Tips on How to Choose Car Insurance For Your 4 Wheeler
It is important that you #ThinkAhead and put more effort into picking your car insurance, just like you did for your car.
Tips to choose right car insurance for your 4 wheeler
You are a pro at selecting the right car, now be a pro at selecting the right insurance
Remember how excited you were when you were looking for a new car? Talking to friends, checking out reviews on the internet, test driving your top selections – you put so much effort into it. But do you remember which car insurance you got along with it? Most likely not.
Most car dealers also offer car insurance with the car and we end up going ahead with it without checking who’s the insurance provider and what coverage it’s providing. But car insurance is not just a legal requirement. It also helps protect your beloved new vehicle. Therefore, it is important that you #ThinkAhead and put more effort into picking your car insurance, just like you did for your car.
How to pick car insurance like a pro
1. Know your options before you make the choice
There are two broad categories of car insurance in India – Third-party liability coverage and comprehensive coverage. While third-party liability coverage is mandatory for all vehicles by law, it only covers damage to any property and third-party injury. It does not cover the insured vehicle itself. So, getting only this for your beloved car won’t be a pro move. Comprehensive coverage, on the other hand, is an extensive plan which covers third-party liability as well as own damage.
2. Your car is so precious, but does your insurer know that?
IDV or Insured Declared Value is the value of your car according to your insurance provider. This is the maximum reimbursement you can get, and all other claims are calculated basis this amount. Your dealer might suggest a lower IDV to reduce the premium but that just means your claim settlement amount will be very less in the case of an accident. So, think very carefully about how much IDV you should have because after all, your dealer doesn’t know how dear your car is to you.
3. You know your needs, you pick the coverage
There are various insurance plans in the market that cater to different types of people. But nobody would understand your needs, and your situation, better than you, definitely not your car dealer. For example, if you’ll be parking your car out in the open, your insurance should cover the paint job as well. You should also look for an insurance plan that covers theft and burglary, such as Tata AIG Auto Secure – Private Car Package policy,
4. You looked at so many cars, look at some insurance plans too
When you test-drove so many cars, you should at least look at a couple of plans before choosing the right one. You can identify similar plans, check their coverage and compare it with each other. Fortunately, there are many websites that allow you to seamlessly compare across insurance providers. Your objective should be to check which plan offers the most benefits that are important to you. While you are at it, also try to check how extensive is the insurance provider's network of cashless garage because that will decide how easily can you get your car fixed without having to pay anything. Tata AIG, for example, has over 5700 garages in its network.
5. Amateurs take what they get, pros ask for more
Your car can never have enough protection, so you should also check how extensive is the range of add-on covers that you can get over your base policy. Add-ons provide extra coverage and can be added to your policy like toppings to your pizza. Some of the key add-ons or ‘riders’ to look for are:
Zero Depreciation: It waives off depreciation on certain car parts to make you eligible for a higher claim amount.
Roadside Assistance: If you are stranded on the road due to car trouble such as engine failure or a tire puncture, you can call your insurer and they’ll send a car mechanic to you. Tata AIG's roadside assistance number is 1800 266 7780. You can save this number and reach out in case of any roadside emergencies.
Engine Secure: It covers the repair and replacement of your car engine, which usually is excluded from the base policy. Extremely useful for those living in flood-prone areas.
NCB Protection: Usually, you lose out on your NCB discount if you make a claim. But with this add-on, for a nominal price, you can make one claim without it affecting the bonus you have collected.
Your car is more than just a means of transport. It becomes an integral part of the family itself. But what if there’s an accident? Would your beloved car become a financial burden? Not if it has comprehensive car insurance. So, show it the love it deserves and get an insurance plan that truly ensures your peace of mind.
Disclaimer - The above information is indicative in nature. Please read policy wording/sales brochure before concluding a sale.