Just like health insurance, car insurance is also very important. It is a necessity! With the number of road accidents on the rise in India, buying a car insurance online is one of the best ways to go about securing your vehicle. However, before buying insurance you should keep certain things in mind to get the best out of it, where you do not land up paying more. Here are 7 mistakes you should avoid while buying a car insurance.
- Not Prepared
This is the first mistake done by many individuals looking to buy a car policy online. Looking out for a car insurance can be stressful at times. You just cannot suddenly decide on insurance without preparing for it, as you could land up paying way too much.
- Not Doing Your Research
All insurance companies are different. Some will give you better service than others. Therefore, before you buy insurance do your research to get the best out of your insurance.
- Not Knowing Your Needs
This is important since you could end up buying a car insurance policy that does not provide you with sufficient coverage in case of any accident.
- You Don’t Really Need It
Evaluate optional coverages like collision and comprehensive. See if it is cost-effective for you to continue paying for it even after your car is all paid-off. Drop these optional coverages if your premiums go more than 10% than your car’s total value.
- Choosing a Deductible That’s Not Right
With most policies, you are required to pay up a certain amount that’s called a deductible. Be honest and consider your actual budget before you choose a deductible that’s right for you.
- Not Shopping Around
Research and shop around. Every insurance will have its own parameters. Two different companies could offer you the same type of coverage, but at a different price. So, make sure you’re shopping around well.
- Lying on Your Application
Sometimes, it seems really tempting to go the wrong way and lie on your application in order to get a lower premium. However, this could backfire. If at all, your insurance company finds out at any time that you have given wrong information, they may refuse to pay the claims or even cancel your policy. So, make sure when you buy car insurance online you are giving the right information no matter what. You could also ask for discounts if it applies to your policy. But do not take the wrong route where you could land up being at the losing end.
Try to avoid these common mistakes whenever you are looking to buy a car insurance policy.