Customers’ instinct is to get the most from the money is specifically visible when it comes to purchasing online car insurance policies India because in case policyholder does not register a motor insurance claim or one does not receive any value for the premium paid.
By negotiating the plan with a lower premium, customers can lower down losses. As per industry experts, in addition to the no claim bonus, policyholder can save some handsome amount of money on the basic car insurance premium. So, majority of buyers have a tendency to negotiate really hard.
However, vehicle insurance buyers are advised to be cautious, particularly when the insurance company in India is ready to offer what you want while buying a policy. Miscommunication or mis-selling of the insurance plans is most likely to take place when you are given good deals.
Customers should know that mis-seling of products happen when a person is planning to purchase policy through insurance agents. If person negotiate hard with an insurance service provider, then he or she may lower the cost of buyer’s vehicle, so lower his insured declared value i.e. IDV.
Unfortunately, customers will know about this when they file a claim and receive a lower payout. Therefore, check your vehicle’s IDV before finalizing a deal. When monetary loss is borne by the policyholder is called as deductible. It can be voluntary or compulsory. In some cases, insurance service providers lower the car insurance premium quote by increasing the voluntary deductible.
In case loss occurs, policyholders have to be ready with a good amount, compulsory and voluntary deductible from their pocket. Those who want to switch their insurer and had never made a claim with previous insurers may get a better deal.
The insurer will get in touch with your previous insurer to check your claim records. If hidden of misrepresentation on the part of insured person is found while registering a claim, then the company has the complete righto reject it.
Do not perform such tricks which are often suggested by insurance agents. Sometimes, vehicle insurance premiums are lowered after deducting add-on coverage from the basic plan. At the time of bargain, the insurance service provider will not include the cost of add-ons to give a lower quote.
A typical third-party car insurance policy has in-built coverage for co-passengers and drivers. These covers may prove important, so don’t avoid them just to lower your premium. Little research of your own before you purchase the plan is important because it will be very helpful