It can be extremely stressful to be a part of any car accident. The situation can get even worse if the insurance company denies providing you with the coverage you expect due to some mistake made while buying a car insurance policy.
Many insurance buyers do not go through the terms and conditions of the insurance policy or are unaware of the same sometimes. When you don’t have enough knowledge about the legal aspects of a policy, it can complicate the entire buying process of your four wheeler insurance policy.
Things have become much better than they were over the past few years. Now, it has become easy for anyone to understand the policy details and purchase the plan that best suits their needs. If you’re buying the insurance policy online, the helplines of general insurance companies run 24×7, wherein you can contact your insurer directly and understand the terms or the policy in detail before purchasing it.
While buying a car insurance policy online, avoid these common mistakes:
- Purchasing the Policy in Haste
When there are so many options available out there, why settle for less? An insurance policy is something that you’re paying for and is going to come to use in the future. Therefore, make it a point to study the features as well as coverage of the policy. Before you make a final decision, compare car insurance online, and look at the prices offered by various insurance providers, along with benefits. Do not settle for the very first policy you come across in excitement because its offerings are attractive. You will have many other such insurance companies willing to offer you similar coverage at the same price. While comparing, also look at the company’s track record in claim settlement.
- Opting the Cheapest Policy Available
Indeed price is an important criterion to consider when you buy an insurance policy. However, don’t make it the only important factor. The cheapest policy might not have all the features that you require, or only pay for third party damages. Go for a policy that offers you maximum coverage at an affordable price that also provides benefits. When you do so, consider factors like the age and price of the vehicle, claim service offered by the insurance company, Insured Declared Value (IDV), add-on covers, etc.
- Raising Small Claims
You might raise claims thinking that it is what you’re supposed to do. However, it wouldn’t be the wisest to do so. When you make even a minor claim, you will lose the accumulated No Claim Bonus (NCB), which is a concession you receive on premiums for claim-free years.
- Avoiding the Policy Document
Last but the most important point to remember is going through the policy document carefully. Read all the exclusions and inclusions the policy has to offer. This helps you when making claims, and save you from claim rejection. Also, check the details such as your name, vehicle number, add-on cover details, email ID, the model of your vehicle, IDV, etc. on the policy document. Even a minor mistake in your documents can be a problem for you in the future. In case you come across any mistake, contact the insurance company immediately and get them rectified.
Avoid the aforementioned mistakes and purchase an insurance policy that best suits your requirements. However, make sure you do not drive without having a valid insurance policy. The law has made it mandatory to at least have a third party car insurance policy or penalties will be charged.