Before you buy motor insurance to protect your vehicle, it is imperative that you follow certain steps to ensure that you are making a judicious purchase decision:
- Understand the coverage of the insurance policy – You should get in touch with the insurance company to understand the scope of coverage under the plan you are buying. Although accidental damage and theft are offered coverage under a standard motor insurance plan, there are several incidents or parts of the vehicle that will not be offered coverage. If you are buying insurance from an agent, speak to him/her and get a clear idea of the extent of protection offered.
- Get additional cover if required – Motor insurance companies offer add-on covers that can be used to enhance the protection offered by the base insurance policy. Explore the riders offered by your insurance provider and buy the covers that you think will benefit your vehicle.
- Inform the insurer of customisations – In case you have added a customised setup to your vehicle or have modified an electrical/mechanical part, ensure that you inform your insurance company of the same. Otherwise, the insurance protection offered by the policy may be nullified. Such updates will be reflected in the insurance policy in the form of endorsements that may or may not bear additional premiums.
- Compare car insurance between providers – This is a very crucial step in the purchase of a motor insurance policy that is often overlooked by buyers. You can easily compare the coverage and cost of motor insurance policies at neutral financial websites. Based on the comparison results, you will be able to narrow down on the most optimum insurance plan for your needs. So, keep in mind that buying car insurance from the friendly salesman at the car dealership may not always promise you the best insurance plan; policy comparison does.
- Choose voluntary deductibles wisely – Opting for voluntary deductibles can bring down your car insurance premium to a large extent. However, do not choose high values for voluntary deductibles, as you may struggle to make the necessary payment at the stressful time of a car insurance claim.
- Network garages – Motor insurance companies offer the facility of cashless repair of an insured vehicle at select garages throughout the country. These service centres are referred to as network garages and are affiliated to the motor insurance company. If your insured car meets with an accident, you can get it repaired at a network garage without having to pay for the repair work upfront. The finances will be settled directly between the insurance company and the service centre. It should also be noted that the service provided at network garages are usually of high quality. There is also a great level of transparency throughout the process. So, choose an insurance company that offers you this attractive facility.
