How to buy the right motor insurance cover for your bike or car
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How to select the right motor insurance
With a slew of motor insurance plans available in the market, choosing the right one can be daunting. Besides the premium, there are several other factors that should be considered.Text: Investment Education and Learning (CIEL)
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Evaluate how much coverage you need
Evaluate your coverage needs based on the type of vehicle and its usage. Determine whether you require basic third-party liability coverage or comprehensive coverage that includes protection against own damage, theft and natural calamities.
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Understand insured declared value
IDV represents the maximum sum insured in case of total loss or theft of vehicle. Ensure that it is accurately calculated based on the current market value of vehicle to avoid under-insurance or over-payment of premiums.
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Do you need moto insurance add-on covers?
Assess the add-on covers offered by insurers and choose those that align with your specific needs. Popular add-ons include zero depreciation cover, engine protection, roadside assistance, and consumables cover, among others
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No-claim bonus benefits and deductible
Check the NCB benefits offered by insurers for claim-free years. Opt for a policy that provides attractive discounts on renewal premiums as this can significantly reduce your insurance cost over time.This is the amount you agree to pay in case of a claim. Choose wisely to strike a balance between premium affordability and out-of-pocket expenses during claims.
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Understand policy exclusions
Review policy exclusions to understand situations or damages not covered by the policy. These could include consequential damages, illegal activities, and driving under the influence of alcohol or drugs.
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Key points to keep in mind
1) Research the reputation, customer service and claim settlement record of the insurance company.
2) Opt for an insurer with strong financial standing and history of prompt and hassle-free claim settlements.
2) Opt for an insurer with strong financial standing and history of prompt and hassle-free claim settlements.