1 / 8

Things To Consider When Buying Car Insurance

Things To Consider When Buying Car Insurance

silviakellyr
Download Presentation

Things To Consider When Buying Car Insurance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Things To Consider When Buying Car Insurance

  2. Car Insurance Types Before buying a car insurance policy, you must understand the different types of policies on offer, and the cover offered by them. Depending upon your car’s usage - commercial or private, you can buy commercial car insurance or private car insurance, respectively.

  3. Policy Terms As is evident, Inclusions entail what the policy covers, while exclusions are what the policy doesn’t. One mistake that insurance buyers often commit is that they read about the policy benefits, but forget to read about the conditions that the policy does not cover. Hence, make sure to understand both inclusions as well as exclusions, to make an informed decision.

  4. Insured Declared Value (IDV) A car insurance premium is calculated based on factors like the IDV, car model, etc. So, understanding the IDV of a car is important. The Insured Declared Value (IDV) is the maximum amount that you can claim on insurance in case of total loss or theft. IDV goes on decreasing as the age of the car increases, which means that a brand new car has a higher IDV than a year-old one of the same model. In simple terms, IDV is the current market value of the vehicle.

  5. Personal Accident Cover While on-road, you can be exposed to threats of accidents and injuries, hence opting for a personal accident cover is a good option. Personal accident is usually an add-on cover with a car insurance policy which can be purchased by paying an extra premium. If there happens to be a mishap, you need to have adequate protection for physical loss and disability. You can also avail of personal accident cover for some or all passengers of your vehicle according to its seating capacity.

  6. No Claim Bonus Or NCB NCB is an added bonus that is provided to you when you do not make any claims for an entire year. So, on policy renewal, NCB needs to be accurately calculated and can be carried forward. You can accumulate your NCB up to a maximum of 50%.

  7. Claim Procedure One of the most important aspects of a “good” motor insurance policy is the ease and efficiency of its claim procedure. When you buy a motor insurance policy, ask your insurer about the claims process. Also, check the claim settlement ratio of the insurer. The claim settlement ratio of a company tells about the number of policies that are settled by paying back the claims in a year. Thus, this ratio tells you about the reliability of the insurer.

  8. Thank You Website:https://www.gmib.ie/car-insurance

More Related