Factors to Consider While Selecting Motor Insurance in India

The rising rate of car accidents has led more and more people opting for motor insurance plans. Finding one such plan can be a tedious job, but with some research done online, you can actually find quite many of those listed forth you. Once you have been able to identify the right car insurance plan you can definitely protect your vehicle financially from any kind of threat. Motor insurance can generally be classified into two categories — third party liability insurance, and comprehensive plan.

Before you decide about an insurance plan there are various factors you need to look into before finalizing your deal. Comprehensive plan insurance includes legal liability of the third party from the vehicle accident. There are many motor insurance companies in India that offer you beneficial motor insurance which can give you the surety that you need for keeping your vehicle safe. There are several myths as well that go around purchasing vehicle insurance, and many of those are often misunderstood too. Let’s take a look at a few of those

1. Truth about coverage: There are two types of motor insurances: comprehensive and collision coverage. If you already have a motor insurance you can add top-ups to make it much more beneficial for you. If you haven’t added a rider that is not part of the document, you might not get cover for it at all.

2. Belongings inside the vehicle are covered: Sometimes there is a situation where you realize that the laptop in your car or a phone kept in the kit of your scooter has gone missing. A motor insurance plan does not cover any personal belongings left in a two-wheeler or a car. It only covers the car or the two-wheeler as per the plan.

3. Rental cars are insured: The biggest misunderstanding about rental cars is that many people think that it comes with a pre-insured option. However, rental cars are not insured enough that it can protect your vehicle till the time you have its temporary ownership. When you rent a car the insurance is not covered automatically. There are various additional coverage features that you can add with your car rental protection that will come handy when needed.

4. Older cars aren’t stolen: As per the National Insurance Crime Bureau Report, older model cars have been stolen more than any new model car and automobiles. The stolen report database has entries for several older cars that went missing. Thus no matter what the age of the vehicle is, getting it insured is of utmost importance.

5. Insurance cancels policy without notice: Unless you have not paid the yearly premium, there is no way that the insurance company can cancel your policy without notifying you beforehand. Paying your premium on time not only keeps you eligible for the policy benefits but also makes sure than your record stays in the good books. For example, there are many motor insurance companies in India which make sure that any cancellation ever made to the insurance policy is well notified to the insurers before a final decision is being taken.