ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Dalal Street Corner: Market ends flat even as FII selling nears exhaustion; what should investors do on Friday?
  • Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July
  • Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM
  • Gold Price Today: Weaker Rupee to hold yellow metal slide domestically, amid strengthening Dollar; analyst suggests strategy
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » Automobile News

Car owners alert! How to choose best insurance policy? Never ignore these points for detailed coverage and saving money

These points and facts should be always kept in mind while choosing and buying an insurance policy, so as to remain protected and insured, and save your hard-earned money at the same time. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Car owners alert! How to choose best insurance policy? Never ignore these points for detailed coverage and saving money
Many car owners remain confused about HOW TO CHOOSE CAR INSURANCE POLICY and WHICH COVERAGE IS BEST SUITED FOR THEM. Image from Pixabay

Every car owner is aware of the fact that one can be penalised if he/she is found driving without a valid car insurance policy.  The Motor Vehicles Act, 1988, makes it compulsory for all car owners to at least own a third-party insurance cover. No motor vehicle owner can drive his or her car without opting for this minimum protection. Motor insurance protects your vehicle and provides coverage in case it suffers damage due to any reason. But, still, many car owners remain confused about HOW TO CHOOSE CAR INSURANCE POLICY and WHICH COVERAGE IS BEST SUITED FOR THEM. According to Ankit Agrawal, Director, Girnar Insurance Brokers Pvt Ltd, some essential facts should always be kept in mind while evaluating, choosing and buying a car insurance policy. HERE IS THE LIST:-

RIGHT CAR/TRIM LEVEL: When you choose a car, do look at its variants and cost of insurance. In most cases, the higher you go up in a car's trim list, the lower the difference in insurance premium cost. This is because insurers see the addition of safety features – such as airbags, immobilizer, central locking, etc. – in the higher trims as factors that reduce the chance of an insurance claim.       

TYPE OF INSURANCE: There are two types of insurance that you can buy for a new car – comprehensive policy with add ons or a liablity only policy. In the case of a regular comprehensive policy, one needs to pay a certain part of the cost of repairs in case the car meets with a accident. The zero-depreciation type ensures that your car remains unaffected by depreciation. In practice, it means that the insurance provider will cover the entire cost of repairs carried out on your car. If you use your car occasionally, opting for regular comprehensive insurance type would be the right choice. For a car that is driven daily, a zero-depreciation policy works much better.      

ADD-ON COVERS: Opting for the right add-on covers will increase the coverage of your insurance policy and ensure protection for you. Covers such as those for water ingress in the engine (hydrostatic lock), theft and accidents that lead to scrapping (return to the invoice) ensure you are not caught off guard. It is important that you consider add ons basis your driving behaviour before buying a policy. 

ANTI-THEFT: Insurance companies provide you with favourable terms if your car has anti-theft features such as central locking, immobilizer, etc. However, do ensure that the anti-theft equipment is Automotive Research Association of India (ARAI)-approved, or you would not be eligible for these terms.    
 
OPT FOR VOLUNTARY DEDUCTIBLES:
Voluntary deductibles allow you to lower the premium of your insurance policy. If you opt for Voluntary deductibles a portion of the claim amount will have to be borne by you. 

Above-mentioned points and facts should be always kept in mind while choosing and buying an insurance policy, so as to remain protected and insured, and save your hard-earned money at the same time. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
car insurance
Written By: Prashant Singh
Updated: Thu, Jun 13, 2019
05:04 pm
ZeeBiz WebDesk
RELATED NEWS
Your bike insurance claim can be rejected for this reason- check details Your bike insurance claim can be rejected for this reason- check details
Buying new car to get expensive from September 1; down payment to go up- Check how much more money you will have to pay Buying new car to get expensive from September 1; down payment to go up- Check how much more money you will have to pay
Car insurance: BIG decision! Madras High Court mandates OWN DAMAGE coverage for vehicles from September 1- details here Car insurance: BIG decision! Madras High Court mandates OWN DAMAGE coverage for vehicles from September 1- details here
Your Vehicle Damaged Due to Cyclone Tauktae? KNOW How to file claims Your Vehicle Damaged Due to Cyclone Tauktae? KNOW How to file claims
Car, bike, health insurance renewal pending? Good news! Here comes major relief from Modi government Car, bike, health insurance renewal pending? Good news! Here comes major relief from Modi government

LATEST NEWS

Lay-offs rise as stagflation worries mount; Zee Business' research explains impact

PM Modi inaugurates 'Raising & Accelerating MSME Performance' scheme

Indian Bank raises MCLR rates by 0.15 pc across tenors

Copper Set to Post Worst Quarterly Performance in Over 2 Years

Retail inflation for industrial workers rises to 6.97% in May

Swiggy announces USD 23 mn ESOP liquidity programme

Oppo Reno 8 series India launch soon; teaser released - All you need to know

HDFC NIMs to be under pressure for a quarter: Parekh

CCI approves proposed combination involving Google International LLC and Bharti Airtel Limited

Buy, Sell or Hold: What should investors do with AU Small Finance Bank, MMTC and Aavas Financiers?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV