Car insurance is mandatory as per the law in India. It protects you from financial and legal loss if your vehicle is involved in an accident. Yet many people purchase car insurance without giving all the aspects much thought. If you are buying a car insurance policy for the first time, do not neglect the importance of giving careful attention to the selection of your car insurance policy. The same goes for you if you are renewing your policy. And with everything shifting online, you can now put more time and effort into buying and renewing your car insurance. To help you, here are a few mistakes to avoid when buying or renewing car insurance online.
1. Not comparing policies
When purchasing online car insurance, it is not necessary to select the first insurance provider that pops on your screen. It is important to explore different policies to get good coverage. Many aggregator websites will help you analyze plans according to your preferences. Remember, there are many insurance competitors, hence each one puts their best foot forward by providing various discounts and additional benefits to attract more and more customers. So, a little bit of research and comparison will help you get a deal that truly gives you the best value for money.
2. Setting a low IDV
The IDV is the insured declared value of your car. If you set a low IDV for your vehicle, it will be underinsured. So when you suffer from total loss or theft of your vehicle, you will be at a loss as you will get an insufficient financial coverage from your insurance provider, lower to that of the actual value of your vehicle. Always try to get the most value as you possibly can when you buy online car insurance. This could cause your insurance premiums to rise, but it’s worth it, especially if you want to make a claim in the future.
3. Selecting insufficient add ons
Additional covers are extra-features added to your insurance policy according to your choice. However, most people think that these additions are unnecessary and increase the premium for no good reason. What most people don’t understand is that these add-ons provide financial assistance during an accident or other unforeseen event, which truly gives the best value for money. So next time you are buying or getting a car insurance renewal online, make sure to review all the add-ons and select the ones as per your requirements. Some of the add-ons that most people prefer to include are zero depreciation, roadside assistance, tire protection cover, passenger cover, and personal accident cover, among others.
In conclusion, it is imperative to drive a car only if it is insured. Also, while purchasing online car insurance, it is essential to keep these points in mind to not miss out on benefits and regret later. Take a good amount of time researching and comparing, which will reward you in the future.
Happy shopping and drive safely!