Nowadays, taking car and bike insurance is common, but choosing the right insurance policy is not within everyone’s reach. When we buy a new car, we take the insurance as per the dealer’s advice, but at the time of renewal, we face problem in choosing the right insurance. In this blog, we will answer all these questions and tell which insurance policy is right for you in 2024.
Types of Car Insurance
Third Party Insurance
Third party insurance covers only the front-party’s expenses. Damage to your vehicle is not covered.
Comprehensive Insurance
Comprehensive insurance covers the expenses of both you and the other person. This insurance is better but its premium is also higher.
Necessary cover
Return to Invoice (RTI)
Under RTI cover, if there is any major damage to your vehicle or the vehicle is stolen, then you get its original price. This cover is included in comprehensive insurance.
Zero Depreciation Cover
In this cover, you get the full claim even if the value of the vehicle decreases. This cover is for five years and increases your premium by 15-20%.
Consumables Cover
This cover covers nuts, bolts, AC clamps, grease etc. This cover is cheap and very useful in times of large losses.
Road Side Assistance
Under Road Side Assistance cover, you get help in case your vehicle breaks down. It also comes free with many credit cards.
other covers
Engine Protect
tire cover
Lock Set Replacement
These covers are not necessary, but you can get them if needed.
How to choose the best policy in 2024?
Claim Settlement Ratio
It is important to see the claim settlement ratio to see how many people out of 100 have received the claim.
Network Garage
The more garages there are in the network, the better the cashless claim will be.
ICR (Incurred Claim Ratio)
ICR tells what percentage of the premium taken by the company has been given back in the form of claim. ICR reveals the financial health of the company. A company with ICR less than 70% is making profit.
conclusion
Choosing the right insurance policy is not easy, but with the right information and understanding, you can choose the best policy for yourself. Using the tips and information given above, you can choose the right insurance policy as per your needs.
Read Also:-
How Bank Loan and Insurance Make Your Car Loan Safe: Loan Closing Process After Death.
Car Loan: After Knowing These Rules, You Can Easily Get a Car Loan in 2024
Save up to 50% on Bike and Car Insurance: Complete Details of No Claim Bonus (Ncb)
