At each renewal date, a question pops in your mind, “Should I continue with the same insurer or switch?” Every policyholder evaluates this option to ensure they have the best deals on their motor insurance plans.
Some individuals do it out of legal obligation for having insurance policy, while others with the intent to protect their vehicles. Whatever is your reason, let’s look at what are the important things that you must be checking at your next two wheeler/car insurance renewal.
If you think that you are not receiving adequate benefits from your insurance cover, buy motor insurance online. Searching for the right policy on the internet is easy as never before – convenience at your fingertips. Start by determining your needs, selecting the right insurer, browsing through various plans offered and then zeroing down to the most suitable one.
Third-party or Comprehensive cover.
After finalising your coverage needs, you must decide which will be an appropriate policy for you. Since the third-party cover is mandatory with limited protection to the policyholder, comprehensive insurance plans work the best at all times. Most of your insurance needs are taken care of using a comprehensive policy.
Comparison is the key.
Digital medium gives you the liberty to select a plan that suits you the best. Also, you can start looking for similar coverage offered by different insurers when you compare motor insurance online. You may get equivalent cover at lower prices from other insurers too. Lastly, don’t forget to verify whether that particular insurer is registered with the Insurance Regulatory and Development Authority of India (IRDAI) or not.
Top it up with Add-Ons.
Additional coverage for your standard comprehensive insurance policy is called add-on coverage. These help you to enhance the coverage of your policy at a nominal premium. In case you desire to increase the coverage for your insurance plan, you can select the desired add ons. Let’s look at some few important add-ons to be considered when buying.
- Zero Depreciation add-on aids the policyholder by ignoring the depreciation at the time of filing a claim. When you apply for a claim, the insurer reimburses the original cost of your spares, and there is no loss to the policyholder.
- Engine Protector add-on is another important feature. Here any damages to your engine are covered. These damages are otherwise not included in your standard policy coverage. In case you reside in a flood-prone area, there can be cases of water ingress damaging the vital components of the engine. Using this add-on any cost of repairs or parts is included under an engine protector add-on.
- Breakdown Assistance add-on or Roadside Assistance add-on helps in times of distress when you can be stranded in the middle of nowhere with no help around. A call to your insurer will get you a repair/towing vehicle to take you safely back home.
- No Claim Bonus Protector add-on is a nifty recommended add-on to save you a handful of your premiums. Buying this add-on, you don’t need to worry for paying large premiums once you file a claim for repairs/damages.
Remember these points mentioned above when looking for a motor policy at your next insurance renewal. Thorough research is important when you want to get the best available deal.