The increasing number of third-party claims, majorly arising from hit-and-run cases, brought much light to the importance of having an insurance policy. This has prompted the customers to opt for at least a third-party insurance policy, albeit it being mandatory.
Over the years, the value of your car will depreciate and the maintenance of the car will also get into your nerves. In scenarios like these, owning a Car Insurance policy will be of great help.
Let’s enumerate further on some points you must keep in mind when buying an insurance policy for your Hyundai car:
- Type of Insurance Policy: Decide beforehand whether you want a Comprehensive Package Policy or a standalone Third-Party Liability Policy. If your Hyundai Car is new, then buying a comprehensive package policy will be good. It offers coverage for damage to your car and Third-Party Liabilities. The damage to the car may arise from fire, theft, accidents, and natural calamity. Also, note that a Comprehensive Cover is expensive because you get more coverage.
- Do not skip the date of renewal: A Comprehensive Car Insurance Policy offers cover for your car and third-party liabilities. It inadvertently protects your savings from unforeseen expenses. You cannot drive your car without at least a third-party policy. If the date of renewal of your policy is looming on the horizon, do not skip it. Else you will lose the benefit of bonus and will remain uncovered.
- Third-Party Insurance is mandatory: The Third-Party Liability Policy for all the vehicles has been made mandatory by the government. The Third-Party liability premium for your Hyundai car will depend on its cubic capacity. Driving without a Third-Party Liability Policy is an offence. A fine of Rs.2000/- and/or imprisonment of 3 months can be charged if you are caught.
- Suitable Add-on covers: Do you know that any loss that may arise to the engine and gear-box, of your Hyundai, due to an accident is not covered in any of the standard policies? The cost of engine repair is high which may not be affordable. Hence, buying an add-on cover for engine and gear-box protection will help you recover such costs.
- Know about No Claim Bonus: A No-Claim Bonus is the benefit you earn for every claim-free year. If you are looking for the renewal of your policy with a new insurer, then you must arrange for transferring the No Claim Bonus. The bonus will be converted into a discount on the premium you will have to pay while you renew the policy.
- Use Car Insurance Calculator for Premium estimation: Gone are the days when the customer had to pay the premium that was communicated to them. It took away the transparency and the users are left with no opportunity to understand the hidden costs. Insurance companies have now revolutionised the process of buying insurance. Now, you can compute the premium yourself using the Car Insurance Calculator. It is available online and is easy to use. This gives the customer a much better insight into the factors that constitute the premium amount.
- Depreciation costs on your car: Every year the value of your Hyundai car will depreciate. Depreciation cost takes into account the gradual wear and tear on your car. With each passing year, the depreciation cost increases. Once when you make a claim from your insurer, the depreciation costs will be deducted from your claim amount.
- Cashless Facility for the claims: The insurance company you choose may have a tie-up with garages. These garages will offer you repair services. Find out the ones which are easily approachable and can offer the cashless facility for the claims.
- Mode of Insurance: When you buy a policy with the help of a third-party agent, the insurance premium you pay includes the cost of service your agent provides you. But with the advancements in the digital era, the insurance companies have started selling policies online as well. You can buy or renew the policy either way. Buying car insurance online is convenient, cost-effective, and less time-consuming.