Driving a automobile with out insurance coverage is against the law, as per the Motor Vehicle Act. Motor insurance coverage offers customers monetary cushion in case of an accident, theft or injury to the car attributable to a pure calamity or another purpose.
In the final two years, individuals have restricted their journey resulting from Covid lockdowns and journey restrictions later. As a consequence, many customers missed renewing their motor insurance coverage insurance policies.
“With life getting back to normal in the last few months, and people moving out of their homes, it is essential for vehicle owners (both two-wheeler and four-wheeler) to keep a tab on their motor insurance policies. It is crucial to ensure that their motor insurance policies are up to date,” says Indraneel Chatterjee – Co-Founder – RenewBuy.
In many instances, it has been seen individuals didn’t renew their motor insurance coverage insurance policies, through the two-year Covid restrictions.
To start with, Chatterjee factors out, “consumers should check if the motor insurance policy is renewed; if it is not, one should check its grace period and get the policy renewed.”
He additional provides, “In case, the consumer is thinking of buying a new motor insurance policy, opting for comprehensive insurance coverage is beneficial.” Not solely does it cowl third-party liabilities and provide cowl in opposition to personal damages, nevertheless it additionally offers monetary assist upon losses arising from a collision. It additionally covers loss resulting from theft, pure calamities, repairs and alternative, and even lack of automobiles. Although this cowl requires the next premium, observe that the advantages are quite a few.
Industry consultants say individuals also needs to concentrate on availing no declare bonus. There are probabilities that many policyholders didn’t make declare within the final 12 months, majorly ensuing from the low utility of the car. In that case, as a policyholder, you’ll be eligible for a sure low cost throughout coverage renewal.
For occasion, one can get a 20 per cent low cost after one claim-free 12 months, 25 per cent after the second consecutive 12 months, 35 per cent after the third, 45 per cent after the fourth and 50 per cent after the fifth consecutive 12 months.
Chatterjee explains, “The insured should be aware, that there is the provision of NCB Reserving, in which an insured can get his/her NCB transferred to his/her new vehicle and can take benefit of lower premiums. It is also recommended to buy insurance with an adequate IDV (Insured Declared value) so that the consumer can receive adequate cover in case of car damage.”
Similarly, observe that it’s best to properly select the add-on covers, as per your location and utilization of a selected add-on. For instance, in keeping with consultants go for covers like Geo Extension, solely if you’re taking your car exterior the Indian geography.
Chatterjee explains, “At times, it can be difficult to understand all terms and conditions in the policy and thus take the help of digitally-enabled insurance advisors, especially from the InsurTech distribution companies. This can help consumers buy insurance in an unbiased way and then guide them with the right steps of availing of the policy claims, as a part of their insurance service.”
Source: www.financialexpress.com”
