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5 Steps to Follow While Buying Car Insurance

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Steps to Follow While Buying Car Insurance

Have you recently bought a new car? Once you have purchased your brand-new car, it is important to think about buying the right car insurance plan to ensure it is safe. As per the Motor Vehicles Act, 1988, it has been made mandatory by the Indian Government towards buying the third-party motor car insurance plan by all the car owners.

For most Indians, buying a relevant four-wheeler insurance plan seems to be a highly daunting task. However, one cannot deny the importance of the same towards securing the future of your car as well as ensuring top-notch financial security. If you are on the lookout for buying the best and the most reliable car insurance online policy for yourself, then here are some important steps to follow:

  • Understand & Analyze Properly: Before buying any car insurance policy for yourself, it is important to understand all that you must about the car insurance policies offered by different insurers. Some of the most important types of insurance plans for your vehicle serve to be third-party liability cover and comprehensive car insurance plan. Once you know about these policies, it is recommended to carefully understand and analyze the coverage and benefits offered by the same. By knowing the different plans and their respective importance, you will be able to decide on a suitable plan for yourself.
  • Make Relevant Comparisons: Before finalizing any particular car insurance policy for yourself, it is vital to make relevant comparisons of the different plans offered and the coverage offered by different car insurers. When you are able to compare the different insurance quotes offered to you, it is easier to settle for the most affordable option out there. You can compare car insurance online and opt for the best and the most reliable insurance policy pertaining to your specific needs.
  • Look Out for Relevant Discounts: While searching for the best car insurance policy for yourself, you should constantly keep looking for discounts. This can help in reducing your overall financial burden with respect to paying higher premiums. There are several factors like the presence of advanced safety equipment, anti-theft systems, good driving history, improved credit score, and others that can significantly help in reducing your overall premium rates. Moreover, there are several motor car insurance providers that offer lucrative discounts when you opt for buying long-term four-wheeler insurance plans.
  • Analyze Add-on Covers: Most of the car insurance companies offer exciting add-on covers in addition to the standard motor insurance plans. These add-on covers like hospital charges, roadside assistance, personal accident cover, and various others others help enhancing your overall insurance experience. Therefore, while buying a motor insurance plan for yourself, you can look out for the maximum add-on covers offered by any insurer.
  • Never Underestimate: The car insurance premiums are based on IDV (Insured Declared Value) of your car. Your insurance agent might reduce the value of IDV for your car such that the premiums become lower. However, this is not suggested healthy as per the insurance experts as underestimating the value of your car might create major issues when you wish to claim for the loss or damage incurred to the same. Even when you are offered lower premium rates with lower IDV value, you must not encourage the same while buying the car insurance policy for yourself.

Make sure that you are able to buy the best car insurance policy based on these helpful tips. Buying a reliable car insurance policy can help in securing your car for the long run.

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