This brings up the need to buy a good car insurance policy which takes all your requirements and preferences into account. So, with the right insurance policy you can get a car insurance premium designed to suit your needs.
Firstly, it is important to look into the intricacies of a motor insurance policy. This gives you a clear picture of what you need to insure your car against when getting a tailor-made policy. Secondly, you should empower yourself with the knowledge on what is absolutely essential and what can be an add-on.
According to the IRDA, third party liability cover is a must have for all the cars driven on Indian roads. Failure to produce the appropriate policy or driving around with an expired policy can result in a heavy fine. Also, the premium for this insurance is fixed while the add-ons you choose will determine the car insurance cost.
Insuring your car against own damage risk can certainly take a load off your chest with all the benefits it offers. Damage is the harm caused to your vehicle in event of an accident. In this way, the premium amount can be designed as per your needs and the budget. It also covers your vehicle in event of a theft of the car or its components, natural disasters like earthquake, flood, storm and more. As an added advantage to the policy holder, you can get a personal accidental cover incase of death or disability due to an unforeseen accident.
These are a few of the options that a policy holder can look into for determining a car insurance premium that suits their budget. · It is up to the policy holder to buy a personal accidental cover for the co-passengers. This is an optional benefit that a buyer may or may not avail. It requires you to pay a small amount and can be extremely helpful in case of an accident.
Another optional benefit would be zero depreciation cover which the policy holder can choose to take. This benefit absolves you from having to pay for any parts replaced due to damage without any deduction being made for depreciation. You can get their advantage by adding a negligible sum to the premium amount. · Another way on lowering the premium amount is voluntary deductible. Voluntary deductible allows you to reduce your policy premium amount by choice.
Thus, by knowing more about the details of a motor insurance policy, you can get a car insurance premium which fits into all your constraints yet fulfills the requirements too.