Automotive

Things to Remember Before Buying Car Insurance!

When it comes to renewing their vehicle insurance policy, research has shown two out of every five customers consider switching policies or insurance service providers. Why? Comparing the offerings and pricing policies of third party fire and theft insurance can help the customers save a lot of money on their premiums. The cumulative savings can as well be used for better causes.

  • While comparing online quotes, it is important to remember to seek the most excellent plan apt for your circumstances, not just the cheapest one available. Online comparison is the ideal approach to find the best deal that suits your needs in terms of features, benefits and add-ons. Take your time to figure out what fits your requirements best.
  • When comparing online car insurance rates, you would undoubtedly make certain assumptions. However, if you’re not too sure you may verify with people you know who already have car insurance to ensure that your assumptions are correct. Read the policy terms and conditions carefully. Don’t miss reading the fine print!

A car owner’s insurance journey begins while buying their car. No matter what state you reside in you must purchase “Compulsory Third Party” (CTP) car insurance. The only factor this policy covers is third party injury/death, it neither covers damage to your vehicle nor damage to the third party vehicle. This policy is all about making compensation available to all parties who deserve it equally.

Once you have your CTP in place, you will likely be exploring three types of non-mandatory, but very useful car insurance to cover other kinds of losses:

  • Comprehensive car insurance covers both personal car and third-party car and property damages. By purchasing this, after an accident, you will be able to recover either the agreed value or the market value of your car if it is declared a write-off or is found stolen. And if it is not, you will be able to have it repaired after paying only a small excess.

Plus, it is an umbrella policy that covers your vehicle expenses in case of damage due to harsh weather, to fix emergency repairs until a specified limit, any wreckage due to theft or attempted theft.

Insurers also provide you with towing services from the site of accident to a safe zone and hire a ride to get back safely if your vehicle has been stolen when you are stranded in some place.

  • Third party car insurancethere are two different versions of this car insurance. With third party property insurance you are covered for damage you do to others’ cars/property but not damage to your own. With third party fire and theft, you are covered for any third party damage as well as damage caused to your car only by fire or theft. 

The key is to figure out which policy serves as the best protection for your bank account and your circumstances. Then you may want to pay extra for add-ons such as:

  • Road-side assistance, which assists motorists whose vehicles have broken down due to mechanical problems, leaving them stranded. The support provided by the insurance company in this add-on may include minor repairs, battery restart, phone assistance, emergency fuel, and minor repair (depending on the insurer).
  • Contents cover, which is where some of the contents of your car are covered if stolen or damaged in an accident.
  • Windscreen cover, which is where you get free windscreen replacement every year.

Conclusion 

Take your time to research car insurance online and extract the most value for your money. Introspect on your car usage behaviour, frequency, and the kind of roads/places you travel often to finalize a policy that shields your car.

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