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Tips to get the best insurance plan for your Maruti car

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The fact that Maruti has been a market leader in the passenger automobile sector for more than two decades clearly indicates its popularity and brand power. It has outperformed the market in 9 out of the past 10 years in terms of growth. This is mainly due to the mass market appeal of their cars, as they provide great value and mileage –words that are synonymous with Maruti.

However, owning a Maruti car comes with its own set of responsibilities. For starters, you at least need third-party car insurance, to drive your four-wheeler on public roads, legally. And if you want holistic protection for your car as well as third parties, a comprehensive policy is your best bet.

So, here’s how you can get the best Maruti Car Insurance for your vehicle:

1. Understand your vehicle

   The amount you pay for your insurance is largely dependent on the vehicle you own. This is due to Insured Declared Value (IDV), which is the maximum amount that the insurer pays for any damage to your car. The IDV is closely linked to the market value of your car, accounting for depreciation. The lower the IDV, the lower is your premium. But be mindful of lowering your IDV, as lowering it beyond the market value of the car will expose you to financial losses in case of total loss or theft of the car. This is a high-risk strategy to lower premiums, which isn’t advisable.

2. Compare and choose

   While third-party insurance is legally mandatory, it is always recommended to opt for a comprehensive insurance plan, no matter how great the build quality of your Maruti car. Such a policy would protect your car against damages arising due to an accident, theft, or natural and manmade disasters. Go online and research different insurers and policies, compare them, before choosing your Maruti insurance.

3. Add-on covers

   Add-on covers are essential to boost comprehensive insurance plans, extending your basic coverage to include vital perks and benefits that have the potential to save huge out-of-pocket expenses in the long run. For example, the No Claims Bonus protection offers a “claim-free claim” for any accidental damage you encounter, thereby protecting your NCB streak. This streak can yield upto 50% discount on your own damage policy premium. Engine protection will help cover against damages to the engine, accidental or consequential. Other common add-on covers include Return to Invoice, Zero Depreciation, Loss of Personal Belongings, Roadside Assistance, etc.

4. Watch out for discounts 

   Offline and online prices for the same policy usually differ, with the latter being more cost-effective. This is because insurers get to save on administrative costs online and pass on that benefit to their customers in the form of reduced premium. You can also opt for a long-term insurance policy and further save on premium costs, while also making the policy renewing experience less of a hassle.

5. Be wary of exclusions

   No matter how closely you follow the above steps, it can all come undone if you miss the fine print. Go through the exclusions of your policy carefully to understand the circumstances in which it will not cover you. Driving under the influence of alcohol or any intoxicating substance is likely to void your claim, as is using the car for any illegal activities. Moreover, wear and tear are not covered under the policy, and mechanical failures, too, are out of the purview of most insurance plans.

6. Determining your insurance coverage

While the value of your car is a major factor in determining your insurance cost, there are other factors too that you must be mindful of. Your driving record, car usage, urban versus rural location, and gender, all play a role. Higher car value implies higher insurance costs. Urban areas are costlier than rural ones, given the higher probability of an accident, while women enjoy lower rates as they are less likely to drive unsafely.

With these in mind, you will be able to arrive at the best Maruti insurance plan for you. While you can always purchase your insurance from an agent, it is recommended to browse online and compare the pros and cons of each policy before you make up your mind.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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