Buying vehicle insurance is mandatory in India as per the Motor Vehicle Act. So, most people buy an insurance policy, just for the sake of it. Only a handful of them take interest in the intricacies. As a result, many a times you end up paying more for the policy.
There are people, who buy third party insurance policy because it is cheaper than the comprehensive insurance, but the fact is, after any damage to the vehicle they are the one to suffer a loss.
So, not paying attention to your vehicle insurance can cost you more than it should. Thus, here are three things that one should know about the vehicle insurance to ensure that you buy the insurance policy with maximum coverage.
1. You can buy or renew your vehicle insurance online!
One can easily buy or renew vehicle insurance online. The online vehicle insurance is encouraged because it has several benefits over the offline process.
The online quotes are lower than the offline quotes as the commission of the agent is redundant and thus the insurer can offer you lower quotes. Moreover, one need not wait for the agent to show up to buy the policy. Buying or renewing vehicle insurance online is a one click business and as soon as you buy the insurance, an e-policy is emailed to your registered email address.
Additionally, one has the flexibility to purchase the policy at any time of the day and to pay via credit card, debit card or net banking.
2. The Zero Depreciation cover goes a long way!
The insurance policy covers the cost of damage in case your vehicle has met with an accident. However, there are many conditions in this cover, like; the cost is settled according to the depreciated value of the vehicle. So, in such a case the owner of a sedan can be at loss as the cost of the damaged parts might be more than the offered cost by the insurance company.
Therefore, in such cases, vehicle owners should consider a zero depreciation cover of the vehicle insurance. This additional cover ensures the cost of damage is in accordance with the original value of the vehicle. In this way, you can ensure that any damage to your vehicle will not make a deep cut in your pocket.
3. Special additional Discounts by Insurers!
Every vehicle owner focusses on saving the no claim bonus so that each year a huge amount of discount can be applied to the premium quotes. However, not many of us are aware that there are additional discounts offered by the insurers.
There are insurers who offer additional discounts to those who have installed ARAI approved anti-theft devices in the vehicle. This discount percentage can go as high as 10%. Similarly, a section of insurers offer discounts to doctors, thus one loses a considerable amount of money by not checking for such additional discounts. Also, the members of Automobile Association are eligible to get some amount of discount.