Car and Bike Insurance Policy: Driving any vehicle without an insurance policy is illegal. If caught, the traffic police can also issue a challan. If you are going to buy an insurance policy for a car or bike etc., then it is important to pay attention to some things. This will help you choose the best policy for yourself.
Best Insurance Policy: Taking a car insurance policy is legally mandatory for driving on Indian roads. It not only compensates for the damage to your car but also to other people in case of an accident. But, it is very important to keep some things in mind before buying an insurance policy. Let us know what things should be kept in mind while taking car insurance.
There are many companies in the market that offer insurance policies. You get features according to the price. In such a situation, choosing the right insurance policy for yourself can be a bit risky. When you buy a new car or bike, the dealership also helps you in choosing a good policy. But sometimes the cost of these policies becomes very high.
Insurance policy coverage
If you want a good insurance policy at a low cost, then it would be better to search for it yourself. Be it a car or a bike, keep these things in mind while choosing an insurance policy.
Third Party Insurance: This is the most basic insurance, which only covers the damage caused to another person in an accident.
Comprehensive Insurance: Apart from third party insurance, it also covers damage to your vehicle due to theft, fire, natural disaster and accident.
Add-on Cover: You can include add-on covers such as engine protection, roadside assistance, zero depreciation etc. in your policy.
Insured Declared Value (IDV)
Insured Declared Value (IDV) is a very important point while taking vehicle insurance. It is very important for you to understand this. IDV means the amount that is received in case of complete destruction or theft of your vehicle. To compensate for your loss, make sure that this amount is at least equal to the value of your vehicle.
Claim Settlement Ratio (CSR)
Before buying an insurance policy, definitely check the claim settlement ratio of the company. CSR shows how many claim applications the insurance company has paid out in a year out of the total number of claim applications received. Also check the process for getting a claim.
Do not ignore the terms and conditions of the insurance policy at all. So take enough time to read the policy terms and read them thoroughly. Sign the insurance policy only after giving it complete thought.
