It is believed that the car you drive reveals a lot about your personality. Characterised by a sturdy frame and high ground clearance, SUVs are powerful, charming machines that cannot just navigate but reign through any road condition. However, the downside of these vehicles is that despite their gigantic appearance, they are less robust.
Hence, if you are a proud SUV owner, you need to drive your vehicle responsibly. Remember, while on the road, the safety of self and others is of the utmost importance. As an SUV owner, you are also advised to buy comprehensive car insurance that would cover you for damages from accidents but also provide protection against losses incurred due to other incidents like vandalism, theft, fire, and more.
However, while choosing an insurance cover for your car, you will need to consider several factors.
So, if you are planning to buy a new car insurance policy or want to renew car insurance, here are the five crucial tips that you may find helpful!
Research goes a long way well in helping you make a wise decision. First, find out what type of insurance will be most suited in your case. This choice depends on how you plan to use your SUV. If you are primarily concerned with the rising number of car thefts and would like protection against fire incidents and natural disasters as well, go for comprehensive car insurance that covers these all. The comprehensive package may also include third party medical expenses and personal accidents, furthermore.
If car theft or other above-mentioned risks are not your priority, select the third-party liability package. This will cover you for the damages caused by your car to the vehicle and/or life of the third party after an accident with them. Such coverage includes compensation for death, injuries of varying severity, property damage and permanent total disability of the third party. Keep in mind that, in India, the Motor Vehicle Act, 1988 mandates all vehicles to have this cover.
Second, choose a well-known insurer. Only a few market players have earned useful review and reputation regarding ways of handling payments, claims, and general claim-related queries. Many websites provide ratings achieved by car insurers in the market.
Ensure maximum benefits
Better coverage means better security. Ensure that you reap maximum benefits at average cost. Choose the policy that covers physical and property damage adequately. The coverage must be commensurate with inflation and time. You are advised to select the zero-depreciation add-on feature. This add-on would cover depreciation against the parts that are generally excluded in standard car insurance policies. Also, do not forget to review the coverage of your SUV when you renew car insurance.
Another wise initiative is to keep track of the annual rate of your policy. You may also use free online comparison tools that help you compare rates from different insurers. In case you want to buy a customised policy, the price would be different from what you see on the online comparison chart.
Provide correct information
You should be aware of your credit score and ensure that credit agencies update your score periodically. There stands a chance that your poor credit score is the result of a wrong calculation or backdated information about your credit history. Avert the undesirable situation of a wrong credit score spoiling your chances of getting a good deal on a car insurance policy. You may have to pay a higher premium to compensate for a poor credit score.
Stay informed about the mileage of your SUV. Low annual mileage can qualify you for a comfortably low premium. This is also a reward for driving less and contributing less to the global carbon footprint. If you are working from home in the COVID scenario, contact your insurer to revisit your premium and renew your policy.
Know your benefits
Know the benefits you are entitled to enjoy as part of your car insurance plan. For instance, having a safe driving record can get you good discounts. Installing safety equipment and anti-burglary gadgets in your SUV can also reduce the premium.
If you can afford, you can choose a high-premium option that provides you with the maximum features and benefits. If you have a safe driving record, you can select higher deductibles that would reduce the premium anyway. However, be informed that in case of an accident, you may have to bear more out-of-the-pocket expenses than usual. Take a little risk and reap the benefits of this trick!
Your SUV may have costly gadgets such as a music system, GPS tracking device or LCD monitor installed in it. Check out with your insurer whether they provide coverage for these select accessories. Apart from electricals apart, insurers may also provide coverage for expensive non-electrical accessories like interior fittings, leather seat covers, etc.
People travelling in the car can get seriously or fatally injured in case of an accident. Normally, car insurance covers the medical expenses of the policy owner only. You can ask your insurer to provide accidental cover for passengers too.
However, you will have to pay extra for such optional add-ons, according to the policy terms and conditions.
Apart from following the above tips, always remember to read your car insurance policy documents diligently. Look for discrepancies and raise doubts as soon as you come across them. Know what you buy and buy what you know. Focus on all clauses related to the coverage, SUV details, premium calculation, and insurance tenure. Thorough knowledge of your policy would help you raise an insurance claim at the right moment. Take a note of all exclusions and clarify all jargons. Read all the terms and conditions and also check out the Endorsement section that describes the geographical area in which the policy stays valid.