Things to eye on while choosing your motor cover

Things to eye on while choosing your motor cover

Motor insurance covers several types of vehicles such two wheeler or three wheeler, heavy duty vehicles, trucks, tempos, four wheelers, etc. Motor policies consist of two kinds of cover – ‘own damage cover’ and ‘third party cover’. While own damage policy is optional, it is compulsory to purchase a third party cover to drive their vehicle on road. These policies will cover any kind of damage done to your vehicle due to certain events such as theft, fire, accidents, riots, earthquakes, storms, falling objects, lightning, hurricane, etc.

During the recent years, insurance companies in India have undergone a huge transformation. Many new companies have come up with customized and innovative policies that are rapidly changing the rules of the game. Innovation in product offering, customer service, and distribution channels are the area that has seen some changes over the past few years. Your vehicle comes with a standard insurance policy issued by an insurer. Although you can’t keep changing the insurer on regular basis, it’s better to learn about how you can make the most of the premiums that you pay to the company.

Besides, IRDAI has allowed more touch points and prevents insurers discriminating between dealers. Therefore, customers can buy motor insurance policies or renew their existing ones at ease. IRDAI is considering relaxing agency norms to ease distribution of simple policies including motor third-party policies’ through agencies.

Benefits like an extended cover, attractive discounts, etc. are always welcome for the consumer while purchasing a policy. But here are things to eye on while taking a policy.

Firstly, it’s important you look for a reliable and assured motor insurance company. It’s the most crucial aspect for comparing vehicle insurance covers.

The extent of Cover – It’s another important aspect while comparing motor cover.

While most policies cover standard acts of destruction and damage, certain companies offer extraordinary cover as well. They include depreciation cover, roadside assistance in case of breakdown, car wear, and tear, etc.

Discount and assured bonuses are some of the best ways to attract potential clients or retain the existing ones. However, don’t get lured by the discounts on premium alone. Check the total value offerings.

Client Review on consumer forms, online website review portals often act as a source of firsthand information about the performance and service bottlenecks of motor insurance firms. However, you should check well, as they would be very few satisfied customers who get online to write reviews.

You can visits branches, contact service providers or compare motor insurance online from various insurance providers. Seek details about the key features, benefits, and premiums payable for your vehicle, discounts, claim settlement ratio, policy structure, terms, and conditions, etc.

Car insurance premium calculators are available on insurer’s website. One can get the quote on the premium amount for the vehicle. These calculators take into account parameters like no claim bonus, car make, and model, IDV, occupation, etc. and then determine the premium costs of your motor insurance policy.

At the time of claim, you can notify the insurance company as soon as possible. It registers the claim by providing requisite documents like claim form, vehicle registration copy, etc. Some insurers will allow doing claim registration online through smartphones or laptops while on the go.