Accidents and other unfortunate events cannot be predicted. However, their probability can be gauged. Insurance is only provided once this probability is determined. A Comprehensive Car Insurance policy includes the mandatory Third-party Liability policy and offers a wide insurance coverage.
Consider the following four factors before purchasing a Comprehensive Car Insurance policy.
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- Risk Exposure
- Add-ons
- Deductible
- Insurance Provider
Risk Exposure
You should avail insurance based on the risks you might be exposed to. For example, a car is more prone to accidents if it is frequently taken through risky routes or on long weekend drives, compared to one that’s parked in the garage most of the time. Identify the risks you might be exposed to first and then go for adequate coverage.
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Add-ons
Add-ons are not compulsory, they are optional, hence the name. Analysing your risk exposure will help you choose appropriate Add-on covers. For example, if you reside in a flood-prone area, you might want to avail the Engine Protection Add-on Cover. If you want help while you are stranded in the middle of the road, go for Roadside Assistance.
With a Zero Depreciation Add-on, your insurance provider will not deduct the vehicle’s depreciation while settling the claim. No Claim Bonus (NCB) Protect Add-on will keep your NCB intact even if you make two claims in a year. It is important to select a suitable Add-on and know about its coverage in detail before purchasing.
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Deductible
When you purchase car insurance, you will come across something called deductible. A deductible is a small amount, deducted from a claim, which the insured person would have to pay.
There are two types of deductibles, Compulsory and Voluntary. Compulsory deductible is pre-defined while Voluntary deductible can be adjusted as per your wish. If you opt for Voluntary deductible over Compulsory deductible, your premium amount will go down (based on the percentage of your contribution). However, be cautious while increasing the Voluntary deductible, as you will receive a lesser amount while claiming, since your premium was less.
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Insurance Provider
The coverage offered by most insurance providers might be similar but the services offered differ. Spend some time on your preferred insurance provider’s website and social media handles to get a sense of the brand. Going through user reviews of the insurance provider will also be insightful.
The most important aspect of insurance is the claiming process. Make sure that the insurance provider’s claiming process is hassle free. Customer service is key, perform your due diligence before zeroing in on your insurance provider.
Going digital
Digital revolution has changed the way we interact with brands. Insurance brands have also made their presence felt in the online marketplace. Nowadays, insurance can be purchased easily with just a few clicks. Consider Comprehensive Car Insurance keeping the above-mentioned factors in mind and purchase it online for a convenient buying experience.
