Buying motor insurance is an unsaid duty when one buys a car. The different policies must be studied and the best insurance plan must be decided when you decide upon the car. Investment in motor insurance must be a part of your budget allocated for buying a car. Once the best vehicle insurance is identified and the initial investment is made, then the premiums will become a part of our monthly expenses and Claim
benefits will become useful returns of our investment.
TYPES OF CAR INSURANCE:
Third party Liability Cover
Comprehensive Car Insurance
WHAT IT COVERS?
Most of the comprehensive vehicle insurances cover the following cases:
Damage caused due to accidental fire or explosion
Third party property damage
Medical expenses of the Insured
Theft of car
Damage due to natural disasters like earthquake, flood
Collateral damage during terrorism
WHAT IS NOT COVERED?
The insurance cover provided by each Policy
differs and the buyer must be aware of the cases under which he cannot file a claim:
•Theft of vehicle when under a third person's custody.
•Accident outside territorial limits.
•Accident when the vehicle is utilized for other purposes. i.e. If a vehicle is registered as a private vehicle and Accident
happens when it is used as a tourist vehicle.
•Damage due to improper maintenance or faulty service by an unregistered workshop.
•Accident caused by a driver who doesn't have license or a person who is below 18 years of age.
•Intentional damage to the car by owner or as an act of vengeance by person related to owner.
HOW TO BUY?
Before buying vehicle insurance
there are certain aspects you need to know that could help you choose better. Vehicle insurance can be customized to meet your requirements if you follow certain criteria. Few of the common selection criteria are:
Your driving habit
Your vehicle make and price
Personal or business purpose
Risks and claim probability
HOW AND WHEN TO CLAIM?
When your vehicle is involved in an accident, before making an insurance claim you need to analyze the damage. It is an unsaid rule of claim procedure. Damage analysis is done to save you upon two things: first is to find out the total repair costs and compare it with your deductible, if Deductible
is higher than repair costs, making a claim is unmindful. Secondly if the repair costs are affordable you could spend it from your pocket rather than claiming because a claim free year can fetch you several benefits the following year or the next time you make a claim.
And after the damage analysis has been done and if the decision is to make a claim then you must be well prepared with the details required to make a claim. These include claim form, copy of FIR, copy of policy details and other necessary driver documents. With all these documents you can make a claim and ensure that the documents are accurate enough to please the insurance company to get your claim approved. Once the claim is approved you could either avail cashless servicing or do service from a garage of your choice and claim Reimbursement
THINGS TO REMEMBER
Maintain a strict record of all your paperwork and expenses to claim reimbursement or for future reference.
Claim documents must be filled carefully and intentional omission of any detail could lead to rejection of claim.
Be aware of all the policy details and exclusions. Making a claim that is clearly mentioned as exclusion could cost you dearly. You wouldn't be eligible for a No Claim Bonus
even if you make an ignorant claim.