How to Choose Car Insurance Policy

• 21 January 2020 | 1622 Views | By Mint2Save

Car insurance policy is an arrangement by a company that guarantees compensation for the damages and loss caused by or to the car. The company provides a 100% guarantee of benefits for the vehicle. A speedy process ensures compensation faster than any other service provider and the full amount at once. The efforts of compassion will satisfy and creates an unbreakable trust. 

What is the need for car insurance? 

Car insurance is a hidden help policy to protect from financial losses due to vehicle risks such as accidents, thefts, etc. Car insurance does not only provide help but also gives protection for families against all risks. Car insurance will act as a savior of the money problems caused by the car. Car insurance includes providing compensation for the human casualties too. This policy will be a lifesaver for many families. 

A car gives us the freedom to move anywhere with family and friends, but there are certain risks, and car insurance will be a lifeline option for families. So take a small step called car insurance policy and feel safe and secure.

The types of car insurance policies:

There are two types of policies for car insurance- Third party insurance and comprehensive insurance. A third party insurance policy protects the vehicle from the damage caused by a third person through accident or theft. A complete insurance policy protects the car from both the third party risks and own damage risks. It is the preferable plan for the vehicle. Both policies can help from damage costs through compensations.

Comprehensive insurance policy: 

This comprehensive insurance is an all in one insurance policy that covers all types of damages for the car. This car insurance policy safeguards human life, car, and third parties’ damage from all risks. It includes any damage by both the calamities of men such as accidents, theft, etc. and nature such as floods, earthquakes, etc. A comprehensive insurance policy is preferably available for all cars. 

The compensation will be according to the damages that occurred. The benefit will be as follows:

1. For death, it provides 100% compensation.
2. For losing two limbs or eyesight of both eyes, offering 100% compensation.
3. For losing one leg or sight of one eye, provided 50% compensation.
4. For injuries other than these above mentions, offered 100% compensation.

Third-party insurance policy:

This third-party insurance is a point out insurance that covers only for the third party. It is mandatory insurance which all vehicles must-have. This insurance policy provides compensation for the property damages, injuries, or the casualty of third parties. It covers only the costs for third party aspects caused by the owner’s vehicle. 

The compensation is for: 

1. The bodily injury to the third party due to an accident due to the owner’s car
2. The property damage to others caused by the owner’s car.
3. The death of the third party due to an accident due to the owner’s car.

The coverages provided:

The insurance policies cover most of the problems faced. The difficulties which can pose a problem compensation:

1. Natural disasters
2. Man-made disasters
3. Third-party casualties
4. Personal accidents

What are the benefits of the insurance policy? 

Car insurance is a crucial element that helps one who needs it the most. Some of the key benefits of insurance policies are: 

1. Compensation for the damages due to accidents.
2. Reimbursement of the damages due to man-made or natural disasters.
3. Compensation for human casualties.
4. Compensation for the death or suffering of third parties.

The key features in an insurance plan:

1. Add ons The extra services provided by the insurance company such as road assistance, etc.
2. Coverage: The coverage provided by the insurance company.
3. IDV: Insured Declared Value will determine the market value of the car.
4. Zero Depreciation: This will give the vehicle a complete coverage bumper to bumper. 

Proper assistance:

Coverage is the first thing that should be in the insurance plan. The plan provides zero depreciation compensation for the vehicle. The compensation for everything from bumper to bumper. Stress-free mind for the concerned person when his/her car meets with an accident. Insurance can help road assistance since the company employees are available all over India. Service employees will pick the car within one hour, and give it to the best service center. 

The vehicle will get the best service, and the concerned person doesn’t need to get stressed about the money. Be stress-free, the company will provide the status of the car, and the company employee will drop the vehicle at the residence once the car is back to be on the road. 

The best insurance rate:

An insurance rate is the sum of the money necessary for the compensation of the car and driver. The company can provide his/her insurance with the best insurance rates. The coverage varies according to the potential of the insurer. The following attributes may change the insurance rate:

1. Driving record: If he/she is a good driver and didn’t cause any accidents or hasn’t encountered any traffic penalties, he/she may get the best insurance rate.
2. Education grades: If the educational qualification for the concerned person is high and had better grades in schools, he/she may get some discounts.
3. Several policies: If he/she has much policy, may get discounts from some companies.
4. Protective equipment: If the vehicle has multiple high-quality safety equipment, he/she may get the best insurance rates.
5. Period of policy: If the person is a longtime policy plan holder, then they are eligible to ask for discounts on their plan.

Rejecting the claims:

The insurance company reserves the power of accepting or rejecting the claims requested by the concerned person. It won’t be denied it without a valid reason. The insurer must be a precaution about the claim getting rejected. Reasons why the claims get rejected:

1) Providing false details during the application.

2) Accidents were due to driving while alcohol consumption or other intoxicating substances.

3) Driver without a proper license.

4) Owning a second-hand vehicle without updating the plan.

5) Without informing the company within the due time of the accident.

6) Repairing the car before the company inspects it.

7) Accidents due to the carelessness of the driver.

Where to buy insurance?

The company will provide the instructions to get the perfect plan for the concerned person and their car. The company will give the best policy with the best insurance rates. He/She can get their insurance plan through many methods such as follows:

1. Online: He/She can get their insurance plan by filling up required their details and can pay through online itself.
2. Agent: He/She can meet up with an insurance agent associated with an insurance company, and can apply the plan.
3. Company: He/She can get their insurance from the insurance company itself, an employee will provide the necessary help to choose the insurance plan.

Conclusion:

Insurance is the best thing he/she can provide for their car. It can make them safer and stress-free at accident times. The company can provide help to fix the concerned vehicle. The insurance not only repairs the car but also can save lives. Through insurance, he/she can transfer the risk to the company, and the company will take care of all the problems. The bits of help provided by the company will be worth the time and money