Things You Probably Didn’t Know About Car Insurance
A car policy makes a person feel safe and securewhile driving on the road.It ensures the drivers that someone has their back, always. While third-party insurance is made mandatory by the government, it is advised to go for a comprehensive plan that covers you and your car too.
It is significant to go through the policy wording thoroughly to gain a deep understandingof the coverage terms,so that your insurance policy can be put to good use when the need arises.Furthermore, insurance companies provide a car insurance premium calculator online, which can help you access your premium cost beforehand. Know the policy, before you buy it!
Hydrostatic Lock causes vehicle breakdown and constant attempts by the driver to ignite the engine may cause significant damage to the cylinder wall, piston and the connecting rod. Nevertheless, engine repair or part replacement involves significant labour and material costs. This will leave you stranded with a huge dilemma and exorbitant repair costs, as hydrostatic lock cover is not covered under a normal motor insurance policy. Therefore, it’s always advisable to opt for an add-on engine and gearbox protection cover for total security.
Let’s discusssome of the hidden facts concerning a car insurance policy,whichwe generally tend to miss:
In case your car breaks down on the road or gets damaged to an extent that it is required to be towed to the garage, the towing charges are covered by your car insurance company. Although the towing fees is eligible for a reimbursement under the basic policy cover, there is an upper limit and the insurer doesn’t provide the amount that exceeds the set criteria.
No Claim Bonus (NCB) gets restored if renewed within three months
Did you know that you can transfer your NCB to your new policy? All you have to do is to claim it within 90 days of your policy expiration date. Today, most of the insurance companies give the option of renewing policies online. Hence, with a quick andan easy procedure for renewal of car insurance online, there is no reason why you should miss on the discount.
Installation of security features
With the increasing cases of car theft in India, installing security features has become a necessity. If you buy a car with an advanced security system or invest in add-on security aids, you will be eligible for premium reductions.Being a member of the Automobile Research Association of India (ARAI) earns you discounts too. Insurance companies offer rebates to reduce claims and thefts.
A car insurance is a wise investment to protect your vehicle. When you invest in it, familiarize yourself with all the related facts, features, and benefits so that you can put it to good use.