4 Questions that can help you select the Right Car Insurance Online
Has it ever happened to you that you ended up buying a car insurance policy based on a friend’s advice or a TV ad and ended up regretting it? Well, doing so is not really the best way to choose your car insurance. Like most businesses, insurance companies vary in the car insurance that they offer. So, research and inquiry becomes very important in your quest to choose car insurance that is right for you.
In that respect, here what you must ask yourself before you choose a car insurance policy: -
What kind of insurance policy do I need?
You will, of course, have to purchase the coverage that has been mandated by your state. Mostly this refers to liability insurance, which provides coverage against injury or death of a third party as a result of an accident caused by your car. This also covers the damage caused to the third party’s vehicle or property, as well as the legal fees.
However, you should consider the other types of coverage available as well, and then choose based on your needs:
Collision Coverage: This will cover the repairs required by your car after an accident, regardless of whose fault the accident was. You will, of course, have to pay a deductible, a set amount of money that you have to pay before the insurer pays the remainder. This cover can be avoided if you are insuring an older car.
Comprehensive Insurance: This insurance cover, as the name suggests, provides comprehensive all-round coverage. It pays for the damage to your car from non-accident causes as well.
Personal Accident Cover: This coverage pays for any medical charges or lost wages incurred if you are in an accident.
What deductible should I pay?
The deductible is an amount of money that is decided between the insurer and the insured i.e. you. In case of an accident, you as the policyholder have to pay the deductible amount before the insurance company pays the rest. It is possible to reduce one’s premium by choosing a higher deductible. This is a good idea as chances are that you might not have an accident, but in any case, make sure that you choose a deductible that you can easily pay in case you are in an accident.
Will my insurance cover original manufacturer parts?
This one is more of a question that you need to ask your insurer. There are basically two kinds of spare parts. Aftermarket parts are less expensive and are made to fit a general type of vehicle. Then there are the original manufacturer parts that are made for particular models. Make sure that your insurer includes original parts in their policy.
How will my car be valued?
A lot of factors go into deciding your car’s value. As per the vehicle segments defined by the SIAM (Society of Indian Automobile Manufacturers), the bigger your vehicle’s dimensions, the higher will be the cost to insure. Alternatively, you might be one of those who have a penchant of owning a hot hatchback (like the Abarth Punto) or a classic (like the Volkswagen Beetle) which again would be more expensive to insure. So before you go ahead with buying the car of your choice, do a little cursory research to find the car insurance that fits your budget and suits your needs.
If we look at it in the current environment, your car insurance acts as your companion through thick and thin when driving on the road. That, in our opinion, is sufficient reason for you to put in the effort to analyze the aspects mentioned above, to make an informed decision when it comes to buying car insurance.
**To understand exactly about the policy coverage, exclusions, etc. read the Policy Wordings carefully.**