An Overview on Vehicle Insurance

Are you searching around for the best quote for your vehicle insurance? If yes, read on further to find out what you actually need to know before buying vehicle insurance for your expensive possession

Buying vehicle insurance Policy in India is an obligation and having third party insurance is a must. Other than this, if you want extended Coverage it solely depends on your choice and preferences.

There is no one-size-fits-all criterion when you are buying vehicle insurance as vehicle insurance policy comprises of a combination of options that you choose to get the required coverage for your car. Therefore, your Premium amount along with the coverage can be different from that of your friend’s vehicle insurance. So, examine every aspect of your budget and your car insurance coverage requirements before buying the vehicle insurance policy.

Why do you buy vehicle insurance?

Besides being obligatory, buying vehicle insurance is a necessity. With increasing traffic gradually day by day, accidents on road are a common sight. Moreover, increasing health expenses and car maintenance charges are becoming painful to handle economic inflation. So, you have no other option to save yourself from unexpected misfortunes but to procure a vehicle insurance policy.

How to opt for the right car insurance cover for you?

A vehicle insurance policy is basically bought to avail financial ease at the time of need so that you do not need to extract unlimited cash out of your pocket or more than required.

Personal injury

When you drive a car, your family’s safety is your priority. So, the first thing to opt for should be personal liability coverage. It becomes imperative if you do not have sufficient Health Insurance coverage for your family. So, balance appropriately.

Comprehensive coverage

Besides road mishaps, there can be other incidents such as theft, natural calamity etc which can lead to the total loss of the car. To save your well-fixed possession from unfortunate events, you should have comprehensive car coverage.

Third-party insurance

When a major collision happens, expenses are also major and you may need to pay huge cash if other car drivers or passengers have got injured or there is huge property loss. Having third party insurance will save you from this to a great extent.

A balance between deductibles and amount of premium

Once you are affirmed with the coverage, you need to decide upon the amount of Deductible and car insurance premium. The deductible is the amount paid by you before the insurance company comes into the scene. You can decide the deductible amount by having a look at your affordability in case of an accident. If you can fish out good amount of cash, your premium amount will automatically get lowered.

Opting for higher deductibles is another way to save on premiums as accidents are assumed to be as once in a while affair. However, if your driving record is not a good one or a new driver is on the seat, deductibles amount should be a lower one.

Car insurance claims

Another most important aspect to look at while buying vehicle insurance is the number of car insurance claims settled by an insurer. The more is the number of settled claims in comparison to the number of claims raised the better is the insurer. The time period you raise car insurance claims is the time when you actually come to know the credibility of an insurance company. Hence, you should consider checking this point before you sign for the insurance policy.

Buying vehicle insurance is an expensive affair, not only in terms of money but in terms of time also. Do not run after fancy features but procure the basic required ones against the lowest possible rates.

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