| January 07, 2021
5 Truths about motor insurance you must know
Every vehicle owner is required by law to ensure their vehicles along with getting a third-party liability. Still, most of the insured individuals lack the basic knowledge about motor insurance and what all it entails. There is a range of questions to be answered by the company to choose the policy type to avail. This article mentions five discreet and interesting points that will help in accurately buying the motor insurance policy.
1. The best policies are available at the best prices: The cover for the components of the car is well capped based on its original value. While analyzing this comprehensive cover plan with the individual accessories insurance, the former stands at a fractional cost.
2. Do not avail claims on small accidents: To enjoy the complete benefits of No Claim Bonus, the insured must avoid any minor losses. NCB is the discount rewarded by the insurance company for not availing any claim that year. If the individual makes a claim then the NCB falls back to zero.
3. Never let the policy lapse: One lapsed insurance policy can cost the individual a hefty amount in terms of the premium of the next policy. This makes the insurance company believe that the insured is riskier than the average policyholder, thus charging you heftily.
4. Prefer a zero-depreciation cover: The depreciation is deducted from the cost of the car whenever filed for any claims. If the policy is zero depreciation covered, there won’t be any deductions from the cost of the car and its components. While the premium will be higher than the basic one but it’s worth all the efforts.
5. Get the best deal: While searching for motor insurance, there can be a difference in the premiums offered by the different companies. Apart from this, there can be several discounts available on anti-theft devices installed, safety instruments in the car, etc.