Car and Bike Insurance: Insurance is important to protect your car or bike, but choosing the right insurance is even more important.
Going out on the road without insurance is no less than a risk. Even a small accident can cause financial devastation for you. Therefore, it is very important to choose insurance wisely. Let’s know how.
Car and bike insurance
Car and bike insurance is a safety shield that protects your vehicle from accidents, theft, fire, and natural disasters.
Apart from this, if your vehicle causes damage to another person, the insurance company also bears its expenses.
Understand the types of car and bike insurance
Third-party insurance: This is the most basic plan, in which if you cause damage to someone else’s vehicle or person, the insurance company will pay the money. It is also legally mandatory.
Comprehensive insurance: Along with third-party cover, it also covers damage to your car or bike (theft, fire, accident, etc.).
How to choose the right insurance
Understand your needs: If you have an old vehicle, then third-party insurance may be enough. But for a new vehicle, comprehensive insurance is better.
Compare covers: Compare plans and covers of different companies.
Add-on covers: You can take add-on covers like zero depreciation, engine protection, etc. as per your requirement.
Claim Settlement Ratio (CSR): Look at the company’s claim settlement ratio, it tells how many claims the company pays.
Compare premiums: Compare the premiums of different companies, but don’t just choose the cheapest one, also look at the covers.
Additional covers (add-ons)
Zero depreciation cover: You get the full cost of the parts in case of an accident.
Engine protection cover: Protects the engine from getting damaged.
Roadside assistance: Helps in case of on road vehicle breakdown.
Ways to reduce insurance premium
Take advantage of the claim bonus: You get a discount for years without any claims.
Give correct engine capacity: Giving wrong information can increase the premium.
Buy online: Sometimes you get a discount on buying online.
Compare companies: Compare the premiums of different companies.
Buying car insurance is a wise decision. Choosing the right plan will keep both your money and car safe.