Today we are going to discuss a very important topic – How to Choose the Right Car Insurance. We often talk about health or life insurance, but car insurance is equally important. If you have a car, then there is a big risk for you that there may be an accident or the car may get damaged. When you buy a car, you do take insurance, but at the time of renewal we ignore many things. That is why, today how to choose the right policy of Car Insurance? We will discuss this topic in detail.
What is Pay As You Drive Concept?
Nowadays a new concept is going on – Pay As You Drive (PAYD). This is a very interesting concept which will help you control your insurance premium. Suppose one person is travelling thousands of kilometres every weekend, and the other person drives only 10 km between office and home every day. The car usage of both is different, so the insurance premium of both should also be different, right? In the PAYD concept, the more you drive, the more premium you will have to pay. Meaning if your driving is less, then the insurance premium will also be less. With this, you can save up to 85% of your car insurance cost.
What are the benefits of car insurance?
The biggest benefit of taking car insurance is that if your car gets damaged, stolen or damaged due to a natural disaster, you will get insurance cover. Apart from this, third-party car insurance is also necessary, which covers damage to someone else’s vehicle or property due to you. Third-party insurance is mandatory in India, because if someone else gets damaged due to you, who will bear the liability?
Engine Protection & Depreciation Benefit
Engine Protection Cover
If your car’s engine gets damaged due to any reason, the insurance company will cover the cost of repair.
Depreciation Benefit
As the car gets older, its value decreases. If you add depreciation cover to the insurance, you will get more reimbursement for the repair cost.
Who will get the biggest benefit of Pay As You Drive?
This concept is most beneficial for those people who have multiple cars. Suppose a person has a premium car which he takes out only on special occasions, and the other person has a daily use car. If his daily use car is being used a lot, then its premium should also be according to its usage, right? PAYD insurance solves this problem and saves from unnecessary high premium.
Work From Home And Insurance
After COVID, the work from home culture has increased and people are no longer traveling to the office daily like before. If you also live in a tier-2 city and use your car very little, then paid insurance can be the best option for you. Because if you are using the car less, you do not need to pay a high premium for full-time insurance.
How to Choose the Right Car Insurance Policy?
If you want to get the best car insurance policy, then use websites like PolicyBazaar. Here you can compare multiple insurance policies and choose the one that suits you best. The advantage of comparison is that you can avoid paying unnecessary high premium.
What things should you keep in mind in Car Insurance Policy?
- Coverage Type: Should you take Comprehensive or Third-party insurance? Comprehensive insurance provides more protection.
- Premium Cost: Compare and choose the cheapest and best policy.
- No Claim Bonus (NCB): If you survive a year without making a claim, you will get a discount.
- Add-on Covers: Add-ons like Engine protection, roadside assistance, zero depreciation may be necessary.
- Cashless Garage Facility: Choose a policy that offers the option of cashless garages.
- Claim Settlement Ratio: Check the claim settlement ratio of the insurance company to see how easily they approve the claim.
Benefits of taking car insurance from Policy Bazaar
- Up to 85% savings on car insurance premium
- No paperwork required
- Free roadside assistance & breakdown coverage
- 24/7 claim support
- Accidental damage coverage
- Comparison option between 20+ insurance providers
- Cashless garage facility
- Zero depreciation cover & engine protection
- Return to invoice cover
- No claim bonus facility
How to buy car insurance?
If you want to buy insurance from PolicyBazaar, then follow these steps:
- Go to the website and fill in the details of your car (brand, model, variant, year, etc.).
- Compare different policies.
- Choose the one that suits you best and make the payment.
- Insurance policy will be delivered to you on your email.
Conclusion
Taking car insurance is not just a legal requirement, but also a smart financial decision. If you use the concept of Pay As You Drive, you can save up to 85% on your insurance premium. Apart from this, it is also important to compare on platforms like PolicyBazaar and get the best deal. Take car insurance smartly, so that you can get maximum benefits!
