April 24, 2024

How to Choose the Right Vehicle Insurance Policy in India At the Time Of COVID-19?

While the COVID-19 pandemic has been harsh on everyone, you must not forget to comply with the law and drive without having a valid insurance policy. Read on to know about choosing the right policy in the pandemic situation.

As the government of India is slowly but steadily trying to ease the lockdown brought about by the COVID-19 outbreak, businesses are opening, and the movement of people is increasing. But, over the past few months, almost everyone had to go through a rough financial patch due to salary cuts and job losses. In such a situation, it is only natural that you would want to be financially more prudent and purchase affordable things, including the insurance policy.

If you are looking to purchase new vehicle insurance or renew your existing one, consider the following tips to get the right coverage at a competitive price.

Choose the right type of insurance

The first step in buying a vehicle insurance policy is to decide the kind of cover you want. In India, vehicle insurance is broadly divided into two groups – third-party insurance and comprehensive insurance.

Third-party insurance offers compensation for the damage to the third-party only. Whereas, comprehensive insurance covers third-party liability as well as damages to your own vehicle. So, based on your specific needs, choose the right policy.

Check the IDV of the vehicle

Another important thing to do while purchasing an insurance cover for your car is to check the vehicle’s IDV (Insured Declared Value). It is the maximum amount that the insurer will pay in the event of total damage or theft of the car. IDV calculation can be a complex process, and several factors are taken into consideration. So, it is better to get your IDV calculated properly, as only then can you find proper insurance to suit your needs.

Choose the riders carefully

Riders or add-on coverage option that allow you to customise your regular plan. When you buy an insurance policy, you must compare these add-ons and choose only the appropriate add-ons to suit your needs so that you get ample protection and keep the premium affordable.

Check the claim process

This is one of the most important yet overlooked aspects of vehicle insurance. In the current COVID-19 situation, as most offices are closed, if you get involved in an accident, the last thing you want to do is run around from pillar to post to file your claim and get reimbursement. The insurance company should have a simple and hassle-free claim settlement process and reimburse promptly. Today, most insurers in India offer online services; look for an insurer that offers online claim settlement.

Compare plan and look for discounts

When you compare online insurance of vehicle, you can see the different insurers’ different plans, and can you know about the features and benefits of the policies and match them against your requirements? This helps you make an informed buying choice and allows you to get the best plan.

Additionally, when you compare the plans, it would help to look for discounts. Generally, insurance companies offer various deals and discounts from time to time for online buyers. If you happen to find one, you can get your insurance at a much lower price. Remember, even a 5% discount can go a long way in helping you save a significant amount in the long run.

Final Word

With the tips mentioned above, you can find the right vehicle insurance even during the COVID-19 situation. The key to getting the right cover is doing your research, knowing your requirements, and being aware of the insurance terms and conditions.