If you own a four-wheeler in India, you must have car insurance. It is a mandatory requirement under Indian Motor Vehicles Act. Apart from complying with the law, car insurance is helpful to get financial protection against the losses you may suffer because of an accident.
Today, as the awareness of the importance of having a 4-wheeler insurance policy is slowly increasing, many insurance companies offer different policies. So, when you buy car insurance, you may want to get the best coverage and full value for your money, right? So, in this blog, we discuss a few simple and effective tips to maximise your car insurance policy coverage.
Compare the different policies
Nowadays, as all reputed insurance companies offer digital services, a simple online search helps you find all the information you need on car insurance plans. You can compare the different plans, read reviews of the insurer’s existing customers, know about the quality of their services, and then make an informed purchase decision.
Whether you are a first-time four-wheeler insurance buyer or renewing your plan with another insurer, compare the plans and choose the one that offers maximum coverage for the premium you are paying. Car insurance prices for the same coverage can vary from one insurer to another. So, if you shop around, you can get maximum policy coverage.
Take advantage of the festive discounts
Many insurance companies offer attractive discounts on car insurance policies during festivals like Diwali, Holi or Christmas. The discounts may be in different forms. It could be a discount on the premium, or you may get higher coverage with no additional increase in the premium. Do your research well about such festival offers online and then purchase the policy to get maximum cover.
Know your vehicle’s IDV
One of the most significant factors that influence the car insurance cost is the IDV or Insured Declared Value. It is the maximum amount your insurance company will pay in case of total loss or car theft. So, make sure that you choose the right IDV for your car as per the current market value.
Some four-wheeler insurance plans may be low-cost. But the sum insured of such plans is also low. This means in case of a total loss of the car or theft, the compensation you receive may be lower than the car’s market value. Suppose you find two plans with the same IDV, but one is cheaper than the other. In that case, choose the plan that is cheaper to get maximum coverage.
Enhance the coverage with add-ons
Whether you buy four-wheeler insurance online or offline, it is better to purchase a comprehensive plan rather than the mandatory third-party car insurance. The latter does not cover ‘own damages.’ Also, when you purchase a comprehensive policy, you can maximise the policy coverage by purchasing add-ons or riders at an additional price.
Add-ons allow you to get protection against specific risks that are not covered under the standard policy. Some of the common add-ons you can consider buying, include –
- Engine protection cover
- Zero-depreciation cover
- NCB (no-claim bonus) protection cover
- Personal accident cover
Now that you know how to maximise your four-wheeler insurance policy cover, do your due diligence, get the best car insurance, and protect your valuable asset against damages.