Car insurance is one of the vital legal aspects while purchasing car. There is no dearth of insurance companies that offer you an array of car insurance plans. One needs to be extremely cautious while buying a car insurance policy because it will determine the extent of cover in case of any mishap that damages the car or the driver. Here are few things that you must consider before buying car insurance.
1. Understand your cover requirement: It is important that you know what kind of cover you are looking for. You must also know the minimum cover requirement as per the state laws. You can find this information on various insurance aggregator sites.
2. Indulge in mystery shopping: Do not buy your car insurance from the first company that you walk into. It is recommended that you mystery shop for quotes with different companies. You must compare the quotes along with features provided by each policy before short listing the prospective insurance service provider.
3. Background check: It is recommended that you read and understand market standing of your prospective insurance company. One can visit various review forums and consumer forums to get a first hand feedback about the company's financial standing and their service patterns.
4. Insurer's declared value: Your insurance cover majorly depends on the IDV or insurer's declared value. This value is determined by your insurance company. It is recommended that you research and understand the parameters that impact the IDV.
5. Know your policy: It is important that you understand the nuances of your car insurance policy. It is best to clarify all your doubts before you sign the documents.
6. Read the fine print: Consumers often tend to ignore the fine print. It is crucial that you read the fine print carefully. Most of the disclaimers are in fine print so don't miss out on them.
7. Know the claim calculations: You must check with your agent about the claim calculation process. Claims are generally paid on depreciated value of the vehicle hence it is important to check what are standard depreciation slabs as per the law. Several companies may also offer 'no depreciation policy' on extra premium; look out for such offers to be on the safer side.
These simple things will not only help you in buying an apt insurance cover but will also extend the correct cover in event of physical damage or injury.
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