How To Get A Good Car Insurance Policy - The Car Insurance Checklist

Do you drive a salon car, luxury ride or a big truck? Irrespective of what you drive a car insurance is a must. However, keeping up with car insurance policies and premium could be a source of headache. So make sure you get a good insurance deal (policy). How can you get that? This article explains basic things that must be check before accepting a policy.

The Insurance Checklist

• Insured Declared Value (IDV) 

IDV is the value of your car that is assessed by the insurance company after deducting depreciation from its original value. For example, cars in India depreciate by 15 per cent in first year and by 10 per cent in every following year. Usually, insurance providers tend to reduce the amount of IDV below conventional limits for bringing down premium prices. The basic rule followed by each car insurance provider in this respect is “Maximum IDV for least Premium”. 

A viable solution under this condition is to buy car insurance online in place of relying on agents.

• Premium Amount

Premium amount is mainly based over a number of factors like type of car, IDV, percentage of NCB (No Claim Bonus), and several others. The normal rates as implied by all car insurance companies are as follows

• 20 per cent over first renewal.

• 25 per cent on second renewal.

• 35 per cent on third renewal.

• 45 per cent on fourth renewal.

• 50per cent over all subsequent renewals.
  
  
  
  

• History Of Claim Settlement

Weather you are going to buy car insurance online or offline, always check out for company’s market good will. See how successful they have been in settling insurance claims.

• Miscellaneous Features

There are several other features that play huge role in deciding the car insurance provider. Some of the initial worth considerations points are quality of customer care service, cashless settlement terms, etc. There are a number of insurance companies that allow their customers to pay premium via online medium. And if you are buying car insurance online, make sure to include this point in your car insurance checklist. There are also several other sites that offer comparative study between various car insurance products and help you understand the pros and cons of each. Make sure to do your homework well before going for any such thing.

The most important thing to remember is to keep switching between insurance providers each year in order to receive the best deal in market. Apart from this, the above points are a must to be included in your car insurance checklist.