Buying a car, for most people an immensely emotional decision. From narrowing down on the exact make and model, to the trim variant, everything is measured against a heightened sense of satisfaction. There are still a few things that must be dealt with before you drive any of the new cars out of the showroom – yes, that’s correct, motor insurance.
Before you go about dismissing it as an unnecessary burden, remember that an insurance cover will provide the best safety net when things go wrong. Here’s a closer look at the 10 points to remember while choosing car insurance:
1. The premium you pay towards insuring your car isn’t written in stone. Always negotiate upon the rates offered to you. It also helps to keep an eye out for special deals from time-to-time.
2. Never skimp on the Insured Declared Value to shave a few hundred (or thousands) off the premium amount. Being under covered in the event of a claim can be quite the financial shocker in terms of the repair bills.
3. If you’re trading in your old car for a new one, then you can always have the No-Claims Bonus (NCB) transferred. Most buyers of new cars are unaware of this and end up paying a hefty amount in premium.
4. Most insurers offer special rebates to buyers who belong to recognized automobile clubs. If you do hold such membership, then you could get a discount on the premium.
5. Another hot entry that makes it to the 10 points to remember while choosing car insurance list is to check if the installation of additional safety equipment can get you a rebate.
6. Accessorizing your car is great but do remember to include them in your insurance cover (branded alloys, additional audio equipment, etc).
7. Zero depreciation policies are a must-have when it comes to insuring new cars. This is because cars lose the most value in the first three years and any repair bills during this time would put a hole in the pocket.
8. Opt for third-party cover on old cars. By the time they’re 7-10 years old, their resale value is lower than the coverage offered, so why waste money on excess premium.
9. You can negotiate a lower premium if you agree to a higher deductible on your insurance. Bet no one told you that before!
10. Lastly, ask your insurer to thrown in flat-bed assistance or road-side assistance without charging you for it.
So that’s that. Good luck with your insurance shopping and may you enjoy years of trouble-free motoring out there.