Most car owners in India purchase car insurance because it is mandatory. People, in general, do not compare car insurance policies and instead base their purchasing decision on the lowest premium cost. This frequently results in insufficient coverage.
Purchasing car insurance is just as important as purchasing a car. Understanding the nuances of car insurance and an app for car insurance will help you get adequate coverage and enjoy better benefits if you are a first-time buyer.
The following pointers will greatly assist you in comparing Bajaj Allianz car insurance premium and making the best decision.
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1. Third-party insurance is required
All car owners are required to have third-party insurance as per the law. Driving without valid insurance is punishable and can result in a hefty fine. When buying a new car, the dealer offers third-party insurance coverage. One of the most prominent things to understand about third-party car insurance is that it is basic insurance that only protects against damages to a third party’s vehicle or property, as well as bodily injuries, disability, etc. Whether you are driving, a member of your family is driving, or you hired a driver, a third-party insurance policy will only cover claims for third-party damages. However, you cannot claim coverage for the damages to your vehicle under a third-party insurance policy.
2. Look for a comprehensive insurance policy
A comprehensive car insurance policy provides more coverage than third-party insurance; it covers both third-party liability and damages to your vehicle. Furthermore, It offers protection against both man-made and natural catastrophes, including fire, theft, riots, rain, storms, and other events. The cost of comprehensive auto insurance could be more expensive than third-party insurance. premium, but the advantages it provides are worth the cost of the premium.
3. Declared Insured Value
The insured declared value, or IDV, is the amount that the insurance company will pay if your car is damaged beyond repair or stolen. The IDV is not the same as the resale value of your car; it is simply the maximum value of the car (as determined by the insurer) that you receive in the event of a mishap that results in total loss of the vehicle. When comparing car insurance policies online, look must for an insurer that offers an IDV that is close to the market value of the vehicle.
4. Bonus with No Claims
Insurance companies offer the No-Claim Bonus (NCB) at the time of renewal; a reward for not raising an insurance claim during the previous policy period in a comprehensive insurance plan. When you renew your car insurance policy, the reward is usually in the form of a premium markdown. Because the NCB concession is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), it does not differ among insurance companies. NCB increases year after year until you make a claim. If you do not file a claim for five years in a row, you may be eligible for an NCB premium concession of up to 50%.
* Standard T&C Apply
5. Additional protection
The add-on covers, also known as riders, are additional coverages that can be purchased in addition to the original protection provided by the insurance policy. Most insurance companies and the app for car insurance in India provide a wide range of additional coverage to meet the diverse needs of their customers. You can customise your policy by selecting any additional coverage you require based on your specific needs.
Comparing car insurance quotes is now easier than ever before; you can do so online with an app for motor insurance. With just a click of a button, you can obtain quotes from as many companies as you want and select the best policy and insurance company to meet your specific insurance needs.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.