Cars suffer a lot due to more road accidents in the country. To avoid such losses, we should take damage cover at our level, it is very important to keep these 8 things in mind while taking it:
New Delhi. Indians do not spend much of their time looking for better car insurance, while the number of road accidents in the country results in a lot of damage to cars. To avoid such losses, we should take damage cover at our level , it is very important to keep these 8 things in mind while taking it:
IDV
This is the maximum amount that can be claimed if the car is stolen or damaged. IDV is determined by subtracting depreciation from the price of the car. If the car is more than 5 years old, then the price of the car is decided by mutual agreement.
coverage
It happens in two parts. The first third party that pays compensation to the family of the victim in the loss. Another optional damage cover, it provides protection against loss in case of theft, accident, fire, natural calamity etc.
add on / top up
It is like getting more facilities by paying some extra money. For example engine protector, zero depth, 24×7 roadside assistance etc. One can choose the rider as per their requirement.
Exception
We should know what is covered in the policy and what is not. This is both our right and duty. Before taking insurance, we should clear one thing from the insurance company.
deduction amount
This means that at the time of claim, we ourselves will bear a predetermined part. If you agree to a higher deductible, the value of the policy gets reduced proportionately.
ease of claim
Nowadays the claim settlement process has become very easy and fast. Many companies are providing this facility at your doorstep. While insuring, it would be beneficial to see how techno friendly the company is.
insurance company network
It is very important to find out how strong is the network of the company we are insuring from in or around our city. Like its tyup from garage or service centers etc.
no claim bonus
This is the amount that is available as a discount at the time of renewal for not making an insurance claim. Even if we are buying a new car, the no claim bonus of the old car can be transferred.
