Things to Know Before Buying Car Insurance!
There are many things that make being an adult both exciting and nerve-wracking, including being the owner of that flashing car that you’d always dreamed of driving. The car may let you cruise through the place with the comfort of speed and personal space, but it also comes with a bunch of responsibilities.
Along with taking care of the car’s maintenance and driving safely, one needs to also get the vehicle insured. The owner of the car must pay insurance premiums at specified intervals according to the policy that they have chosen. In case of an accident, loss, theft or liability, having a car insurance reduces the effect of loss with monetary compensation. This is available in three level—to cover the vehicle, to cover the vehicle and the owner and to cover the vehicle, owner and third parties involved.
What is not covered under car insurance?
Although getting an insurance may make the vehicle seem invincible and cause temptations to cheat on claims, insurance companies have tight policies that make sure not to cover claims that do not seem genuine. Among the many things not covered under car, insurances are general ageing, wear and tear, mechanical breakdowns, electrical breakdowns, damage caused by a person who is intoxicated with alcohol, drugs or other substances, consequential losses, damage caused by a person who does not have a driving license and losses outside the country.
What factors can affect the amount of premium to be paid?
There are certain factors that affect the amount of premium one needs to pay to keep their vehicle insured. Among them is the Insured's Declared Value (IDV), which is the basic amount to cover the vehicle and takes into account the value of the vehicle along with the amount of depreciation. The factor of age also comes into play when taking into account the insurance premium. The more mature the driver, the more he or she is accepted to be careful and responsible in driving and with less of a tendency of driving rashly. In this case, the premium is discounted.
Other factors that come into play are the occupation of the individual and records of claim history. Professionals like medical doctors and chartered accountants are offered a discount on premiums. Additionally, if one makes no claims during the life of an insurance policy, they often get discounts on their premiums ranging from 10 to 50 percent. Conversely, is one makes too many claims, the premium amount can be subject to increase, known as loading.
Car Insurance Claims
When a person wishes to make an insurance claim, the first thing to do is to inform the insurance company about the reason for the claim as soon as possible. The next step is to provide the necessary documents like the claim form in order to register the claim. There are some insurers that allow claim registrations to be done online, so make sure to check the insurer’s website and details while applying for an insurance.
A claim amount is required to be paid when registering for one. The owner can also ask for a reimbursement of the claim amount after repairs at any garage. One can, alternatively, take their car to a network garage for repair for the claim process to be cashless.
How to subscribe to a car insurance?
There are different ways by which you can subscribe to a car insurance. One way is by contacting an agent or a broker who specializes in these matters. Another way is to get the vehicle insured directly by visiting the branch of an insurer. The final means is to get your car insured online and compare the amounts through online portals.