Watch Out Before You Buy Car Insurance

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Watch Out Before You Buy Car Insurance
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What to watch out for while choosing car
insurance?

• Claim Settlement Policy
• Coverage 
• Customer Service
• Communication Access
• Cost 

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Claim Settlement Policy

• The true test of an insurance company is at the
  time of an actual insurance claim. This is
  possible to check by looking at the companys
  past records of claim resolution. Now is the time
  to check if the existing insurance can be
  transferred to another insurance company without
  loss of benefits already paid for.

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Coverage 

• What is the right coverage for you? Usually, car
  insurance policies cover third party liability
  and own damage. According to the Motor Vehicles
  Act, it is mandatory to opt for third party
  liability insurance cover while own damage is
  optional. Opting for both is the standard
  procedure since they cover any damage due to
  accidents and loss from third party mishaps. Most
  insurance companies offer add-ons with the
  basic policy.

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Customer Service 

• Thanks to technology, insurance policies are now
  issued instantly. Besides this, other issues such
  as changes in policy or cancellations are
  processed quickly. In the event of a claim, a
  cashless settlement is also available so that
  post-repair delivery is quick without incurring
  bills at the workshop. It is therefore important
  to check the insurance companys network for this
  facility. The bigger the network, the better the
  claimants options.

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 Communication Access

• The insurance companys contact information must
  be easily accessible. If there is a problem the
  insured individual must know whom to get in touch
  with and the procedure to follow.

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Cost

• Last but not least, is the price or premium. Car
  insurance premium is based on insured declared
  value or IDV and the rate multiplier and depends
  on the car model, the age of the car, daily
  mileage and the terrain of the location. It is
  important to declare the right IDV and select a
  policy that offers the maximum IDV even if you
  have to incur a slightly higher premium.

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Besides the above, the following are the benefits
to look for

• No Claim Bonus
• Opting for deductible 
• Premium based on car type
• Timely insurance renewal
• Choice of Add-ons
• To renew or not to renew 

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No Claim Bonus

• If no claim has been filed during the insurance
  period, a no-claim discount is offered on risk
  cover against own damage at the time of policy
  renewal. For each consecutive claim-free year,
  the discount increases progressively. The point
  to note is that the no claim bonus eligibility
  holds good even in the event of a new vehicle
  purchase or existing insurance renewal before the
  due date from a different insurance provider.

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Opting For Deductible

• Drivers with a good record can opt for voluntary
  excess or deductible to lower their premium
  payments, in addition to the compulsory excess.
  In the case of a compulsory excess, the insured
  is liable to pay a specific amount if a claim is
  filed.

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Premium Based On Car Type

• If your car has extra security features such as
  anti-theft alarms the chances of theft is lower
  and insurance can come at a lower premium.

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Timely Insurance Renewal 

• If car insurance is not renewed before the expiry
  date the renewal premium can result in loss of
  coverage especially if there is an accident and
  also mean no discount for the no-claim bonus.

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Choice of Add-ons

• Besides the basic car insurance coverage,
  insurance providers offer several optional
  add-ons. It is important to select the right ones
  and only pay for those. For example, if there is
  a medical expense cover or hospital cash cover,
  check to see if you have a medical insurance
  policy that already covers these.

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To Renew Or Not To Renew

• with the same insurance provider? When it is time
  to renew your car insurance, compare insurance
  providers to see what they are offering before
  making a decision. The car insurance industry is
  very competitive and for the same coverage, you
  can probably get a better price elsewhere.

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