by shivani kapoor
Published Sun, Jul 9th 2017, 15:28 | Finance
Road accidents are not new to us, with high speed vehicles zooming on the road, damages to third-party life or property and to one’s own vehicle is very common. Owing to this, the traffic rules of India has made third-party vehicle insurance cover compulsory to take your vehicle on road. The Car Insurance policy offers you a financial cover against the damages caused to third-party life & property by your vehicle. The stylist car that you bought for your comfort and class is nothing without a proper policy cover when it rams into a third-party vehicle or life or itself faces damages or theft. Being a common man we are budget people, who believe in saving penny. A proper vehicle insurance cover with on time premium and proper renewal can save you chunks when your savings will find an outlet for unnecessary expenditure.
If you are planning to buy a four-wheeler, simultaneously plan for a car insurance policy. Prefer online shopping for your insurance policy, because you have list of options to select from and chances of getting the suitable policy cover at reasonable rate increases; unwanted expenses of middle-man is nipped. It’s between the proposer and the insurance company. If you take a compulsory vehicle insurance policy, then you protect yourself financially against the damages caused to third-party life or property in case of a compulsory or third-party insurance cover and your vehicle remains unprotected. In case of a comprehensive cover along with the third-party cover, the cover is extended to the damages caused to the insured vehicle and the proposer. Various add on(s) can enhance the quality of the cover.
If the proposer takes a comprehensive cover then his vehicle is protected from natural calamities, man-made ruckus, accidents and thefts. With add on(s) he can take protection for himself and others in the vehicle during the time of incident. They are spared from legal affairs arising from the accident. When you are protected you will be a confident and smart driver.
The premiums of the policy depend on various factors like:
· Model of the car.
· Location of home and work of the policy holder.
· Condition of the four-wheeler.
· No-claim bonus points.
· Type of car, CNG cars attracts more premiums.
· Additional covers for the car accessories.
Depending on the requirement one can craft the insurance policy with basic and extra covers. In the aforesaid factors NCB points can reduce you premium to much extent. If there is no claim for the policy money in the initial years the point increases up to 50. So experts’ advice the policy holder not to claim money for minor issues, it’s better to bear small charges on the wallet for major damages in future.
While buying the policy keep in mind the claim settlement & solvency ratio of the company, network garages for cashless repair of your insured vehicle and the customer care support in hour of your need. Existing policy holder’s review and the IRDAI figures of claim settlement ratio can be of great help in buying your policy. Be a smart driver install safety features in your car like safety-belt & airbags and drive safely & confidently with a proper insurance cover.