While investing your hard-earned money in a vehicle, you need to have contingencies in place to ensure you are protecting your vehicle and have backup in place to keep it up and running. Your vehicle is also important for your daily office commute. Perhaps, the most important step is to get a motor insurance from Day 1.
Yes, a third-party vehicle insurance is a legal requirement, but the job of an insurance policy transcends those boundaries. There are many advantages to buying good motor insurance. Mental peace and being on the right side of the law- are one of the top ones. Since motor insurance has a big role to play, the policies should be picked carefully and after assessing all aspects of your needs.
Factors to consider while buying vehicle insurance
- Ease of buying – One way to buy insurance to go with a trusted provider. You can buy insurance with the click of a few buttons by opting for ICICI Lombard motor insurance coverage plans. The IL TakeCare App is enough to make your life easier. You can keep your car insurance with you on the go on your phone and download it whenever you require. This can be helpful, especially when you are the kind who likes to go on long trips across the country.
- Utility of the vehicle – It is important to consider how much your vehicle will be running in the next year. Depending on the utility of the vehicle, you could look to get more fortified. If you plan to use your vehicle for commercial purposes, there are other products available on the app.
- Spectrum of coverage – The coverage does not just include the amount the insurer will pay in case of accidents, but also includes the factors that will be covered. For example, theft, fire, floods, and other such factors that you have no control over which may damage your vehicle. Understand the policy and what it has to offer before you purchase it.
- Add-ons available – While looking for a policy on the app, it is essential to see the points that can be customized to make the optimum use of the policy when the time comes. Add-ons like engine protection cover, zero depreciation cover, and so on, can save money when there is an unfortunate event.
- Cashless options – In case of an issue with your vehicle, your bike insurance or car insurance should be able to give you the option of just entering a garage and not worrying about the payment. The network of cashless garages you can choose from is a helpful support system when you step out of the house with your vehicle.
- Settlement ratio and user reviews – One of the surest ways to quantify whether the insurer is delivering is to check the settlement ratio. The higher the ratio, the better it is considered. Another good way to gauge which insurance policy would be a good fit is to check the user reviews. The user reviews give you a glimpse into what it is like after you have purchased the policy. It gives an insight into the customer service provided by the company and also gives you an idea of how useful your policy can be.
- Online presence – The online presence and the app of a company like ICICI Lombard, makes life easier by allowing you access to all aspects of buying a policy online. You can start by comparing two policies and expect complete transparency from the online portal of the company. Along the same lines, the process of renewing, filing for claims, and other such routine activities of an insurance policy become easier when the policy has an online presence.
- Voluntary deductibles – This refers to the amount that you choose to pay in case of a claim. Voluntary deductibles are flexible, and the lesser the deductibles, the more will be the premium and vice versa. The voluntary deductibles are a way for the insured to share the risk with the insurer, as well as have a say in the premium.
- Age of the vehicle – The age of your vehicle determines the rate of depreciation. It also means that there are more chances of the engine or parts shutting down due to wear and tear. This should be considered when you are buying the policy, as some add-ons can help you recover a higher sum during claims.
- Transparency – Make sure you ask the right questions and understand the policy. At the same time, you must understand and look for any hidden costs. Transparency regarding every aspect of the motor policy is what puts your mind at ease and allows you to make maximum use of the policy purchased.
This can act as a ready reckoner, when you are going to buy a motor insurance policy and, can help you avoid confusion. Keep these factors in mind to get a motor policy that will be a trustworthy companion for you and your vehicle.