By India Ashok
Every year, the job market bestows upon people thousands of its blessings, ensuring that they are gainfully employed. This marks the beginning of a new era, one that involves previously “jugaad” immersed individuals transform into stellar consumers, buying bikes, cars, apartments and more. However, while this stage of life generally brings about an immense amount of satisfaction, for millennials, it can also be somewhat intimidating.
“Adulting” as my brethren call it, can appear to be one of those larger-than-life issues. Every day issues such as paying taxes or even buying car insurance can sometimes intimidate young adults. However, technological advancements have made this process simpler now. Take car insurance for example—you no longer need to deal with annoying intermediaries or insurance agents. Instead, adults of all ages can simply go online and purchase car insurance in a matter of a few minutes.
What first-time car insurance buyers should know
Although buying car insurance online is now easier than ever, the sheer abundance of available options could confuse some, raising questions about which car insurance policy is the best or most suitable or whether add-ons are necessary, and worth the extra cash. First timers should keep a few important things in mind, when considering purchasing an insurance package for their vehicles. When shopping around for car insurance, it is always best to take a look at all the different options available and compare the packages on offer.
One of the most basic questions you must ask yourself when buying car insurance, is whether to go for a third-party liability coverage or a comprehensive car insurance policy? While most consumers end up opting for a third-party liability policy, especially since it is mandatory, and in comparison, may be cheaper, it does not completely protect either your car or even you, in case of an accident.
However, in the case of a comprehensive car insurance policy, any damages caused to either your care or you are covered. This policy also protects you against any third-party liabilities. In addition to covering your car and you for damages caused by accidents, a comprehensive car insurance policy also covers you from any damages caused to your car in the event of thefts or natural disasters.
The price of third-party car policies is fixed, although the rates may be revised by the Insurance Regulatory and Development Authority of India (IRDA) every year. However, in the case of comprehensive car insurance policies, which also include the mandatory third-party, the prices may fluctuate.
Things to check before you click on that “buy now” button
Now that you know what the two major types of car insurances are, let’s move on to what you need to check before taking the final step. It is important that you first visit the websites of all the major car insurance providers and check the policies on offer, making your own comparisons about the available policies. Make sure you also check customers’ reviews while shopping for car insurance—these reviews can give a better idea of an agency’s services than any advertisements can. Next, check out the add-ons offered—it may not be necessary to buy all of them–but some, such as passenger cover add-on, may prove to be a prudent purchase.
Once you’re done deciding on which insurance provider you want to go with, make the purchase. However, your journey doesn’t end here. In order to ensure your safety, and that of your car, you must remember to renew your insurance policy before it expires. Renewals are also fairly simple and can be easily done online. In fact, renewals are the perfect time to drop any unnecessary add-ons and opt for better ones. In some cases, car insurance providers even offer a quick renewal process, with no additional paperwork involved, which could be a very attractive draw to some.
Featured Image Credits: Unsplash
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