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WHAT IS THE RIGHT CAR INSURANCE COVERAGE FOR YOU?

WHAT IS THE RIGHT CAR INSURANCE COVERAGE FOR YOU?
(Image Source: Shutterstock)

 When you plan to buy a car, you spend several hours daily researching for the right one that fulfills all your needs. You look for the make and model, brand, mileage, interiors, and many other things.

 

Similarly, due diligence must be given while choosing the right four-wheeler insurance plan. After all, it is your responsibility to protect your car from possible damages.

 

Even though long term third-party insurance is mandatory by law, you need a comprehensive insurance to get benefits for your car in case of a road accident or theft. Choosing the right cover is important.

 

People do not generally think much about the coverage limits of their vehicle insurance policies. They usually buy the one the dealership sales team offers to them.

 

But is it good to choose a car insurance plan without proper research?

 

If you have decided to buy a new car, but not sure about the right insurance policy, consider this example –

 

Mr. Sood met with an accident and filed a claim to his insurer. After the claim investigation, he found that he asked for a claim amount more than the coverage limit of the policy, which the insurer won’t pay. This disappointed him a lot, even though he did not select adequate coverage to begin with.

 

Got the point?

 

It is crucial for you to choose the right insurance coverage while buying a four-wheeler insurance policy.

 

Now, you might be thinking –

 

‘How much coverage should you choose for your new car?’

 

To get the best answer to this question, here is what you need to consider:

 

1.        Your Car’s Market Value

 

The car you choose to buy determines the coverage you must include in your four-wheeler insurance policy.

 

That’s because the market value of a car has its impact on both the insurance premium and the repair expenses.

 

Let’s say you buy an Audi, which is your dream car. Any mishap that involves damage to your vehicle will require more money in getting it repaired than in case of repairing a hatchback.

 

This is one reason why the insurance premium of luxury cars is higher than sedans or hatchbacks.

 

Buying an insufficient cover for thecar that has a high market value will ultimately hit your pocket financially in case of an accident or car theft. So, make sure you get your vehicle adequately insured.

 

2.      Your Budget

 

The amount you are willing to pay for four-wheeler insurance determines the plan you can choose. The basic comprehensive plan includes a coverage amount based on your car’s IDV or Insured Declared Value. The higher coverage you select, the higher will be the premium to be paid.

 

Similarly, renowned insurance companies in India like Tata AIG offer add-ons such as depreciation reimbursement, daily allowance and roadside assistance for additional insurance benefits. These add-ons are available at a specific cost that gets added to the premium.

 

Indeed, buying the most suitable policy for your car is crucial. But it would help if you chose add-ons or coverage limit in a way that they don’t cause any financial burden.

 

3.      Purpose of Using Your Car

 

The four-wheeler insurance coverage must also be based on how frequently you will drive your car.

 

You may use it to reach your office daily or drive it occasionally only. The usage differs from one individual to another.

 

You might think – ‘How does car usage relate to its insurance coverage?’

 

Well, it does, though indirectly. The more you drive your car, the higher will be the risk of facing a road accident, which will eventually need an insurance claim.

 

Obviously, you do not want to pay for critical car damages from your pocket, which is why you buy car insurance. To be on the safer side, when choosing the insurance cover, consider how often you will use your car.

 

 

Along with purchasing a four wheeler insurance policy, it is essential that you know how to choose a suitable cover. By considering these things, you will be able to make a well-informed decision about protecting your car with an insurance policy. Also, make sure you choose a reputable car insurance company like Tata AIG.

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