Simple tips while choosing your motor insurance plan

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Simple tips while choosing your motor insurance
plan
You just realized your motor insurance policy has
lapsed and youre absolutely clueless what has to
be done next.  Travelling, unwell, hospital
visits, completely agreed but that doesnt change
the fact that youre now uncovered.  And in
India, you cannot take your vehicle out for drive
unless youre suitably covered at least a third
party insurance. So, it is important to buy a
suitable motor insurance policy. Secondly, if at
all you drive your motor and where to meet an
unfortunate incidence therell be a big hole in
your pocket. So, here are a few tips to consider
while buying or renewing your motor insurance
policy
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Zero In Online sites are a great tool to compare
policies of various companies under a single
umbrella. You can compare them in terms of
benefit and features, discounts deals, premium
payment and claim procedures, etc. These
comparison sites let you compare policies with
the most competent premium being offered for your
vehicles make and age.  Claim Settlement It is
another crucial step you need to monitor while
having insurance comparison. While checking the
quotes carefully, understand the claim settlement
process of various motor insurance companies, in
case of accidents. Go for the policies purchase
that offer online claim settlement in case of
damage to the vehicle. Also check for the
availability of the repairing and servicing
centers made available from the insurer.
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Vehicle survey Once you finalize the company you
want to insure your vehicle with, you should set
up a time at the earliest for the company to come
and survey your motor vehicle. You must follow up
aggressively and get the inspection done
immediately, as it will take around 3 to 5 days
for the clearances on your vehicle.
Policy Purchase/Renewal Once the survey is done
the motor insurance policy can be purchased.
Inspections are valid for 24 hours, hence you
need to buy the policy within that time period.
Nowadays, with online purchase or renewal you can
get instant motor insurance coverage for your
vehicle.
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No Claim Bonus Every time you complete your car
insurance year without a single claim youre
rewarded with No Claim Bonus points. You can
redeem the points against the claim amount or
premium reductions. So check and see if you can
avail of this benefit. If yes, then the discount
will be deducted from your premium and you have
to pay less for the current year. It is
advisable, dont claim for petty scratches or
dent, instead accumulate your bonus points and go
for higher claim or discounts
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When to Migrate  If at all you wish to change
your service provider, not that some insurers
charge a fee for breaking a policy mid-term. So,
check if you have significant savings in the new
policy only then take an initiative to migrate to
new motor insurance company and opt for renewal.
If you decide to switch, see if you have enough
time for the new policy to take effect and then
cancel the existing policy. Driving an
uninsured motor is like walking on a tight rope
between two steep cliffs. Not only do you pose a
risk to your motor vehicle that youve purchased
with your hard earned money but also, you stand a
risk to lose a lot even in terms of premium.
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