Over the decades, New India Assurance has retained its position as one of India's most trusted insurance companies. While buying a New India Car Insurance policy will surely be a smart move, the challenge lies in choosing the right policy. You'd want an insurance policy that maximises coverage while keeping the premium within your budget.
Every car owner has their respective budget and requirements, which means the insurance policy that perfectly suits another individual might not be ideal for you. Here's a comprehensive guide on how to choose the best New India car insurance policy for your specific needs.
A step-by-step guide to choosing the right insurance policy
Especially if this is your first time buying car insurance, choosing your insurance policy might feel a bit confusing. Follow this step-by-step guide to pick the best New India Car Insurance that suits your needs.
1. Ascertain your budget
First and foremost, you must decide how much premium you're willing to spend every year. Setting your budget right at the beginning makes things much easier, allowing you to narrow down your options and set your IDV accordingly. Make sure to fix a premium amount that you can pay without fail - defaulting on insurance renewal might lead to unnecessary problems.
2. Choose the right type of insurance policy
Choosing the right kind of New India Car Insurance policy is particularly important. Different types of car insurance offer varying levels of coverage.
Third-party liability insurance: The most basic type of vehicle insurance, this one covers liabilities arising from damage caused to third-party individuals, vehicles, or property.
Own damage (OD) insurance: Also known as collision cover, own damage insurance covers unforeseen damages to the insured vehicle. This kind of insurance also reimburses you in the event of a total loss or theft of your vehicle.
Comprehensive insurance: A comprehensive car insurance policy covers third-party liabilities and own damage, making it the best choice. This holistic New India Car Insurance offers the most extensive coverage.
Personal accident cover: A personal accident insurance policy covers the owner-driver's medical expenses following an accident. Under this policy, the insurance company pays the owner-driver an assured sum in case the accident leaves them with a permanent total disability. In case of the policyholder's demise, a nominee is paid an assured sum instead.
Weigh your options wisely, considering your budget and requirements. You may choose a combination of insurance policies, too, such as a comprehensive New India Car Insurance policy along with personal insurance cover.
3. Set your IDV (only if you choose comprehensive insurance)
Your insured declared value (IDV) is the amount that the insurance company agrees to pay during claim settlement. When buying a comprehensive insurance policy, you may set your IDV depending on the coverage you want. However, remember that a higher IDV naturally results in a higher premium.
The IDV is automatically set at the vehicle's current market value for own damage insurance. Thus, the current market value of your car is the maximum amount that the company will pay while reimbursing you for repairs.
4. Choose your add-ons
Besides the New India Car Insurance policy of your choice, you may also purchase several optional add-ons for enhanced coverage. For instance, car owners can pay an extra premium to insure their vehicle's accessories, such as air conditioners and stereo systems.
Add-ons allow you to enjoy significantly better coverage and mitigate risks more effectively. However, with every add-on you choose, the premium increases too. Evaluate the add-ons carefully and only take the ones you need.
5. And�you're done
As you can see, the whole process of choosing your New India Car Insurance policy is highly customizable. You get to choose the kind of insurance you want, set your IDV per your budget and select the add-ons you require. It's more than just choosing an insurance policy - car owners may customize their insurance policies to a large extent.
Now that you know how to pick the best New India Car Insurance policy to suit your specific needs, getting the best value for your money shouldn't be an issue. All you have to do is evaluate your options thoroughly and make the right choices.
Before you can make an informed decision about your New India Car Insurance policy, you need a detailed overview of what's on offer. Download the Park+ app or visit the Park+ website for a detailed overview of available car insurance policies so you can make an informed choice.