While buying a Motor-vehicle you consider various factors like looks, mileage, cost, etc., similarly, you should choose the right insurance cover for your motor vehicle by going through several aspects. We are a one-stop solution for all your insurance needs, may it be Life, health, Travel, or vehicle. It is essential to decide upon an insurance policy on product features that helps you meet your needs in the best way. Varied experiences regarding insurance policies have helped to sharpen our skills and recommend apt product/s to you so that you choose the best possible. Our experienced team offer unbiased advice on the coverage (inclusions) & exclusions of insurance policies enabling you to weigh your needs and help you to take an informed decision.
1. Know About the Motor Policy Coverage
It is important to have clear objectives on your requirements and budget before the search for a suitable motor insurance cover. A comprehensive insurance cover is considered the best insurance policy as it covers the compulsory third-party liability cover as well as the own-damage cover. Also, verify if the policy is offering any in-built coverage for roadside assistance, towing facility, etc, in case of a brake-down. When there is wide coverage, the insurance plan ought to be better.
2. Consider the Insured Declared Value (IDV)
Insured Declared Value (IDV) indicates the present market value of your motor vehicle. Ie on the day of insurance purchase. It is the maximum amount that the insurance provider undertakes to pay in case of theft or total loss of your vehicle subject to fulfillment of t & c of the policy. Over time, the depreciation lowers the value of the vehicle and therefore IDV also reduces with which the premium amount decreases too. Hence, IDV is one of the most significant points that determine the premium and compensation amount of the insurance plan.
3. Competitive Price
The premium amount is one of the most crucial parameters based on the plan monthly, quarterly, half-yearly, annually, or one time. It is the amount you have to pay to avail the benefits of insurance cover for a certain sum assured. Therefore, its amount is borne by you. However, the cost of premium should not be considered in isolation; it is considered along with the IDV and coverage of the policy. In general, you should opt for a motor vehicle policy that promises higher IDV, and inclusive coverage at a competitive Premium.
4. Know About the Add-On Covers
Add-on or Riders covers assist in enhancing the coverage of your vehicle insurance plan by paying a little extra premium. Hence, it is advisable to compare the add-ons available in different plans. Also, look for the add-on covers that are required by you, or meet your expectations as otherwise, the plan might disappoint you. Since add-ons are optional and not part of the basic insurance, it is also recommended to compare additional premiums payable for the add-on under different insurers.
5. Additional Discount
The premium could be lower in case there are discounts if any. Select a policy that gives the highest percentage of the discount. Some common types of discounts offered are no claim bonus, voluntary deductible, co-payments, and so on. An insurance plan with the lowest net premium rates should be chosen by you.
6. Understand the Claim Settlement Process
Nowadays, several insurers have introduced simple, quick, and hassle-free claim settlement processes digitally. Uploading videos and images are serving the purpose of evidence. These plans are considered the best as they ensure easy settlement of claims. Ensure this by finding out the claim turn-around time (TAT) & the claim settlement ratio (CSR) of the insurer. TAT denotes the average time company takes to settle a claim and CSR signifies the maximum number of claims settled by the insurer in comparison to all the claim requests received by it in a financial year. A plan having lower TAT and higher CSR is best opted for.
With My Risk Cover, there are no hidden charges and we define and clarify all your apprehensions. We assist you with preparing a claim and get you quick, fair, and efficient service from the insurance company. Whether you look for term insurance or insurance for bikes or health insurance plans, one name in the industry you can trust is My Risk Cover..
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