Do you stay in the economic capital of India? Planning to get home a new car? Then you must be weary of endless car accidents on the roads of Mumbai. Also, the monsoon-hit commercial capital of India has never been so friendly for car owners. Every year, the monsoon brings never-ending woes for the Mumbaikars.
If you have a car, you must be aware of the risk which you put your car through as you drive through a water-logged road. That's why it is necessary that you get yourself car insurance to avoid all these complications. By getting the best car insurance in Mumbai, you will be able to avoid unexpected expenditures and liabilities owing to car accidents or damage.
Don’t be afraid of these unfortunate happenings. Rather prepare yourself for the worst situations.
Get car insurance today and save big on all your unexpected future expenditures on car damage!
Car insurance: Meaning
Car insurance is a legal contract that offers extensive protection to your vehicle and protects you from all the liabilities and expenditures that might have been caused by car accidents, natural disasters or car burglary. When you have a car insurance policy, you are protected against all types of third-party liabilities.
Different types of car insurance available:
A car insurance policy falls under two categories:
- Third-party car insurance policy – This policy offers coverage to a third party who is involved in the accident as well as to his car. Remember that third-party car insurance brings no value to the car owner.
- Comprehensive car insurance policy – This policy offers complete coverage to the car owner as well as the third party.
Things you should keep in mind while buying the best car insurance policy in Mumbai
- The reputation of the car insurance provider: Do not settle down for any car insurance provider, but the best car insurance company in Mumbai. Do not forget to check the reputation of the insurer. Also, double-check about the claim settlement ratio of the car insurance company.
- Network garages: Every car insurance provider has tie-ups with multiple garages. If you have chosen cashless reimbursement, then you have to take your damaged car to any one of these garages. You will not be paying anything there out of your pocket. Your insurance company will clear the bill with the garage directly.
- Customer feedbacks: Before you choose car insurance in Mumbai, enquire about the customer care service. When you place a claim for your car insurance, you will be talking to the customer care executives, and hence it is necessary that you know about the quality of their services beforehand.
- Deductibles: Deductibles is the amount that the policyholder pays when his car gets damaged. When the deductible amount is high, you will be paying a lower premium to the car insurance company.
- No-claim bonus: This is the bonus which the insurance holder enjoys if he does not make any claim throughout the year. The amount gets discounted from the premium, thereby reducing your expenses. This will bring down your car insurance price in Mumbai.
- Add-on features: Add-on features always increase the coverage that you get on your car insurance policy. If you want to enhance your car insurance coverage, you can do so by spending some extra amount on add-ons. Add-on features include assistance in case of key loss or breakdown assistance, personal accident coverage etc.
- Insured value: IDV or insured declared value is the amount which the insurance company will be paying when the policyholder makes an eligible claim. Know that your premium amount and the IDV are interconnected. When you pay a low premium, the IDV offered by the insurance company will also be low.
Q1. What will happen in case of my car insurance policy expires?
ANS: When your car insurance policy expires, a vehicle inspector will inspect your vehicle. Note that this inspection may or may not be chargeable. Make sure you get your car insurance policy renewed within 30 days of expiry. Otherwise, you will lose your NCB.
Q2. I am planning to do some installation in my car. Whom should I inform?
ANS: You need to inform the RTO and your car insurance company about any kind of installation in your car.
Q3. Does a car insurance policy cover natural calamities?
ANS: Yes, of course! Natural calamities like a tempest, cyclone, flood, hurricane, earthquake, etc., are covered by a comprehensive car insurance policy.
Q4. I want to cancel my car insurance policy. Which documents do I need?
ANS: 1. Original copy of the policy
2. Customer request letter
3. NOC from the financer
4. Alternate policy proof
5. Sale proof of the vehicle