It must not be new for you when someone speaks about the importance of car insurance policy in front of you, right? Everyone in the present world is aware about the importance of automobile insurance. In this mad rat race people often forget that they have a life of their own. This is when the government of India intervenes and acts responsibly towards the citizens of the country. They have made it mandatory to have a car insurance policy if you own one. Not only having car insurance is a legal obligation in India, but it is crucial for your own safety and life.
What is the point of you working hard to get a good job, if you do not have the guts to spend it on yourself? What is the use of earning a good amount every month if you still live with the fear of risk and uncertainty all around yourself? How can you consider yourself responsible enough if you cannot protect your family members in case of any mishap?
It is true that one cannot completely get away with the risk factor but having a car insurance policy that provides you with good coverage reduce the probability of you suffering from a financial crisis or a deadly situation after something unfortunate arises. So why not go for it?
Now, the question that everyone faces; “On what basis is the Best Car Insurance in India characterized’’?
Well, there is no set rule for this. Any particular insurance policy may be very useful to some kind of people and at the same time may not provide any utility to the other kind of people. It all depends on the needs and situation that an individual faces. Also, your affordability level, your likes and dislikes regarding specific parameters, your lifestyle, and your priority list are few of the factors that help in deciding as to which type of car insurance policy is good for you.
But, one thing that every single person can do is to have a proper knowledge regarding the various types of insurance cover. In order to reach to a final conclusion, you must have complete information as to what is there that is being provided and what not. If you miss out on things, you miss out on some really good opportunities. Therefore, keeping yourself well-informed is a very crucial thing if you are planning for a car insurance policy. If you are not aware with almost half of the things, your sample space shrinks and thus your decision gets affected to a huge extent.
The coverage that your automobile insurance policy provides you is really important. At the end of the day, when you ask for a claim from the second party, the basis of calculation for the same depends on the type of coverage that you have chosen. Below mentioned are five types of insurance coverage that will help you get an idea as to what you should choose and what not. Just have a look at them!
If you face an accident (covered), the collision coverage pays for all the repairs for your car. It sounds amazing at first, but you need to study all the minute details regarding the collision coverage and then cross check, whether it matches with what you are looking for in your car insurance policy. Suppose, the cost for repairing your car exceeds the value of your car, there is no need to worry. Under collision coverage, the entire cost is borne by the insurance company.
This kind of coverage is best when you have a new car or an expensive car. This is because in both the cases, the cost of maintenance is higher and thus, collision coverage turns out to be really useful. On the other hand, if your vehicle is older and does not have much value it is advisable that you do not choose the collision insurance because you would not be able to utilize it to the full extent.
Thus, the final choice is yours. Study all the parameters in detail and then decide. If need arises, you can ask for help from someone who you think is well-informed about all this. You can also seek professional help from insurance agents either online or offline.
Think of a situation where your car is stolen, or an animal hits your car and the front part gets completely damaged. What do you do next? Collision coverage will not help you in such a situation. In cases of such uncovered accidents (which are very likely to happen) it is the comprehensive coverage that comes into play.
You can ask for a claim under the following situations;
- Accidental damage caused to your car
- Repairs after the accident happened
- In a situation if someone deliberately causes damage to your car, say by scratching it
Well, it is a bit expensive to afford this type of coverage. If you think that your vehicle can be easily insured then it is better that you avoid this coverage as it won’t fit your budget that easy.
Tracking devices and anti-theft devices can make this coverage a bit more affordable for you.
Liability Insurance Coverage
This type of coverage insurance takes into account the repairing costs and also the medical bills that are generated from the injuries that the driver and other passengers face. It is good to have a Liability Insurance Cover if you are looking for the Best Car Insurance in India.
In most of the states in India, there is a minimum requirement that the drivers have to fulfill regarding the liability coverage they need to have. Well, it is always good to have liability coverage higher than the minimum requirement, provided you can afford it without much difficulty. This is because it provides you with extra protection in the case of an accident, as you are responsible for all the costs that exceed the limit defined in your insurance contract. You can always avoid this risk if you have a liability coverage that is higher than set level.
But do not step out from your budget range as it will be hard for you if you fail to make timely payments to your companies.
Personal Injury Protection
Personal Injury Protection is liable across the entire country. No matter who is responsible for the accident, all your medical bills get reimbursed along with the passengers. Buying a personal injury protection cover is always a good choice. You may think that the costs during an accident are not huge enough and can be easily covered, but the reality is far away from what you think. All the costs add up and it becomes difficult to bear them all alone.
Therefore, while buying the car insurance policy, do not keep your mind closed. Look for every possibility and then make a decision.
Underinsured/Uninsured Motorist Protection
Uninsured Motorist Protection comes to use when the claim that you ask for from your insurance company is far less than the costs you need to bear. Or, you will not receive any help from the other party if you have not opted for any coverage.
Thus, a simple and easy solution to put an end to all your problems is choosing the Uninsured Motorist Protection.
The above mentioned different types of coverage options speak a lot about how you should approach towards the decisions in the insurance market. Things will not work good for you if you just randomly choose things and expect good returns in case of need. You need to investigate the details, spend some time analyzing, take suggestions and then make a final call.
Always remember, it is you who is going to help your own self at the end. Nobody will turn up to help you out in extreme situations. And your decision today will shape your future tomorrow. Therefore, act wisely and be confident enough in whatever you do.
Dealing in an insurance market is not easy, but it is not something next to impossible. Buy the Best Car Insurance and enjoy the benefits. You may find it difficult to manage the expenses in the beginning but once you start doing it, you will form a habit for the same and will form a comfort zone. Try not to compromise on your needs as much as possible to avoid any hassle in the future.
All the Best!