Things You May Not Know About Car Insurance

When it comes to car insurance, there exist many more things apart from policy purchase and renewal. These are the things that you should be aware of, but you are not such as discounts and rewards, add-on covers, ways to lower the premium, and so on. This article will help insurance buyers to make the most of the insurance plans. Let’s discuss some of the points about car insurance that you might not know. 

Things About Car Insurance You May Not Be Aware of

The points discussed below are the ones that you may not know about car insurance. These things can help you with policy purchase, renewal and usage of the car insurance plan:

1. Premium Can Reduce If You Don’t Make Claim

Everyone assumes that car insurance is useful only when a claim is raised for damage or loss. But,  making no claim can also benefit you with a No Claim Bonus (NCB). This bonus is a kind of reward offered by insurance companies to their policyholders for making no claim in a policy year. It generally begins from 20% and accumulated to a maximum of 50% with every claim-free year. 

2. You Can Claim Ex-Showroom Car Price

We all know that the value of a car reduces with time. It means that the ex-showroom price is hard to get in the claim amount, but you can still get it with a return to invoice add-on cover. This add-on is generally offered to new cars which are not more than 5 years old. With this cover, you can receive the invoice value of the car including road tax and other charges that you paid during the purchase.

3. Physical Documents Are Not Required For Claim

With the technological advancement and need of the hour in this Covid era, many car insurance companies have begun to deliver claims online with paperless process facilities. This curbs the hassle to arrange multiple documents and sending them to insurance companies through post or any other way. The online process not only makes the process seamless but also expedite it. 

4. Free Towing Service Can Be Availed By Policyholders

The most difficult aspect after meeting a car accident is to take the car to the garage. Also, the towing charges are also higher in such cases. But, with the addition of roadside assistance add-on cover to your comprehensive car insurance policy, you can resolve such issues. After that, you will just have to call your insurance company and they will rescue you with services like car towing, fuel refill, flat tyre repair, on-call assistance, and so on.  

5. An Anti-Theft Device Can Lower Your Policy Premium

Many insurers reduce the policy premium for policyholders who have installed the anti-theft device in their insured cars. The insurance is to cover the loss sustained by an insured person but advanced devices lower the risk of theft, due to which insurers reduce the premium. However, the safety devices installed should be authorised by the Automotive Research Association of India (ARAI). 

Conclusion

No matter how good your insurance policy is, you can enjoy it to the fullest until you are aware of almost everything about it. On this note, this article holds some distinguished points about car insurance with the knowledge of which you can insure your car in the best possible manner.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.