What should new car insurance buyers keep in mind

So, you got your first car! Congratulations to you! We are as excited as you, but there is an essential checklist you should be aware of to make sure you buy the new car insurance.

·         Personal details

Exact personal details such as name, residential address and driver's license details must get included in the policy document. Your address should be correct, as the hard copy of your insurance policy would need to be sent. Also, it would be helpful to submit correct personal data while filing claims.

·         Car details

The four-wheeler details will include your registration number and engine capacity. Engine capacity is also a critical factor in determining the amount of premium insurance.

·         Deductibles

You need to pay part of the claim amount as a Deductible Compulsory. You can also select to pay Voluntary Deductible, but this amount must be stated when you purchase the policy.

·         Comparison

 With the help of technology, you can make car insurance online comparison and calculate the premium amount before purchasing a policy. To know about your motor insurance premium, you can use an online premium calculator.

·         Payment details

When you buy the car insurance policy, your online payment information gets listed, including account number or customer ID, password or ATM pin, and One Time Password (OTP). Be careful with this; keep the details secure and insure your car.

·         Add-ons

These are covers that intend to protect the insured vehicle and the owner against certain situations. Examples of add-ons include voluntary deductible cover, NCB protector, covering personal loss of things. You can purchase them over and above the original scheme, for a fee. Although those add-ons will increase the premium, a lot of benefits can be offered by the right one.

·         Claim settlement percentage

It is a percentage of the number of claims a car insurance policy firm acknowledges, divided by the total number of claims recorded in a financial year. If the percentage is high, it means the insurance provider approves most of the claims it receives.

·         Network garages

If in an unfortunate event your vehicle gets damaged, you can get it towed to a garage for repairs. Verify for the garages in the insurance provider's network before buying policies. If you are driving your damaged vehicle to any of the auto insurance company's garages, you have the right to cashless protection. Before selecting an insurance company, check the number and proximity of garages in your location, as it is an essential factor to remember.