We often spend time browsing across the websites of several insurance service providers to pick the best motor insurance. However, before you even start looking out for the best auto insurance policy it’s important to make a list of requirements. Buying auto insurance may seem like a cakewalk; however it’s important to understand the basic concepts before buying an auto insurance policy.
As soon as you own a vehicle, you have to insure your vehicle with third party liability policy. Without which driving on the public roads is illegal, you may have to pay a hefty fine for it.
A comprehensive car insurance cover is an all-round cover which protects your vehicle against all types of damages.
IDV refers to Insured declared value; it is the current market value of your vehicle. IDV refers to the highest sum payable by the insurer for a vehicle insurance policy.
No claim bonus as the name suggests, insurer’s reward to the policyholder for not making a claim in the preceding years. An insurance company offer NCB discounts ranging from 20-50% on premium payable cannot be claimed as a right but has to be earned by maintaining a claim-free record.
Although you have an insurance policy and all your major expenses due to accidental damage gets covered, there are a few expenses which has to be borne by the insured such expenses are called as voluntarily deductibles.
Add-ons with Car Insurance
To strengthen your comprehensive car insurance policy you can choose to buy add on covers for extra protection. You have to pay additional premium to get add on cover.
Coverage is the list of benefits that an insurer offers you in lieu of the premium you pay.
Personal accident cover
Personal accident cover protects the driver owner in case he/she faces an accident.
Before you buy motor insurance policy read all the inclusions and exclusions so that you make an informed buying decision.