10 interesting facts of car insurance you need to know [Sponsored]
As a result, every single four-wheeler owner buys a car insurance plan as soon as the car is bought. Take a look at this article to know all about the interesting features that make up a car insurance policy.
Interesting car insurance facts
Listed below are some of the most interesting facts associated with car insurance:
1. Types of car insurance: Every single car insurance plan is not the same. You have two types of car insurance. They are:
a. Third party car insurance: A third party car insurance plan is the most basic form of car insurance. As the name suggests, such a plan covers all third-party expenses. It does not have any provision for your own vehicle.
b. Comprehensive cover: Next, we have the comprehensive insurance plans. These plans include all the third-party benefits. In addition, they also cover your own vehicle.
2. Additional cover: Riders are an interesting car insurance feature. These are add-on covers that you can buy along with a comprehensive insurance plan for the car. You can customize the plan and make it more flexible with the help of a rider. A rider is available at an extra cost.
3. No Claim Bonus: The No Claim Bonus (NCB) is another attractive car insurance feature. It is a reward that you get from your car insurance provider for not making any claims during a particular policy period. The reward is given to you in the form of a discount on the following year’s premium.
4. IDV: Every car depreciates in value as it ages. The reduced value is known as the Insured Declared Value of a vehicle and plays a deciding role in arriving at your motor insurance premium.
5. Comparisons: You have the option to compare car insurance when buying a cover. Comparisons are helpful because they help you to locate the best plan at the best rate. So, make sure you always compare car insurance before you make a final purchase.
6. Cheaper online options: Car insurance is widely available online. This is a great feature as it allows you to buy the best plans at surprisingly affordable rates. You get the online plans at much lower rates and this is why more and more people prefer buying them online.
7. Easy renewals: Another wonderful feature of car insurance is that you can renew a cover with ease. Whether you have a comprehensive insurance cover or a third party car insurance cover, you can renew the plan online in a matter of a few seconds.
8. Change of insurer during renewal: You can change your insurance provider if you are unhappy with their plans or service. Ideally, this should be done at the time of your car insurance renewal.
9. Digitally available: Car insurance plans are all easily available online. The digital world of motor insurance is an added benefit that customers find very handy and convenient. Buying a plan, making a claim, renewing it, etc., practically everything can be done digitally. This is a superb car insurance feature.
10. Exclusions: Like all other forms of insurance, vehicle insurance also has certain exclusions. When you buy a plan, you should be aware of these exclusions so that you can make a claim smoothly when needed.
In a nutshell
Keep these features of car insurance in mind when you go looking for your ideal cover. You will surely be able to find the best plan at the best rate and drive your car with the needed protection.