Well, when anyone buys a new car, he or she seems quite happy and on a different world. In India, it is not only a great achievement but also a status factor. Before making the final purchase of car, you do proper research. Compare various brands and models with each other. Then shortlist the cars you like on the basis of your budget and expectations. Even after selecting the car, you go for a test drive in order to make sure your decision is right and then finally bring car to your home.
In India, as per Moto Vehicles Act 1961, it is mandatory to have a car insurance plan. So after buying car you also buy a motor insurance policy for yourself. But the question is how to choose best car insurance plan for yourself. How you can say that you have made the best car insurance purchase? Well, for that you have to keep the following points in your mind.
Factors that you consider to make Best Car Insurance Purchase
- No Claim Bonus – When you doesn’t file for any claim, then you receive No claim bonus. So what policy holder do, they forgo their claim and take the advantage of NCB. Even if you file for only one claim during the tenure of car insurance policy, you still get NCB.
- Invoice Cover Return – There is a significant difference between the amount received in the form of claim and the actual purchase price of the vehicle. The difference is bear by owner of the vehicle.
- Daily allowance – Insurer also provide the money for your commuting if your car is with mechanic for repairing purpose.
- Lost key/ lock replacement cover – Insurer also provide coverage in case the owner of the car lost his key or is get stolen. In addition to this, if some one broke the car lock, then there is provision of lock replacement cover as well provided by your insurance company.
- Hotel Expense – Suppose you can car insurance policy and your car met with an accident and now it has become completely immobile. So you have to stay at a nearby hotel. The expense of hotel is also bear by the insurer.
- Zero Depreciation Cover – It is one of the type of rider that does not take into consideration the depreciation. In other cases, depreciation is subtracted from the acquired price of the vehicle while calculation IDV.
- Coverage for lost belongings – The policy holders get coverage by their car insurance company, if they do not have installed any anti theft device that is approved by Automobile Research Association of India.
Things that are excluded from Car Insurance Plan
- Drastic decrease in the car’s value. For example, the car company announced problem in car and call back of the model.
- Depreciation in tyres and tubes.
- Damage caused to the car while a driver with fake license is driving it.
- Damage caused to the car or person if the driver is driving car after taking alcohol or drugs.
Also read >>> Guide To Prevent Car Insurance Claim Rejection in India
So, if you make a difference from the crowd and want to make the best car insurance purchase for yourself, it is very important that you read the above points carefully as well as apply in your life practically.