Lessons I’ve Learned from Car Insurance

Buying a car is a momentous occasion in everyone’s life. You therefore invest a lot of time and energy to locate the best car with the best features within your budget. Your car becomes a prized possession and you try to keep it safe and secured at all times. But do you insure it properly? Unfortunately, most people don’t put in the same amounts of time and effort when selecting their car insurance plan. If you too have made this mistake, then you must have learnt some lessons, knowingly or unknowingly. Let us take a look at the common car insurance mistakes and the lessons we learn from them.

Facts about car insurance that will make you think twice

#1. Comparing helps save money

This is one of the biggest lessons to learn from car insurance. It is an absolute fact that comparing the available car insurance plans will help you save a lot of money. Different insurance providers have different offers, discounts and promotional activities. As a result, the rates of the plans also differ. You must therefore run a quick comparison before you make a purchase. This hardly takes any time and helps you made an economical choice on your motor insurance purchase.

#2. No claim bonus is important

In a hurry to get your car insurance formality done and get the wheels on the roads, you may ignore or forget about the no claim bonus. This is an important lesson to learn – the no claim bonus (NCB) is a discount that you are entitled to. If you have had a good driving record and not made any claim previously, you will not have to pay the highest possible premium. Opt for the NCB discount and get the most out of your car insurance policy.

#3. Riders add value to your policy

The car insurance plans available in India these days are quite comprehensive. However, they have limited covers. Don’t wait for your car to crash or break down before you realise that the insurance plan won’t cover the repair costs. You can purchase some add-on covers to customise your plan and increase the insurance coverage. The engine cover rider will protect the engine and cover all the repair costs, which most basic car insurance plans won’t do. Similarly, the zero depreciation rider will negate the depreciation value and you will get to make a higher claim on your plan. However it is recommended to buy add-ons only as per your requirement.

#4. Discounts and offers are available

If you are a member of an automobile association, you can get a discount on your car insurance plan. Likewise, if you have some safety devices installed in the vehicle, you can ask for a discount. If you weren’t aware of these facts when last bought your car insurance policy, but have now learnt your lesson, make sure you enquire and find out about all the available discounts and offers.

#5. The reputation of the insurance provider is important

If you have had a challenging time getting your claim processed previously, you will have learnt the important lesson of choosing the insurer wisely. It makes a huge difference when you buy a policy from a good, reputed insurance company like Coverfox.com. Not only is the claim processed more smoothly, you also enjoy better customer support and end up with a great deal overall.

Reliable sources to learn about car insurance

As we can see, it is absolutely crucial for you to do your research and know all about car insurance. However, you must get the information in an unbiased manner. At times, a particular insurance agent may try to push a certain car plan to you for his own benefit. Avoid being caught in such a situation. It is therefore a good idea to do your research online. Read reviews, run comparisons and gather all the data that you can. Also, if you have a trusted relative or friend who has recently bought a good car insurance policy, take their feedback and include it in your research. This will help you to learn all about car insurance and consequently you will end up with the best policy at the best price. So invest some time and effort into your car insurance policy purchase and keep your precious vehicle safely protected.