Purchasing a car is a responsibility but not everyone treats it as such. However, one can always be prepared to meet exigent circumstances. Hence, to protect your prized possession and to secure yourself financially, you should buy a car insurance policy. A lot of rumours float around about insurance claims getting rejected and so people get nervous about buying insurance. What they don’t realize are the real reasons behind claim rejection.
There are chances that your claim will get rejected only if it does not meet the terms and conditions stipulated in your car insurance policy. Hence, it is always advisable that you carefully go through the policy documents before purchasing a policy. This way, you can buy one that meets your needs. You can access all details of your policy in an instant when you buy car insurance online
. Later, if required, you will be able to raise a claim that considers the terms and conditions of the insurer to increase your chances of claim approval.
You can read your policy documents online as well as offline. To check it online, you can visit the insurance company’s website where you can also find ample information regarding other products. Otherwise, you can simply visit the branch office of your preferred insurance company.
Given below are 5 essential sections that you must read in your comprehensive car insurance policy document.
- Mandatory third-party liability component
As per the Motor Vehicles Act, 1988, it is mandatory for all vehicles plying on Indian roads to get a basic 3rd party car insurance
policy. This plan offers you financial protection for any damages caused to the property or injuries caused to the third-party by your insured vehicle. Your policy document contains all information regarding the inclusions and exclusions of the coverage offered.
- Comprehensive cover
A comprehensive car insurance plan not only covers damages caused to the third-party, but also the damages caused to your insured vehicle. This section includes details regarding ‘own damage’ and generally mentioned under ‘loss of or damage to the vehicle insured’. While raising a claim, always remember to look into the inclusions list to check if the event that caused damage to your car is mentioned or not. If the event isn’t mentioned in the policy or happens to be a part of the exclusions, then the insurance company is likely to reject your claim.
- Personal accident coverage for the owner/driver
This section helps clear any confusion concerning the claim amount as well as the injuries covered under this policy. You also receive details that explain the nature of the injury along with the corresponding scale of compensation.
- Inclusions and Exclusions
A very important component that you cannot ignore on your policy documents is the list of inclusions and exclusions. Glance over this list and clarify what your insurance provider offers protection for and vice versa. This information comes in handy when you file a claim. If you feel there are way too many exclusions and the basic things are not getting covered, then simply switch your insurance provider.
- Terms and conditions
Lastly, go through the terms and conditions carefully. This is something that most people tend to overlook. Understanding the terms and conditions while purchasing a plan can be very helpful when it comes to filing a claim. Some insurance companies might have a very complicated claim filing process. Be wise and go for one that has a simpler claim process.
Before purchasing a car insurance policy, you can compare all details, including premium and coverage, online. Now, you don’t have to worry about depending on agents or middlemen to complete this procedure. The task of purchasing a policy online will not take you more than 10 minutes. Therefore, whether you may be looking into car insurance for young drivers
or an experienced rider, you need to read the clauses carefully and have a thorough understanding of the same before you buy the plan.