Owning and driving a four-wheeler provides excellent convenience for travel and transportation. However, it also comes with the responsibility of adequately protecting your assets and yourself financially in case of accidents, damage, or theft. Having a Comprehensive Car Insurance policy is key to ensuring complete protection.
While buying motor insurance is legally mandatory, you can optimise your policy and get the most benefits by following intelligent tips. This blog shares helpful pointers on how you can maximise the coverage of your four wheeler insurance policy through informed decisions.
Basic Understanding of Car Insurance
Before diving into tips, first understand the basics of car insurance. There are two main types of insurance:
- Third-Party Liability Insurance: This basic policy covers legal liability arising from damage to a third-party vehicle or property caused by an accident caused by your car. It is mandatory by law.
- Comprehensive Insurance: This extensive policy covers third-party liability and property damage protection, such as accidents, theft, vandalism, etc. It provides end-to-end security.
Apart from choosing the right type of policy, you need to pay attention to aspects like Insured Declared Value (IDV), voluntary deductible, discounts, add-ons, etc., to maximise your policy’s coverage.
Tips to Get the Most Out of Your Car Insurance Policy
Here are some valuable tips to optimise your four-wheeler insurance policy:
1. Compare Plans across Insurers
Before purchasing, conduct thorough research and compare comprehensive insurance plans across multiple parameters, such as Insured Declared Value (IDV), premiums, available discounts, add-ons, etc.
Leverage online insurance marketplaces that allow quick and easy side-by-side comparison of plans. This will help you make an informed choice and select an optimal car insurance policy that provides adequate coverage at a competitive price.
2. Opt for Higher IDV
IDV, or Insured Declared Value, refers to your car’s maximum sum insured. Opting for a higher IDV translates to more excellent coverage and higher claim settlement in case of total loss or theft. Use online IDV calculators to determine the accurate sum insured based on your car’s current market value. This ensures adequate coverage.
3. Install Anti-Theft Devices
Install approved security devices to make your car theft-proof. This reduces risk and makes you eligible for discounts.
4. Increase Deductible
A higher voluntary deductible reduces premium outgo but increases out-of-pocket expenses during claims. Make an informed choice.
5. Maintain No Claim Bonus
Every claim-free year earns you an NCB discount on the premium. Maintain good driving habits and avoid small claims.
6. Include Add-On Covers
Enhance coverage by adding zero depreciation, engine protector, key replacement, etc., per your needs.
7. Buy Long-Term Policy
Long-term comprehensive policies (2-3 years) come with reduced premiums compared to annual ones.
8. Use Online Insurance Facility
Opting for a digital insurance provider can make buying and managing car insurance extremely convenient. Digital insurers like ACKO allow you to purchase and renew policies, file claims, and access services online from the comfort of your home.
On their website or app, you can compare plans, customise covers, calculate premiums, and seamlessly make payments via digital modes like net banking, UPI, etc. Going digital eliminates paperwork and visits to branch offices. It empowers you with information and tools to make optimal decisions.
Conclusion
To maximise the benefits of your car insurance policy, it is advisable to choose a provider that offers robust online services. It enables quick settlement and accessible customer support. Digital insurers like ACKO Insurance will allow you to manage your policy hassle-free from the comfort of your home. Choose an insurance provider that best understands your needs and offers impeccable services. Drive safe!
