In the constantly upgrading world of vehicle insurance, making the right choice to buy or renew an insurance policy can be daunting with endless options. However, it is highly essential to get your vehicle insurance and renew the policy timely to avoid the risks of finances that may arise due to sheer negligence. If you are looking to buy or renew your car or bike policy, here is a list of aspects that you must consider to get a policy that suits your budget and needs.

Policy Type- Mainly the two options available for renewing your policy include third-party liability insurance or comprehensive insurance. If you opt for a third-party car policy, you’ll be protected against financial liabilities arising from the damage caused to a third party and the premiums would be quite affordable. Whereas opting for a comprehensive plan will provide you with greater coverage but at higher premium rates. You can choose the type of plan by understanding your budget and requirements.

Add Ons– By paying a slightly additional premium you can get add-ons on your car or bike policy. Although, add-ons are not compulsory, however, having them can provide you greater coverage. Some highly preferred add-ons that people go for include zero depreciation cover, No claim bonus (NCB), engine protection cover, etc. You must be aware of the various add-ons available to get yourself an all-inclusive policy.

Deductibles– This is yet another crucial aspect to consider while buying/renewing your vehicle insurance. A policyholder who files a claim must pay a minimum amount, known as deductible which can be mandatory or voluntary. Deductibles can help to reduce the premiums but that can also reduce your claim amount. Thus, it is important to decide wisely while going for deductibles.

No Claim Bonus (NCB)- It is important to check your NCB while renewing your car policy. NCB is like the reward that is given to the policyholder every year for not claiming your policy. Checking for NCBs can help you fetch discounts that can make your policy worthwhile. Generally, NCBs are given for five years and can vary from 20%- to 50%.

Claim History- The claiming procedure is a vital aspect to consider while buying the policy from the insurer. You must buy your policy from an insurer that offers a hassle-free, quick, and transparent claim procedure. You can easily compare different policy providers online to find the one that best aligns with your needs. Ease in dealing with the insurer during the claiming process is a green flag while buying/renewing your policy. Check out the ICICI Lombard app to get a clear picture of everything related to vehicle insurance.

Accurate IDV- Insured declared value (IDV) is a crucial factor in any vehicle insurance policy. It stands for the highest amount your insurer will provide in case of any unforeseen event. You must make sure that the IDV value of your vehicle reflects the current market worth of your vehicle because if the IDV is not adequate, it might result in underinsurance which would eventually cause you financial loss during the settlement of the claim.

Compare quotations online– Finally, before buying or renewing your car or bike policy you must compare different quotations online. This is a quick and feasible way to find the best insurance policy for your vehicle. For those who want an ideal insurance policy that provides great coverage at affordable premiums, this step is immensely recommended. You can get quotes from insurers online before finalising the insurance policy for your vehicle.

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