Tips for First-Time Four Wheeler Insurance Buyers

-

If you are new to buying a car, then it is likely that buying a four wheeler insurance would be the last thing on your mind, if there at all. However, ignorance is the same as innocence, meaning not being aware of it does not mean you don’t have to buy it. In fact, the Indian Motors Act mandates every vehicle owner to get insurance for their vehicle.

Apart from being mandatory, buying four wheeler insurance is also a smart thing to do. If your car is insured, any accidental damage to it will be covered by the insurance provider. The insurance company will pay for the damages and also cover the cost of repair. However, you will get these services if you buy a four wheeler insurance and pay an annual premium. The basic idea of vehicle insurance is that you pay the insurance provider to secure financial aid in accidental damage situations. Hence, you need to exactly what to buy. Here are a few tips for first time four wheeler insurance buyers. 



Do your research

As a first-time buyer of four wheeler insurance, you need to know every option available to you. This means you should know every deal available to you and also know what type of insurance policy you need. The first thing to do would be to find a reliable source online for viewing and comparing different policies. The comparison between policies should be on the basis of coverage, claim settlement ratio, premium cost, and other additional benefits. The best way to find a great policy is to use the online car insurance calculator. All you have to do is enter the details of your requirement, the calculator can help you find the closest thing possible.

·       Understand your policy

While getting an insurance policy has become easier today, the document of the policy is still a legal contract containing technical terms that you may not understand as a first timer. Hence, to avoid any confusion in the future, read and understand your policy thoroughly. Here are some things you should look for:
o   Details of who is insured
o   Details of the coverage like inclusions, limitations, and exclusions.
o   The commencement and ending of coverage.
o   The denomination of coverage provided.
o   The amount of premium you need to pay
o   Details and instructions on filing a claim or reporting a loss.
You can approach an insurance expert to understand the different types of 4 wheeler insurance online, along with the accompanying terms, conditions, and benefits.

·       Credit score

Insurers check your credit score as a preliminary part of the process. Based on their evaluation, they offer you a tailor-made insurance policy. If your credit score is good, most insurers will offer you a policy at lower premiums and higher coverage. Here are some factors that determine whether your credit score is good or bad:
o   Your payment history, delinquencies, and late payments.
o   The length of your credit history.
o   Number and types of credit like credit cards and loans.

Comments

  1. Insuranceonline8 January 2021 at 17:25

    Thanks for sharing the blog, seems to be interesting and informative too. Could you help me to find out more details on Types Of Motor Insurance

    ReplyDelete

Post a Comment

Popular posts from this blog

Everything you need to know about motor insurance on a leased vehicle

-
Image
If orange is the new black, then renting is the new owning! Sure, buying a home or a car has always been joyous moment, but the new generation is looking for practicality and they find it in the form of leasing. Until not too long ago, leasing was reserved for corporate big shots and luxury cars. Companies offered their top executives swanky premium cars as perks of the job. However, the concept of leasing a car is picking up steam, and if you’ve been thinking about giving it a try, this article will further your planning and understanding of the concept by throwing light on the motor insurance aspect of car leasing. Do I need to buy insurance on a leased car? This is one of the biggest differences between owning and leasing a car. With your own car, you need to pay for various things such as a motor insurance plan , vehicle upkeep and in some cases, vehicle repair. However, with a leased car, the lessor will usually take of these aspects for you. Therefore, you wil
Read more

Do you need a motor insurance plan even if your vehicle is under warranty?

-
Image
Car insurance and warranty are very important for your car. However, there is no comparison between the two - they are completely different elements of protection that are designed to complement each other. Unfortunately, some car owners feel that, if they have one, they don’t need the other. It is due to this misconception that many of them even fail to renew their insurance policies . Keeping this in mind, the following article will explain both and explain why you need insurance despite having multiple years of warranty for your car. Vehicle warranty: Vehicle warranty is what keeps you insulated from bills that arise due to any manufacturing or material defects. It’s a written guarantee that the car manufacturer will bear the cost of repairs or replacement in case your car’s parts do not work as promised for a certain period of time. Most manufacturers will provide standard warranty when you buy the car and offer the option of extended warranty to get protection from m
Read more

3 times when it is better not to make a claim against your car insurance

-
Image
Along with the growing percentage of vehicles in India, the importance of road safety has also increased. This is why getting motor insurance has been stressed up on; it keeps motor vehicle users protected from financial damages that might arise after an accident or mishap. Having a third party car insurance is regarded as a compulsory measure by the Law and using an uninsured vehicle is punishable. Motor insurances work as a tool when one is affected financially by an accident or other man-made or natural calamity. Essentially, insurance is taken to get a cover in times of vehicular damages. However, it is not always suggested to claim the insurance amount. It’s confusing but believe it or not, there are occasions when it is better not to make a claim against your insurance! Here are 3 of these occasions. 1.        In case of minor damages It goes without saying, accidents lead to vehicular damages. However, in many cases, the damages to the vehicle are not major a
Read more