New Car Insurance: Before your favourite vehicle hits the road, you must also buy a third party motor insurance policy. This is a basic insurance cover that protects the policyholder from damage caused to a third party’s property.
New Car Insurance: Having a car at home makes many things easier for you. Owning a car is associated with endless possibilities and a sense of freedom. But having a car at home is not everything, there are many things that you need to take care of in the future.
Third Party Cover
Before your favorite vehicle hits the road, you also need to buy a Third Party Motor Insurance Policy. This is a basic insurance cover that protects the policyholder from damage to a third party’s property. Apart from this, driving without a legal insurance policy can lead to a hefty fine as it is mandatory to have a 3-year third party cover for new cars and a 5-year third party cover for 2-wheelers.
Buy Comprehensive Motor Insurance
While third party insurance is mandatory, it is still advisable to buy a comprehensive motor insurance product to ensure complete protection of your vehicle as it covers damage to one’s own property due to natural calamities such as floods, cyclones and earthquakes.
Do your research
Your car dealer may offer you insurance options at the time of purchase, but don’t always go by what the dealer is offering and check out insurers’ websites to compare premium costs and choose a plan that suits you best.
Check the IDV
Another important thing you should look at carefully is the insured declared value of the vehicle which is the amount your insurer will pay if your car gets stolen. Some useful add-ons include zero depreciation cover, return to invoice cover, consumables cover, roadside assistance, engine/tyre protection cover, etc.
