10 Secret Things You Didn’t Know About Car Insurance

1. 10 Secret Things You Didn’t Know About Car Insurance Every car owner has a car insurance policy, but not everyone goes through the details of it. Most of the times we don’t even know what kind of benefits are mentioned in the policy or what secrets are hiding in that car policy document that can spring up surprises for us. Let’s take you through 10 secrets that you didn’t even know existed in your insurance: 1) You do try to seek the best car insurance with lower premiums and to do that you reduce the insured declared value (IDV) of the car. However, in case of an accident, this will lead to lower or almost nil damages resulting in a loss for you. It is advisable to get a policy that offers an IDV as high as possible even with a little bit of high premium for long-term benefits. 2) Given your busy schedules or hectic travelling even if you forget to renew your policy on time, you still can avail the benefits of No Claim Bonus (NCB). Yes, the regulations provide you a window of 90 days from the date of expiry of the policy to renew it and carry forward NCB. 3)If you’re tired of filling bulky documents every time you want to renew your auto insurance, worry not! With online insurance, you can renew your policy sitting at home without having to fill long complicated forms. 4) Dealing with a car that refuses to function in the middle of nowhere is as such troublesome. Add to it, the misery of paying towing charges to take it to a mechanic an only frustrate you further. However, do know that insurance companies do provide with a towing charge to cover up to a limit. Use that! 5) A vehicle insurance having multiple drivers would increase the risks for insurance companies and based on that they charge higher premiums. Single-driver driven cars are considered to be safe and it is assumed that the car would be maintained properly and driven within rules and regulations. Therefore try to ensure that only one person drives the car. 6) With car thefts increasing by the day, the insurance companies are offering a discount on premiums if you buy an anti-theft device for your car. Even better would be installing anti-theft device approved by Automobile Research Association of India (ARAI). 7) Every policy offers you a limit to third party property damage. The higher the limit, higher will be your premium. But if you think you can manage to pay smaller damages out of your pocket, you should reduce the limits thereby availing lower premiums.

2. 8) Not only covering the basic car, but an auto insurance policy can also include coverage for the accessories that are part of your car. The premium might be slightly more depending on what all you’re covering, but it’ll still be more economical than buying new accessories if they get damaged in an accident. 9) If you decide to have higher deductibles you can reduce your premiums. In simple words, if you agree to bear the majority of the cost of damages, the insurance company’s risk will be lowered and they can offer you lower premiums. 10) It is a wise idea to switch insurers if you think you can get a better deal with some other insurance company. However, remember to do it in time and before the current policy expires. If you delay renewals or switching insurance or premium payments, it will affect you in the long run. You will be considered a risky customer and will attract higher premiums! Be careful when you buy car policy. Read the policy details thoroughly to be aware of your rights and take necessary precautions to reduce your premiums. [Source:https://www.comparepolicy.com/blogs/10-secret-things-didnt-know-car- insurance/]