3 Phases You go Through When Purchasing a New Car Insurance Policy

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Possessing a car in India is no more a luxury but an essential need. Having a vehicle of your own increases conveyance and decreases the necessity of relying on public transportation. Having said that, commuting on Indian roads comes with its own set of challenges. Poor road conditions and rash driving raises the chance of accidents. Such mishaps can damage your vehicle and may also cause unfortunate death. To financially protect your family from such incidents, you must consider buying a car insurance policy. As per the Motor Vehicles Act, 1988, you must purchase car insurance when you buy a car.

Buying a car insurance policy reduces liability. As you must be aware, possessing a third-party insurance policy is mandatory for all Indian motor vehicle owners. Third-party insurance covers policyholders against legal liabilities in times of an accident. Third-party injuries and death are also taken care of with this insurance policy. Hence, a third-party insurance policy is mandated by the government as it covers the damages caused to the third party due to an accident.

3 Phases of Purchasing A New Car Insurance Policy

1) Research Is Must

Research is crucial when it comes to buying a new insurance policy. Knowing all the important terms and benefits is imperative before purchasing car insurance for new car. You can gain all the information online and then make a wise decision. If you fail to understand key terms and points, then you may not find the well-suited coverage as per your needs.

Know terms like IDV (Insured Declared Value), Third Party, No Claim Bonus, and Deductibles. These terms will guide you in understanding your policy.

2) Always Compare Before Buying

Buying car insurance for the first time might feel daunting, but it is quite simple. Purchasing car insurance is just like shopping for things in the market. When you go to a market, if you want to buy a phone, then the first thing you will do is compare phones till you find the best-fit phone for you that has all the features and memory capacity you desire. In the same way, when you are buying car insurance, you must first compare different insurance providers. You must compare the premiums and the coverage provided by the insurers and go for the one that satisfies all your requirements.

3) Review the Policy You Want to Buy

Once you have compared all the insurance policies and selected the best plan, you would be asked to review your insurance policy one more time just to be thorough before making payment. If you are simply renewing the car insurance policy, then you can visit your insurance company’s website, fill in your details and renew the policy in a few taps. If you find errors while purchasing the policy, then you must promptly reach out to your insurance company and make the corrections. Failing to do so might affect you while applying for a claim. Buying and renewing car insurance policies have become easier than ever.

About author
The author, Dr. David K Simson is a trained radiation oncologist specializing in advanced radiation techniques such as intensity-modulated radiotherapy (IMRT), image-guided radiotherapy (IGRT), volumetric modulated arc therapy (VMAT) / Rapid Arc, stereotactic body radiotherapy (SBRT), stereotactic radiotherapy (SRT), stereotactic radiosurgery (SRS). He is also experienced in interstitial, intracavitary, and intraluminal brachytherapy.