Here are some important aspects to consider before buying a car insurance policy for a new car.
Are you planning to buy a new car? If so, then of course you must have thought about its colour, engine, features and price. But have you also considered the car insurance that you will need while buying a new car? If not, then here are some important things you need to know before buying car insurance. With its help, you can take the right decision.
Most people believe that car insurance should be taken only while buying a new car from a vehicle dealer or supplier. Car buyers feel that by doing this, dealers will make a good deal with them. But it is not necessary that the dealer makes the right deal with every car buyer. In such a situation, it is very important that while buying car insurance, the buyer should work as hard as he did for a new car. Meaning, while taking car insurance with a new car, all its aspects and conditions should be well understood.
For more information about car insurance policy, you can take help of online portal. By visiting the respective portal, you can compare the features of different car insurance policies, check premium details. After getting these important information, you can choose the best car insurance policy for your new car according to your needs. What are the important aspects that should be understood while buying a car insurance policy for a new car, let us now know about them
Know your insurance rights
As a buyer of a new car, you have all the rights to collect accurate information about the car insurance policy. Understand all the aspects of the policy you wish to buy. As for car dealers, they offer insurance policies keeping in mind their sales and benefits. Also, they try to present a good deal in front of the car buyer. In such a situation, it is not necessary for the car dealer to benefit as well as the car buyers to get the best insurance policy every time. Therefore, it is very important that while buying a new car from a vehicle dealer, compare the policies offered by other insurance companies before taking the insurance policy offered with it.
At present, instead of dealers, many digital native companies sell special policies to meet all the requirements at very cheap prices (about 20 percent less). In fact, these new age insurance companies do not have to pay any commission to the agents. In such a situation, these companies directly pass on the profit on the purchase of car insurance policy to the customers. You can cut costs by buying a policy from these companies while purchasing a car insurance policy for your new car or renewing an insurance policy for your used car.
One policy does not necessarily fit every car
There is a saying that one size fit all means one car insurance policy is fit for every new car of every size. So it does not fit in the case of car insurance policy at all. Therefore, it is suggested not to get caught in this saying that these proverbs are correct everywhere. Choosing the right insurance policy for a new car should be done carefully. You should buy the insurance policy which is best for your car. You can do this only when you have identified the needs of your car. Once this is done, you can buy the policy from the insurance company. By doing this you can save expenses on non-essential features.
There are two options to buy car insurance
If you want, buy a car insurance policy from a dealer or directly from an insurance company. Most buyers assume that only the dealer has the right to sell the car insurance policy, but this is not the case at all. In fact, car dealers give the buyer the option of insurance policies of those insurance companies that the insurance company has partnered with them. Very few car buyers know about the new age insurance company. If car buyers buy insurance from new age insurance companies instead of dealers, they will have to spend less money on the policy.
special point
Most car dealers fix the same rate for insurance policies of different insurance companies. Dealers give a list to the car buyer to choose the policy. The buyer chooses the policy of any insurance company, he has to pay a fixed rate. In fact, dealers put more emphasis in selling the policies of those insurance companies which give them more commission. Due to which many times the car buyer has to pay extra premium for the insurance policy.
Even though Indian law has made it mandatory for a car to be insured before plying on the road, it is not necessary to buy it from a car dealer. The Insurance Regulatory and Development Authority of India (IRDAI) says that customers have the freedom to buy insurance from anyone they want. Car buyers can also buy insurance policies from new age digital native companies if they want. These new age companies offer all the best benefits to the insurance policy buyers like low premium, hassle free renewal process and quick settlement.
The policy can be further enhanced by opting for add-ons.
One should not look for generic motor insurance while buying insurance for a new car, it is often an add-on with the insurance policy which is not required separately. However, the car buyer does not have the option of customizing the insurance policy. But when the car buyer buys the policy directly from the insurance company, he can buy additional policies as an add-on for many more like engine protection, zero depreciation coverage, roadside assistant.
In the end, just to say that before buying any insurance policy, the buyer should not be in a hurry, first understand all its aspects thoroughly. Also, compare policies of other insurance companies.
