Car Insurances 297 views
Car insurance is a must for every individual who has bought/want to buy the dream 4- wheeler. The reason being the protection cover that it provides when your car happen to meet unforeseen incidents of accidents or theft. Most of you must be taking views of your family or friends while buying car insurance. Some of them may give you the right views, while others most probably will give you incorrect information intentionally or unintentionally. So, in a way, you are supposed to hear a lot of stories related to car insurance and its methodology. Within the stories, there must be a series of misconceptions that you need to take out of your system to enjoy fully the benefits of your car insurance policy. All such misconceptions and what actually happens are mentioned below.
Car insurance-a cumbersome process
There is a growing misconception that the process related to car insurance is complicated. But, the process is quite simple as you just have to full in certain basic details about your car. Subsequently, you will get the quote of the premium that you are supposed to pay. You will have to follow some more easy steps to get the insurance policy for your car. To make it simpler, some high-tech insurance companies are offering a Photo Quote Option by which you can instantly get a quote for your policy renewal after clicking and sharing the photo.
Get deprived from NCB benefit on account of transferring policy
Often people carry the notion that if they transfer their policy from one insurer to another, then it will deprive them from No-Claim Bonus (NCB) benefit. But the reality is that the NCB goes where you go. For those who are not aware of NCB, it comes to you when you do not file the claim in a particular year. You can definitely transfer NCB from one company to another, but it must get filed within 90 days from the expiration of your old car insurance policy.
Only accident cover comes with car insurance
Don't take into your mind the misconception that reads “ Car insurance only covers accidents”. You can get much more apart from the accident cover. Insurance cover is available upon damages caused to your car by natural calamities such as earthquakes, lightening, landslides, floods, as well as artificial disasters like theft, riots, damage in transit, burglary, etc.
Inconsistent car insurance claim procedure
People generally fear regarding the inconsisteny in the claim procedure of the car insurance policy. But, all you have to do is to log on to the website of your insurance provider and fill up the claim form. You can always track the progress of the claim online. The insurer will contact you within 24 hours from the filing of the claim. After that, you need to submit the documents. You can be assured of any assistance from the person calling you.
Paying from own pocket during accidents and face tedious claim process
People carry the belief that they may have to pay from their pocket in case the accident happens. And, then they will have to face the tedious claim process, which actually is not right. You have the option of either don't pay or pay and get the reimbursement later on. You must check the network garage of the insurance company. Getting the car repaired at the network garage is easier as your insurer settles for the amount with the garage and you do not have to worry. But due to some reasons, if you are not able to visit the network garage, then you must pay for the repair expenses and get that reimbursed later.
During car crash, one will receive a claim amount similar to the amount of new car
This is definitely not true as the indemnity principle determines the insurance cover. In simple words, it means after you get the claim for your car, you are brought to the financial position that you had prior to the occurrence of the damages. Depreciation gets deducted on your existing car while ascertaining the value of your loss. This also holds true for the computation of the car's market value.