According to the Motor Vehicle (Amendment) Act, 2019, third-party motor insurance is a must-have for the vehicle owners. Not only that but renewing aninsurance policy is also considered mandatory under the same act. And as you all know, we are living under lockdown to prevent the spread of novel coronavirus. In these uncertain times, the Ministry of Finance has increased the deadline for the renewal date to 15th May 2020. This gives you loads of time. Before you renew yourcar insurance policy, make sure to keep the followings things in mind:
Research Online
If you believe that the premium you are paying is too much to
renew car insurance, or you are not getting the appropriate benefit, you can look for other policies at the time of renewal.
You should start by looking for a car insurance provider that offers pre as well as post-sale services to policyholders. Do keep in mind the coverage amount you need and how well priced it is. Also, it is advisable to go through the online reviews of the insurance provider as it will help you narrow down the list of insurers.
Type Of Policy
Once you have finalized your car insurance provider, it’s time for you to find out the relevant insurance product, that suits you the best. For instance, you can either stay with a mandatory Third-party insurance policy, or you can opt for comprehensive car cover for proper coverage.
Third-party insurance policy is mandatory by law and covers only for third-party liabilities, whereas, a comprehensive policy will not only provide coverage for third-party liabilities but also for own damage.
Compare Your Policy
It is highly advisable to compare the benefits offered by your insurance provider with other companies. There are chances that you might get another company offering similar benefits at lower premiums. Also, go through the website of the insurance company and most importantly check whether the company is certified by the IRDAI or Insurance Regulatory and Development Authority of India before making a deal.
Go For Add-Ons
Add-ons are like lifesavers if you choose them properly. Add-ons enhance the scope of a basic
motor insurance policy. Some of the popular add-ons include NCB Protect, Zero Depreciation, Roadside Assistance, and Engine Protection.
• In zero depreciation add-ons, your insurer will not consider the depreciation of your car at the time of claim.
• With roadside assistance add-ons, you don’t have to worry about expenses if your car has a breakdown in the middle of the road, this add-on will provide coverage against towing, fuel, battery jump-start, or even minor repairs expenses.
• No Claim Bonus is offered to those policyholders who have made no claim in the policy tenure, however, NCB Protect (No Claim Bonus) add-ons will help you enjoy the No Claim Bonus benefits, even after you make a claim (minimal of two claims).
• Loss of Personal Belongings add-on is very helpful as it provides coverage against the theft of any belongings such as smartphones or laptop or equally expensive possessions from the insured car, you can claim the amount.