3 min read
Updated on Jul 13, 2022
Car insurance policies are important for every car owner. There are many different types of coverage and terms to consider when you compare insurance online. You want to make sure that your policy covers everything you need. This blog post discusses 7 important components found in most car insurance policies that can help inform your decision-making process so as not to find yourself stuck with inadequate coverage for some unforeseen event!
Here are some of the main components in car insurance coverage that you should know before you compare car insurance online:
Third-party liability is a mandatory insurance plan that you should be aware of if you own a car. It’s designed to protect you financially if someone else gets injured, dies, or has their property damaged by your car. Your policy will outline what this protection entails and what it doesn’t cover.
Own-damage provides coverage against any damage suffered by the insured vehicle and is an essential aspect of comprehensive car insurance. Under this portion of the policy, the entire information regarding the own harm is disclosed. While filing a claim, you must determine whether or not the event that caused your vehicle to be damaged is covered.
It is the market worth of your vehicle as well as the amount covered for insurance purposes. The IDV is determined at the start of a term of the policy and is dependent on many factors including the stated selling price, brand, series, and so on. It also guides you about how to calculate depreciation which will be applied to IDVs in specific circumstances, such as absolute loss or constructive total loss.
PA cover is an extremely important aspect of car insurance that every driver should know more about. PA protects the owner driving the car in case of any type of injury and if you’re not sure whether or not PA cover is included in your policy, we recommend contacting your insurer for clarification!
The General Exceptions part of the guideline outlines the general exclusions to car insurance claims. You should keep these factors in mind before submitting any claim requests, since you may be unable to get compensation if your claims fall into one of these categories.
Add-ons are a great way to increase coverage of a basic car insurance plan by paying a slightly increased premium. It is something we recommend for any vehicle, and there are various types available depending on your needs. Make sure you are checking the options available and adding those best suited for your four-wheeled beauty.
As a customer, you have the right to know who you should contact if there is an issue with your claim. If the company is unable to address your problem, you can contact the insurance grievance officer. Insurance companies provide this information in their policy wordings so that customers can easily access it.
Buying auto insurance is an important decision, one that could have a huge impact on your budget. There are many factors to consider before you compare car insurance online, and if you’re looking for help, we can give you an expert opinion on the best policy for your needs. We’ve discussed some of the main components in this blog post but let us know what else you need help with so that our team can provide tailored solutions just for you! Contact us today or visit our website to learn more.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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