The importance of car insurance is quite well known. First of all, it is mandatory for all automobile buyers to get their vehicles insured under the Indian Motors Act. Secondly, when accidents happen an insurance keeps your finances safe & sound. To what extent? It depends upon the policy that you have chosen. Your insurance company will pay for the damages received by your vehicle during the accident. An annual premium is to be paid to receive the benefit of insurance.
Types of Car Insurance Policies:
- Third-Party Policy – This policy covers only third-party damage. Few Highlights:
- Very Affordable
- Covers third party body injury & death
- Covers third party property damage
- Suitable for old vehicles
- Comprehensive Policy – This policy covers both own damage & third-party damage. Few highlights:
- Offers a wide range of coverage
- Suitable for new vehicles
- Slightly on the higher end
- Coverage for third party & own vehicle
A few factors to consider while choosing a car insurance:
- Brand Repo – Researching about the reputation of the insurer company before buying the insurance is quite vital. A brand with a good repo in the market is more likely to be fulfilling the promises made by them in their policies.
- Coverage – Obviously you should compare the coverage offered by different plans and choose the one that fits your needs in the best possible way.
- Check the riders – Riders are the add-on covers like on road assistance, personal accident cover, NCB protection, etc. that help you get the maximum coverage. These can be added to the policy that you are buying on payment of some extra premium.
- Understand IDV – Insured Declared Value or IDV is the maximum amount that you can claim on insurance in case your car is stolen or lost. It is the current market value of a vehicle, so it keeps on decreasing as the vehicle ages.
- Claim procedure – The ease & efficiency of the claim procedure of the insurance company is definitely one of the major aspects to look for. Checking the claim settlement ratio of the insurer is also a very good idea.
Choosing the right car insurance can be a hassle and truly exhausting. But worry not we have got you covered! Now you can buy or renew your car insurance directly from the Park+ app. Park+ offers you the convenience of buying your insurance in just a few taps.
Step 1: Open the Park+ App
Step 2: Click on services in the bottom menu
Step 3: Click on the third option ‘Insurance’
Step 4: Buy now
Not only can you buy your car insurance, you can even set a custom reminder to renew your car insurance in the app. Save yourself from fines by setting up an insurance renewal reminder in the Park+ app.
Step 1: Open the Park+ app
Step 2: Click on ‘Services’ in the bottom menu
Step 3: Click on ‘Reminders & alerts’, the last option
Step 4: Click on ‘Insurance’
Step 5: Click on ‘Add new alert’
Step 6: Add the insurance details
Step 7: Click on ‘Add my insurance alert’
And you are done!