonus be mitigated in case you decide to change your car insurance?
In case you decide to change the insurance provider, ensure that the new insurance will give you the no claim discount in case you have not filed a claim in the previous year. This is important as your no claim history will help you to reduce your car insurance premiums in the future.
- What are the add-on options available?
Add-on insurance options provide additional security to you. Add-ons such as 24-hour road assistance will help you to get your car to the safety of a workshop in case of a problem.
Similarly, getting key insurance will cover the cost of a new key in case you lose your keys. Be sure to get all the risks covered when you buy car insurance. Do your research online and talk to a few seasoned car owners to make the best choice.
It is important to fully understand what your insurance will do in case you have an accident and the approach to file a claim. Filing a claim should as easy as calling the 24-hour telephone service, but not all insurance companies offer such a service.
So, shop well before finalizing on your car insurance provider. Check your pre-approved offer from Bajaj Finserv to apply hassle-free and get the best deals instantly.