As per the Motor Vehicles Act, insuring your motor vehicle is a statutory obligation. All vehicles plying on Indian roads should have an active insurance cover for liabilities arising out of accident/mishap involving the insured vehicle. As per the law, a Third Party Motor Insurance cover is mandatory to provide monetary protection to third party/property in case of an accident. On the flipside, it's also important to insure the car and its occupants by means of a Comprehensive Motor Insurance which not only offers the statutory protection but also a cover for the insured vehicle.
For most of us, Auto Insurance can be an additional financial burden since the premium and others costs are slightly on the higher end. This article has been constructed to help you choose the most Comprehensive cover for your motor vehicle minus all the unwanted benefits.
Assess the Needs & Requirements
The first step towards choosing the type of Auto Insurance is to revisit your needs. Aspects such as the driving conditions, risks involved, average distance commuted are some of the basic factors which will help in deciding the type of auto cover you’ll need. If the motor vehicle will only be used for shorter distance with little/no element of risks, going for the Third Party cover only can be sufficient.
On the flipside, if you’re not restricting the vehicle to specific use, A Comprehensive Cover would give you a sense of protection. Let's draw a list tip to help in choosing insurance for your vehicle.
Re-Consider Add On Options
If the current insurance policy has Add On covers, reconsider their need. Though some of them such as Personal Accident, Roadside Assistance can be useful, analyse their utility. These additions comes at a cost and can have a substantial say in the premium amount at the time of renewal.
Read about the Insurance Company
Since having an insurance is a long term relation, it's paramount to sign up for a Motor Insurance with the right company. As much as you understand the policy, it would also be a good practice to understand the insurer’s background such as claims settlement ratio, reviews by customers and the general reputation of the company. This task helps in eliminating offers which do not match the general standards.
Since the advent of internet, the way we sell and buy products and services has seen a tectonic shift. There is a plethora of resources and tools available on the internet to help you choose the best insurance for your vehicle. The best way to compare insurance products is to get onto a neutral website where you can find unbiased information. You can also sign up for a cover online to save money and resources.
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017