Whether you own a luxurious car or a sturdy and powerful bike for everyday commuting, you cannot take the vehicle on the roads without getting it insured. The Indian Law mandates all vehicles be insured; otherwise, the owner/driver may attract hefty penalties. Since the market offers numerous motor insurance options, identifying the right policy can prove to be overwhelming and tedious.
To help overcome this challenge, we have devised five smart ways to evaluate motor policies. They can be used to evaluate your bike or car policy, irrespective of whether you’re buying a new policy or considering renewing an existing motor policy.
Table of Contents
Evaluate the Policy as Per Your Needs
One would agree that needs are subjective and keep on changing. In the case of a policy (third-party or comprehensive) purchased a year ago, there are high chances of your present requirements being different. For example, you may now need specific add-ons which were not included in your previous policy.
So, it becomes crucial to evaluate your needs as per the current scenario. The same approach of ‘knowing your needs’ should be applied while evaluating any motor policy during a first-time investment.
Review the Inclusions & Exclusions
The best way to evaluate any motor policy is by assessing its complete list of inclusions and exclusions. While the inclusions and exclusions will always vary from one policy to another and one insurer to another, you should be mindful of some common inclusions and exclusions. For example, the best comprehensive bike policy should cover you against financial damages arising from theft, riots, natural calamities, road accidents, etc.
Most policies won’t cover financial liabilities if the damages arise from loss while driving without a valid driver’s license, vehicle depreciation, driving under alcohol influence, etc. Once you clearly understand what to expect in the inclusions and exclusions, you are in a better position to evaluate any motor policy.
Check the Add-Ons
People invest extra in add-ons if their standard policy doesn’t cover sufficient or the required coverage. Each add-on provides specific coverage and also increases the overall premium amount. While evaluating any motor policy, people should remember that not all insurers offer the same range of add-ons.
If you have any specific coverage-related requirements, ensure you choose an insurer offering the said add-ons. Read the policy’s full inclusion, exclusion, and other coverage details to determine whether you need additional coverage through add-ons. All this might take time, but it will help you assess the policy properly.
Look for Ease During and After Policy Purchase
The easiest way to evaluate any motor policy is by reviewing how easy it is to buy a particular policy and its claim settlement process. Look for motor policies that can be purchased online and processed within minutes. Faster claim settlement is also important, so check the insurer’s claim settlement ratio for the last five years.
If you want to eliminate any chances of hassles, ensure the insurer provides 24/7 customer support. People willing to transfer their existing policy should look for insurers and relevant policy options where they can easily transfer their NCB benefits.
Enjoy the Long-Term Benefits of the Ideal Motor Policy
Now that you have a ready list of smart ways to evaluate any motor policy, ensure you use them as checkpoints while assessing any motor policy. It will be a time-consuming and tedious process, but the results will be worth it. So whether you’re buying a new policy or planning to renew an existing one, you can use the same checkpoints to evaluate all policies.
Assessing your engine insurance contract is a vital stage in guaranteeing that you have the right inclusion to safeguard yourself and your vehicle. One brilliant method for starting this assessment is via cautiously auditing the approach reports and figuring out the terms, conditions, and inclusion limits. Observe any progressions or updates since you last explored your strategy, as these can altogether affect your inclusion.
Moreover, evaluate your driving propensities and whether they have changed over the long run. Assuming you’re driving less or have made upgrades to your vehicle’s security highlights, you might be qualified for limits or lower expenses.
Contrasting statements from numerous protection suppliers can likewise assist you with tracking down a more serious rate while keeping up with the inclusion you really want. Finally, consider talking with an insurance specialist or expedite who can give master direction and assist you with fitting your engine contract to your particular requirements, guaranteeing that you are sufficiently safeguarded out and about.
Consistently assessing your engine strategy is a proactive way to deal with defending your monetary prosperity and inward feeling of harmony while driving.