There are many people in this world for whom buying their favorite car is a dream. They possess a really special relationship with their car which truly seems to be a valuable asset of their life. And it’s obvious one would not afford to risk the life of their car whom they love wholeheartedly like their child. So, the car insurance policy would be the least of the things one can do to ensure the health of their car.
The importance of insurance cannot be disputed in the present social environment. Under the unpredictability of life, we cannot afford to lose one of the root causes of our happiness. Therefore, it is almost mandatory to get insured health care for our car.
Now let’s understand: What is this car insurance? How will it secure our car’s health? And how can we get one of these insurances? and so on.
What is “Car Insurance”?
A car insurance is vehicle insurance that provides comprehensive protection to the insured car in case of any damage due to natural or man-made calamities and accidents.
How does it secure our Car’s health?
- A car insurance policy prevents the car owner from sustaining any momentary losses resulting from unpredictable incidents including accidents, or any other damages suffered on the insured car.
- It also provides the insured with ‘personal accident cover’ to stay protected from any car accident injuries.
- Moreover, In India, According to the Motor Vehicles Act, 1988, Car Insurance is compulsory for all cars operating on roads to have a valid third-party liability cover.
- Also, car insurance for old cars have availability for one year and should be renewed annually. And car insurance for newly purchased cars should have a compulsory third-party liability cover for three years.
- Furthermore, by car insurance, one can get paid for hospitalization expenses in case of an accident. However, it pays for the car damages due to collision, death or natural calamities.
Tips while choosing a car insurance policy
As it takes a bulk amount of one’s lifetime wealth to buy a car, a good insurance policy should be chosen to safeguard this property. Therefore, few tips have been mentioned here to get a good car insurance policy.
(i.) Selection of the best form of cover :
There are two groups in which a car insurance policy is divided, namely, Third-party and Comprehensive. In this, the third-party cover compensates only for third party damages, whereas the Comprehensive cover compensates for the third party damages as well as protects the insured car.
(ii.) Discover Discounts for the best form of cover:
One should look for a good discount offered by car insurance companies.
(iii.)Compare for the best form of cover:
One should do a good comparison before buying any car insurance policy as it will give them the idea of the best one suiting their requirements.
(iv.)Insured Declared Value(IDV) of the vehicles should be checked :
IDV refers to the maximum claim that the insurer will pay if the insured car got damaged or stolen. Therefore, one should check for the IDV of the vehicle to choose the best car insurance policy.
(v.)Check for a voluntary deductible option :
There should be a good relationship between the premium and the deductible so that we can get the best value of the car insurance plan.
(vi.) Registration with an Automobile Association :
If one wants to get a discount on car insurance then they should get themselves registered with a good automobile association.
(vii.) The Claim Process should be thoroughly checked :
One should also see to the easiness of the claim process before buying car insurance so that it does not create any chaos at the time of its requirement.
(viii.)Renewal process should also be looked before :
The renewal of car insurance is also very important. One should look for the renewal process offered by the car insurance company so that it does not become hectic for them at the time of getting this facility.
As we’ve gone through a great deal of information for understanding it’s a necessity and it’s methodologies, let’s choose one of this car insurance for us which best suits our expectations.
On comparing various car insurance plans for four-wheelers cars on the basis of the Insured Declared Value or IDV of the vehicles, we’ve got the analyzed data which is mentioned below.
1.TATA AIG Car Insurance :
Tata AIG Motor Insurance plan is a car insurance plan that considers the conventional and non-conventional risks associated with automobiles.
It ensures that the policyholders are able to get immediate help in case of emergencies.
2.HDFC ERGO Car Insurance :
HDFC ERGO General Insurance Company offers a complete range of general insurance products right from Health, Motor, Travel, and Home to Personal Accident in the retail space.
3.New India Car Insurance :
New India Assurance offers a wide range of motor insurance products that covers all the basic needs of the insured. This plan offers two types of coverage,i.e., Liability and package coverage.
4.Oriental Car Insurance :
Oriental Insurance company provides a car insurance plan that ensures the ease of claim to the insured in difficult situations and also offers customized plans as per requirements of the insured including seamless online renewals, emergency services, and a lot more.
5.Bajaj Allianz Car Insurance :
Bajaj Allianz Car Insurance is a trusted company that offers one of the best car insurance plans. It enables them to renew their car insurance quickly and conveniently within instants.
These are the top 5 car insurance companies providing the best car insurance plans for all of us.
As cars are considered to be a part of our family, we need to take care of it as well. So car insurance is one of the best ways to safeguard it from all unforeseen problems. Car insurance truly caters to the health of our car and provides privileges to the car owner in case of any discrepancy.