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3 Car Insurance Policy Mistakes That You Cannot Afford To Make

By Author: Neha Sharma
Total Articles: 954

Your automobile is not only a high value asset but also a high value possession. This investment takes a lot of time, effort and funds and you need to protect it in the long run. As a responsible car owner, you must get a car insurance to care for your investment. This motor insurance will ensure that you investment is well protected throughout your lifetime in the event of any accident or damage. However, when applying for this cover, there are certain things that must be kept in mind to avoid crucial mistakes that can hamper your insurance premium and claim settlements. Here are the following.

Mistake#1 - Wrong Cover

There are several types of car insurance policies available in India. This is based on the car model and year with other different features. Many individuals choose a minimum coverage so as to save up on their funds. However, this can be a crucial mistake in the long run. This motor insurance is designed to provide you with a financial aid during an accident. If the minimum cover cannot cover the cost of the whole damage, you will have to pay from your pocket. The fees during this time are extremely expensive and will be more expensive than the cover itself. Do not underinsure at any point of time.

Mistake#2 - Non Disclosure of Crucial Information

During the application for the motor insurance, you will need to provide information which might or might not affect the application process. This can include a previous tickets or fines, driving records, validity of your license and more. There is a possibility that the insurance company will cross check your background and find this information. If such an incident occurs, the financial institute will deny your claim in the event of the accident under material misrepresentation. This will also impact your premiums at the time of renewal of the policy. If you switch to a new agency, your record will have a remark. With this factor, your successive policies might be more expensive or even having minimum covers leaving your security vulnerable.

Mistake#3 - Failure to Review Policy at Renewal

During the course of time, things change. This also includes the car insurance. At the time you need to renew your cover, you must check for eligibility for premiums or possible discounts. Otherwise you will end up paying a lot of unnecessary funds when you can save it. You can also be eligible for loyalty discounts. Take time to research and see if you are spending too much on your current policy. If you are, you can always change it at the time of renewal.

So make smart decisions while taking motor insurance policy in India and avoid these mistakes.

Author Bio :- Neha Sharma is a finance student who loves to write about car insurance. She has written extensively about motor insurance and more, and wishes to share all the information she has gathered about the mistakes that are to be avoided during the application process.

Total Views: 332Word Count: 500See All articles From Author

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