WHEN PURCHASING A CAR INSURANCE POLICY, AVOID THESE MISTAKES

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WHEN PURCHASING A CAR INSURANCE POLICY, AVOID
THESE MISTAKES

• With everything available online easily and
  smoothly today, every industry is taking the
  benefits of digitalization and new age
  technologies including the field of insurance.
  Today, choosing a good policy, purchasing a
  policy, comparing benefits as well as renewing an
  insurance policy, everything has become
  convenient online.
• Be it health or vehicle insurance- the overall
  process to purchase or renew insurance has become
  a lot quicker, smoother and simpler without any
  excessive forms or documents submission. However,
  there are certain areas where you need to be
  careful and secure your experience of insurance.
  Especially when it comes to car insurance, there
  are some common mistakes that you can avoid.
  Lets take a look at them.
• Mistakes to avoid when buying or renewing car
  insurance
• Avoiding research While shopping for an
  insurance policy it is important to do a basic
  research on what plans are latest and best along
  with what match your insurance requirement. Also
  checking for which insurer is trust worthy by
  evaluating reviews and client experiences.
• You can also check at the Insurance Regulatory
  and Development Authority of India (IRDAI) site
  on any insurer and its operations. Remember to
  verify the insurers authenticity, brand ethos,
  andcustomer analyses.
• The mistake to avoid here is do not buy your car
  insurance in a haste. Always do a basic research
  before purchasing or renewing your insurance
  plan.
• Policy comparison As you think of buying a car
  insurance plan keep in mind to first compare the
  insurance policies available that suit your need.
  Do not just jump to the first policy you see or
  are recommended for. When it comes to buying car
  insurance policies, not comparing policy quotes,
  exclusions and inclusions can lead to
  insufficient insurance coverage.
• Hence it is good to always spend some time
  comparing the insurance policies based on your
  need, their availability and the one most suited
  for you. You should remember to check all the
  relevant aspects like your budget, the coverage
  provided and claim settlement procedure.
  Comparing plans willguarantee that you get the
  ideal car insurance coverage at an affordable
  rate.
• Opting for less coverage When you decide to
  book an insurance for your car, you do not just
  take into account the financial, the protection
  or the cost aspect you will also have to consider
  the coverage provided. Opting for a plan that is
  cheaper but provides very less coverage is a
  mistake and does not fulfil your insurance needs.
  Like, such low coverage plans may help you in
  case you damage someone elses car but not offer
  any assistance in case your own car is damaged in
  an accident. For that, you need a plan, which
  provides more coverage but may be slightly higher
  in cost as compared to less coverage offering
  plans.
• Resorting to old practices Today, everything is
  easily available online including buying and
  renewing insurance plans without any hassle or
  paperwork. However, if you are still stuck on old
  practices of going o?ine everywhere, submitting

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• endless documents and repeatedly visiting the
  insurers office for updates, you are doing the
  mistake of being rigid towards the changing
  digital time. At times you have to change along
  with the changing times and that too for your own
  good.
• Not choosing and Anti-theft devices Car theft
  is a tragedy! While buying a car insurance policy
  you should avoid the mistake of buying an
  anti-theft device for safety of your car. As in
  case of any car theft, you can take the benefit,
  avoid financial burden, even enjoy the discount
  for installing such devices. A good anti-theft
  device guarantees the complete security that you
  are looking for. Avoid the mistake of missing on
  this advantage.
• Add-ons Dont forget to purchase add-ons while
  buying an insurance policy. Avoid the mistake of
  missing out on better claim pay-out, convenience
  quotient and additional benefits like extended
  coverage of buying add-ons with your car
  insurance policy. Always analyse your insurance
  requirements and then make the decision. For
  instance, if you use your car regularly then a
  Roadside Assistance Add-on is crucial. A Zero
  Depreciation Add-on, which refutes depreciation
  calculation during claims settling, is beneficial
  for cars that are new.
• IDV - The Insured Declared Value (IDV) of a car
  is a criticalaspect while purchasing car
  insurance. IDV is the present value of the car,
  neither the invoice or resale value. It is the
  amount that is calculate after considering the
  depreciation cost of the car as well. Choosing an
  incorrect IDV can be a mistake which you need to
  avoid. Remember, while purchasing car insurance
  you need to balance the IDV, a higher IDV means a
  higher sum insured and a higher premium while a
  lower IDV means lower sum insured and lower
  premium. Preferably, you should be able to
  achieve an IDV somewhere in the middle to create
  a balance.
• No Claim BonusDont make the mistake of not
  taking advantage of the No Claim Bonus (NCB)
  component of aninsurance policy. It can help
  lower your premium and get renewal discount for
  remaining claim-free before policy renewal.
• Sharing data While buying an insurance policy,
  it is a mistake to be inaccurate in sharing your
  data or information. You need to be transparent
  in all your details shared with the insurer.
  Insurance is based on trust. So, always share
  truthful information and likewise make sure you
  check the policy documents in-depth to avoid any
  mistakes from the insurer as well.
• If you hide any information or provide incorrect
  data then you are against the law and can be
  arrested or penalised for being a part of illegal
  activities.

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No, there is no limit to the number of add-ons
you can have for an insurance plan. However, you
must be selective in choosing add-ons that boost
your cover as per your insurance
requirement. Q4 If I made a mistake in the car
insurance buying process by not giving the claim
history accurately, can I rectify my
mistake? Yes, you can rectify your mistake by
contacting your insurer and updating the
details. Q5 If I purchase Third-party
liability plan for my car, can I switch to a
digital insurer and buy a Comprehensive
plan? Yes, you can switch insurers as well as
policy coverage. The best time to do so is when
you renew your policy.
Customer's Review
NCB Protection for Added Savings The No-Claim
Bonus Protection cover offered by
Quick Claim Settlement for Own Damage I had to le
a claim for the Bike Insurance Policy for my
Quickinsure Bike Insurance Policy is a great
feature of their comprehensive coverage. Happy to
have secured my bike under this policy.
own damage, and Quickinsure settled it quickly.
Their ef ciency made a challenging situation much
easier to handle.
Mr.Nitesh Patil
Mr.Harshit Srivastava
Insurance Companies
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Insurance Policy, Avoid These Mistakes
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