Choosing the Right Insurance Policy for Pre-owned Cars

Car Insurance

Choosing the correct car insurance policy is a vital step towards protecting yourself from financial losses due to third-party liabilities and damages to your car. It is important to do your groundwork before you decide on the car insurance policy for you.

Car insurance is an inevitability since it is authorized by law and protects you monetarily against unfortunate car-related mishaps. Whether you choose the mandatory Third-party Car Insurance or the more extensive Comprehensive Car Insurance, it is a priority to get the best car insurance policy.

Tips to Choose the Best Car Insurance

• Choose the type of plan that works for you
• Compare different plans
• Look out for discounts
• Check the IDV
• Search for a good deductible option
• Register with an approved automobile association
• Select the right add-ons for your car
• Check the claim process
• Choose the right insurer
• Check the renewal process

Used Car Insurance

Even if you buy a second-hand car, it is always important to make sure you are protected from any kind of mishap. Therefore, always keep your pre-owned car that you have bought insured under second-hand car insurance just like you would for a new car.

Second-hand car insurance is a kind of car insurance policy meant to protect used or old cars. This insurance policy safeguards the used car from any unpredictable damages and dangers like road accidents. Used car insurance gives you the same level of coverage that standard car insurance provides. Therefore, a second-hand car insurance policy covers the used car from both its damage risks as well as third-party liabilities.

Necessities of Used Car Insurance

Buying a car insurance policy is important for all car users – regardless of whether the car is old or new. Here are the reasons why you must get an insurance policy for your pre-owned car.

Protects from potential risks – The main purpose of getting a car insurance policy for your car is to keep yourself from financial losses due to accidents.

Simply because it is compulsory! Getting a car insured is mandatory as per the Indian Motor Vehicle Act 1988. The law applies to both new as well as used cars.

The insurance covers third-party liabilities – If you happen to indulge in an accident and your car causes damage to the third party, you are entitled to pay them money. However, if your used car is insured, your insurance policy will take care of the same.

Personal accidents are covered! The used car insurance policy protects the driver/owner of the car in case of mishaps. The insurance policy will cover the treatment costs.

Tips to Choose the Best Second-hand Car Insurance

• Choose the plan that suits you: Car insurance is divided into two categories – third-party and comprehensive. A third-party cover only offers compensation for third-party indemnities. A comprehensive policy offers all the third-party benefits and also protects your vehicle. A third-party plan is less expensive as compared to a comprehensive policy.
• Compare and curate plans: You need to do your research and compare car insurance online. When you do so, you get to see what different options are available. Car insurance comparison makes it simple for you to find and buy the best insurance policy.
• Check for discounts: Car insurers offer discounts from time to time. Look out for these deals and discounts during the time of purchasing your vehicle. If you happen to find a good deal, your car insurance cost will be reduced significantly.
• Check the IDV: The key factor to finding a quality car insurance policy is all in the math! There are several calculations involved in motor insurance policies. One among them is the IDV. Be mindful about your IDV, whether it is calculated properly as only then will you find a proper cover as per your needs.
• Find a good deductible option: The perfect car plan has a good balance between the premium and the deductible. Therefore, choose your voluntary deductible wisely to get the best value out of the vehicle insurance plan that you buy.
• Register with an appropriate automobile association: Those who register with a trustworthy and reputed automobile association get deals and offers on car insurance policies.
• Choose the correct add-ons for your car: Riders are add-on covers that help you to customize your car insurance policy. A part of car insurance comparison is to compare these add-on covers. Your overall insurance plan will be fruitful only when you have the best riders in your plan.
• Assess the claim process: Buying the insurance policy is not all. It should be delivered at the time of a claim. Therefore, assess the claim process and make sure it is suitable. This will be useful in providing you with a good car insurance cover.
• Select the right insurer: Your vehicle insurance policy’s value will largely depend on the insurance provider that issues it. To get the best policy, look for the best provider first. Your insurer should have a healthy claim settlement record and a good customer support facility.
• Assess the renewal process: Lastly, check the renewal process. You should preferably be able to renew your car insurance policy online, in a jiffy. Car insurance renewal is as critical as buying a new policy.

Summary

Getting the right car insurance plan is important for protecting yourself and your vehicle against unanticipated situations. Keep in mind the policy varieties, factors that affect premiums, and add-on covers, and compare quotes from different lenders to make an informed choice.

Estimate and evaluate your insurance requirements based on the value of your vehicle and personal situation. Make sure you choose a reputable insurance company. By following the same, you can choose from the best car insurance policies in India that provide comprehensive coverage and peace of mind at the same time!