Life is as precious to a person as essential resources. Once lost, it can never return. Nobody would want to risk their lives on the road while travelling to distant places, or perhaps their workplace. Many use their vehicles for commuting from home to office and vice-versa. It is safer and secure to get insurance for both the car, as well as the owner to avoid road mishaps.
Car insurance is helpful at the time of accidents. Third-party insurance policies pay for the car damage, physical injury, and property damage restricted to the third party only. Their costs are regulated by the Insurance Regulatory and Development Authority of India (IRDAI), with every provider giving the same premium for the insurance.
Following are some tips to obtain a reasonable third-party vehicle policy:
- No Claim Bonus:
Many insurance companies offer a no-claim bonus, where you earn bonus between 20 per cent and 50 per cent on the renewal premium if they do not make any claims in the current year. This facility is applicable only for those who have personally damaged their vehicles. They can get a higher discount on the premium instead of claiming compensation for minor issues.
- Car personalisation:
Owners can install devices like trackers, immobilisers, theft alarms, and lots more to increase the security and personalise the four-wheeler. Such measures help in lowering the premium of the car insurance policy and shows consideration for the family. It is a good practice and helps in retaining the No Claim Bonus.
- Add-Ons:
An four-wheeler insurance policy bought from trusted institutes and companies offers added advantages to it when they receive additional payment for the plan. They provide other personal accident covers for co-passengers as well, given the limited number of add-ons for third party insurances.
- Online availability:
Many insurance policies are available on the internet, with insurance companies having authorised websites to give all the necessary details. Car insurance online help buyers get the best value for their vehicles by comparing the deals offered by other insurance websites and coming to a conclusion that suits the budget.
- Policy agreement:
It is safe and better to stay updated about the clauses and conditions mentioned in the agreement of the car insurance. Read them thoroughly and know all the features, guidelines, procedures, etc. The online version ensures the availability of all these features with just a click. Tracking of the instructions and details enables a smooth claim process and secured insurance.
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