For travelling alone, a two-wheeler is probably one of the most efficient ways around. However, when you buy a car it almost goes without saying that you have a family to travel along with you. Which essentially means that you have added responsibilities and you must neutralize as many risks as you possibly can. Buying a car insurance is an ideal way of doing that and getting peace of mind.
Yes, you must buy a car insurance because the law asks you to do so. But that shouldn’t be the only reason. A good car insurance will keep you and your family safe from a variety of situations and scenarios. For an instance, if you meet with an accident and cause damage or injury to another person, vehicle or property, the policy will safeguard you. Similarly, should your car need any fixes or repairs post the accident, the policy will take care of it.
You can either opt for a vanilla third party liability policy or a comprehensive car insurance. However, a comprehensive policy will be your best bet. Not only does it provide you all the features mentioned above but also takes it a few steps further. A comprehensive policy will take care of your car in the case of theft or natural calamities or vandalism. The central idea is to help you sleep peacefully at night.
Simple Ways That You Can Reduce Your Car Insurance Rate
Gone are the days when you could buy a car insurance at the discretion of an insurance agent. As a policy holder or potential buyer, you have a lot more control in your hands now. In fact, you can take quite a few steps to reduce your car insurance premium. Steps such as:
- Install Security Devices
There are quite a few anti-theft devices available in the market. When you install any of them in your car, the insurer is a bit more confident that you will not lose your car to theft. That confidence translates into a small discount. Though this might not be huge, it will provide you with some discounts for sure.
- NCB Transfer
If you have had car insurance earlier and did not claim the same, it is worth transferring your NCB. It is important to understand here that a NCB it tied up to the policy holder and not the policy itself. So, if you have already sold your older car and you had some NCB on the policy, do not forget to transfer the same to your new policy. There is no need to worry as you can avail the same within three years of the transfer. If you do not have any immediate plans of buying a new car, it is absolutely fine. Just get the insurance transferred.
Shopping For Car Insurance Follow This Advice
Before you can dig down into getting the right insurance for your car, it is important to know the different types available. A third party liability insurance and a comprehensive insurance policy are your only two options.
- Third Party Liability
This is kind of the default setting for a car insurance policy. Should the policy holder meet with an accident and it results in damage or injury to some other person or property, third party liability takes care of it. It also provides your car the legal immunity to be driven on Indian roads.
- Comprehensive Policy
A comprehensive car policy is a complete policy that you can wish to buy. It includes all the benefits of a third party liability policy and builds on them. For an instance, a comprehensive policy provides you cover against theft and natural disasters. In the unfortunate event that your car is at the receiving end of any damages, a comprehensive policy will cover it. Some insurers also pack in a personal accident cover for the policy owner.
A comprehensive policy also lets you choose riders or add-ons to further enhance the coverage of your policy. Some of the most famous riders opted by policy holders are zero depreciation cover, engine and electronic cover, cover against loss of personal belongings from your vehicle etc.