New Policy for a New Car
There is never any problem getting a fantastic deal on your brand new sparkling four wheeler. Dealers, insurance agencies as well as the car manufacturers offer subsidized or free covers as a part of the package. It is upon you how well you negotiate in sneaking away with the best possible.
We suggest an online research to find the best offers and compare them before zeroing on any particular one.
Renewing the Policy
If you are in the process of renewing your car insurance policy, finding the right options would be quite tedious unless you go online. As your car age, the premiums are higher and highly depend upon factors like the model/make of the car, fuel type, location of the registration RTO, claim history, etc.
Get multiple quotes to compare and choose the best.
Factors majorly affecting your car insurance premium
NCB – No Claim Bonus
This piece of information is extremely important while deciding your car insurance premium. Depending whether or not you’ve made any claims on your insurance policy, your policy premiums may vary. NCB is linked to the individual and it is basically a token of appreciation for being a safe driver throughout the year.
One can earn the NCB from 20% upto a maximum of 50% over years. The slabs are fixed by IRDA and followed by all insurers. Below is the table that will explain the concept in details:
Own Damage Coverage
As the ‘own damage' cover that insures the policy-holder's vehicle is voluntary, many people don't renew it on an old vehicle speculating they would never have to claim. Although, this could be quite a risk! It covers damages caused by floods, storms, explosion, fire, burglary, and terrorism.
However, the general wear and tear, mechanical breakdown or any damages caused due to war or nuclear explosives are not covered.
Apart from the above, there are a loads of add-on features that one can opt for to ensure a better coverage of the vehicle. Some of them are listed below:
RSA: Road Side Assistance cover basically offers quick assistance in emergency situations while driving through remote locations or areas lacking any service stations or assistance. Users can avail benefits like fuel assistance, taxi and accommodation benefits, etc if opted for this cover.
Engine & Electronic Circuit Cover: This cover comes in handy especially in areas that are prone to frequent flooding. Hydro static lock or repetitive efforts to ignite a moist engine is one of the key reasons of engine failure. In a normal motor insurance policy, such damage is not covered.
A dedicated electronic and engine cover add-on is the suitable way to evade gigantic costs associated with such repairs.
Invoice Protection Cover: Invoice Protection Cover or Return to Invoice is an add-on feature that offers the user the choice of availing the invoice value of the car in case it is totally damaged in an accident or otherwise. The main feature of this cover is that the insured gets full reimbursement without any depreciation.
However, the Invoice Protection Cover is typically offered only in the first year of the vehicle.
Personal Accident Cover: Generally, the owner-driver or the paid-driver or both are covered under this plan depending upon the insurance company. The coverage can range depending upon the requirements.
However, one can opt for the Personal Accident cover on only one of his vehicle, in case he owns multiple ones.
Loss of Personal Belongings: This cover comes in handy in case any of your personal belongings like laptop or other electronic equipment gets stolen from the locked car.
Depending upon the insurance company, one can claim unto Rs 50000/- if he’s covered under this plan.
Sources of Car Insurance
Come Online, Go Happy
It is common knowledge that online insurance covers are cheaper than offline. This is because online channels help to lower the transaction costs for the insurance agency, the benefit which the agency then passes on to the customer in the form of discounted premium rates.
Top insurance companies like Bajaj Allianz, Chola Mandalam, Reliance General, Bharti AXA, Tata AIG, IFFCO-TOKIO etc. offer attractive online rates to customers.
Standalone insurer also makes it easy for the car owner by acquiring multiple quotes from different insurance companies like HDFC ERGO, Universal Sompo General Insurance, New India Assurance Co. Ltd., L&T Insurance, etc.
Normally, most of the quotes given by the aggregator, online portal or any other agency is based on the model type and brand of the car. But the final quote can vary depending on other cosmetic aspects of the car.
Once you zero down on the best car insurance cover, cross-check and compare the premium price online before purchasing the policy. It will also be worthwhile to check with a couple of authorised service stations for the best deals.
Here again, we at Coverfox will collate the information for you and offer you the best policy which is in your interest. Even if you want a cashless claim, we offer you a thorough road map after a complete understanding of your needs.
Apart from this, you also get a team of Service Managers who would not only assist you with all your queries and concerns but will also hand-held you through claims.
Go - To Garage
Your regular garage or service station where you frequent for regular servicing of your vehicle, would have an association with an insurance agency. They will, in all probability, offer insurance premium quotes with insurers they have a tie-up with.
But be aware of hidden costs.
See that there is no overcharging in your bill which may be some add-on of your policy.
Lastly: Coverfox wisdom ‘Get Cover, Get Going’
Though insurance policies look the same, don’t settle for the cheapest cover available to you. Come to the expert. Get more from your insurance cover and prepare for a hassle free ride of your life!!