A comprehensive four wheeler insurance policy should protect you from third-party liability as well as provide financial protection in the event that your four wheeler is stolen or is damaged in an accident. Although obtaining a third-party insurance policy is the very minimum required by law, depending just on it results in protection gaps. It is better to incorporate own Damage coverage in order to guarantee broader security.
A comprehensive four wheeler insurance policy includes both of these components and also gives you the option to choose from a number of add-on options to further improve your protection.
Is It Mandatory To Buy Four-wheeler Insurance Policy?
It is mandatory for cars under Motor Vehicle Act 1988 to be insured, and it covers third-party liability at least lest one may be liable to fines and suspension of driving license. Moreover it also ensures peace of mind to cover damage from loss of vehicle to theft, vandalism and accidents.
Liability coverage also protects in case of third party damage to property or person in case of collision that may bring any financial or legal consequences. Given that there are an array of insurance plans there is a scope for customisation with different add-on covers at disposal.
Why To Buy Four-wheeler Insurance?
The conventional method of purchasing a car insurance plan frequently entails going to a physical location, standing in line, and hopping between counters, a tiresome and time-consuming procedure. These inconveniences are removed by moving this activity online, which enables you to buy insurance whenever you want, from any location, and without leaving your house.
Traditionally, the lengthy paperwork and formalities involved in obtaining insurance may take hours. Online platforms, on the other hand, streamline the procedure: a few clicks, little paperwork, and your policy is available in a matter of minutes.
Easy Ways to Maximise Policy Coverage
The following might prove to be useful tips in making the right choice with your insurance coverage maximisation.
- Shop around: An internet portal is often handy in researching the car insurance plan possibilities. It facilitates examination of policyholder comments, and a gist of factors that may influence premium pricing. It also proves whether the insurer is registered with the Insurance Regulatory and Development Authority of India (IRDAI).
- Digital insurance company: Digital insurers allow comparison with an array of four wheeler insurance plans, calculation of premiums before time and personalisation of coverage with several add-ons. They make it easy to make payments using UPI, net banking and other methods.
- Maximum IDV for the same cost:
A primary factor in determining auto insurance rate is the Insured Declared Value. It refers to the sum insured under the policy purview. It is the amount one can claim when the vehicle is stolen or faced total damage. It is representative of the current market value of the car and thus should facilitate the just reimbursement.
One may find policies with lower premiums lucrative given the affordability but they are insured for a lesser amount, meaning it guarantees reimbursement for an amount lesser than the true value of car.
- Discounts: One should do a thorough research of discounts before burning policy. The companies offer them around holidays and other significant events. The discounts may manifest in lower premiums and multipurpose vouchers. Discounts however do not ensure a lowest total premium.
- Securing NCB: Insurers give you the No Claim Bonus (NCB) if you finish a policy term without making any claims. If you have a claim-free record for five years in a row, this advantage can lower your Own Damage premium by up to 50%, saving you a significant amount of money without sacrificing your complete protection.
Modest repair costs are best avoided using your four wheeler insurance because even a modest claim has the potential to deplete your accrued NCB. Save claims for severe losses that require expensive repairs. Driving carefully and safely helps you maintain your NCB, which eventually results in larger savings.
- Making use of add-on covers:
There are exclusions even if a comprehensive auto insurance policy offers financial security against a variety of losses or damages.
For example, the base coverage does not cover things like protecting your No Claim Bonus, losing your keys, or damage to your engine or gearbox. In order to bridge these gaps, a four wheeler insurance provides extra add-ons like roadside assistance, consumables coverage, return-to-invoice coverage, and zero depreciation coverage.
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Use of Online Platforms in Analyzing Policies
It is cumbersome to evaluate plans offline from several suppliers, this can be eased by making use of online platforms to compare features and prices. The procedure is streamlined and incorporates extension of coverage, claim filing and identifying the insured value of the car. It substantially reduces the dependence on agents.
They also offer round-the-clock support pertaining to questions and technical issues that may be faced during the application process. Timely redressal of queries is ensured via customer service helplines, chatbots, and detailed instructions.
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Conclusion
An ideal four-wheeler insurance policy must have certain basic features- affordability and adaptability to meet one’s needs. One can customize coverage with a Comprehensive Policy by selecting the right add-ons, figuring out the right Insured Declared Value (IDV), and changing deductibles before the plan is finalized. One must depict pragmatism and prudence in choosing an insurance that has a track record of timely claim processing and a robust customer service. This would enable smooth support even after policy purchase has been done.