Things to look for while choosing a motor policy

 Things to look for while choosing a motor policy

While it is mandatory to have a valid motor insurance policy for every vehicle you own. It is also equally necessary to purchase a policy that suits your needs. With many choices of inclusions, exclusion and coverage offered by different insurance companies, choosing the right policy tends to become a difficult process.

Choosing the insurer

Before choosing the right insurance policy.  Choose a reputed insurance company that provides good customer service, suitable policy features, ease of operations, and a decent track record of claim settlements ratio. Insurance companies also offer other services like on-road assistance to their policyholder.

Type of Policy 

Motor insurance policies mostly offer two types of cover: comprehensive and third party cover. There are various variants offered under these heads as well, such as zero-deprecation benefit policy. As the name suggests, a comprehensive policy cover damage to the car as well as damage to a third party. A third party vehicles or property due to an accident. A comprehensive policy has a higher premium compared to a third party one.

Type of cover and deductible 

It is important to understand what the coverage is offered by the policy and also the amount of deductible for it. A policy with higher deductible may offer lower premium, however, it makes the threshold to make claim very high and may not prove to be useful while filling a claim.

:: Points to note

To reduce the premium, transfer the no-claim bonus earned on the previous car to the new one.

Inform the insurers of any changes during the policy, such as fitting of a gas unit, as this is a material change and the insurance company will have to review the cover for such changes.

For More Details: Pooja Manoj Gupta, visit www.giia26.com
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