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ATK
New Delhi [India], April 2: Owing to the importance of bike insurance and car insurance, a number of insurance companies in India now offer such plans. While a third-party motor insurance policy is mandatory under the Motor Vehicles Act of 1988, there are two other types: Comprehensive and Standalone Own-damage insurance plans. To help you buy the right plan we are here to provide some of the best tips to buy the right motor insurance policy. Scroll through the section below to learn more. Tips to Buy the Right Bike & Car Insurance Policy There may be times when you may end up buying the wrong motor insurance policy and don't get adequate protection for your precious vehicle. To avoid such a scenario, here are some of the tips that you need to follow to buy the right bike and car insurance policy: * Make a Detailed Comparison: Whether you are buying a car or bike insurance policy, you should always perform a detailed comparison first. It is crucial that you compare the different plans available and check what coverage is offered under the different plans. Doing so will help you buy the best available policies and be aware of the inclusions and exclusions of that policy. * Opt for Voluntary Deductibles: Deductibles in motor insurance refer to the amount the policyholder agrees to pay from their pocket during the claim settlement process. When you go for deductibles, it will directly affect the premium amount you need to pay. The premium will go low when you have opted for voluntary deductibles. * Buying Unnecessary Add-ons: Sometimes policyholders include many add-ons to their motor insurance policy without knowing what it means. Please note that when you include unnecessary add-ons, the motor insurance premium will simply go up. So, you must include add-ons only if they are required. * Check Premium Rates: You must check the bike and car insurance premium rates before buying it. The premium rate is directly dependent on the vehicle's age, model, fuel type, and other factors. You should never buy a motor insurance policy with high premium rates and that does not fit your budget. * Understand What is IDV: IDV refers to the Insured Declared Value or the actual market value of your vehicle. It is also the maximum amount that the insurance company is liable to pay in case you raise a claim. You should ideally set a higher IDV for your vehicle. Moreover, please note that as the age of the vehicle increases, the IDV decreases and so does the premium. * Read Customer Reviews: Before buying any car or bike insurance policy, remember to check the customer reviews. This will clarify the insurance company's reputation and help you analyse whether you should buy that policy or not. You should also read the customers' online reviews and should ideally choose a plan with good user reviews. * Claim Settlement Ratio: The Claim Settlement Ratio is very important in deciding your vehicle's right motor insurance plan. This ratio is indicative of the number of claims raised to the number of claims settled. This means that the higher the Claim Settlement Ratio, the more likely your claims will get settled by the insurer. Thus, always choose an insurer with a CSR of at least 90%. * Network Garages: Another tip that will help you buy the right car or bike insurance policy is the availability of network garages. Network Garages has tie-ups with insurance companies and lets policyholders avail of cashless garage facilities. This means that you don't need to spend anything from your pocket when you go to these garages to get your vehicle repaired. You should thus choose an insurer that has tie-ups with a higher number of network garages. Summing Up Thus, with the above-mentioned tips, buying the right bike and car insurance policy will be easier. Additionally, do not forget to renew your motor insurance before its expiry date to get continued coverage. (ADVERTORIAL DISCLAIMER: The above press release has been provided by ATK. ANI will not be responsible in any way for the content of the same)
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