Car Insurance Buying Tips For Newbies

As a first-time driver, are you confused about what car insurance policy you should purchase?

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If buying your first car was a task, wait till you buy your first car insurance policy. And If you think the car dealer would be the only one trying to offer you suggestions on what car insurance policy to buy, pause till you meet your well-meaning neighbours, or relatives, or friends, who would each want to offer you their two cents on the best car insurance policy available in the market. But who do you listen to? Yourself, after a thorough assessment of all car insurance policies. Gather inputs from everyone, evaluate your options and finally settle with your choice because in the end it’s you who is the car insurance policyholder. But how do you get started? By gathering basic knowledge of the various car insurance policies available. Here are some beginner tips that can help you get going on your car insurance buying journey.

Know about the various types of car insurance policies available

Before venturing out to buy your first car insurance policy, this is the preliminary information you need to equip yourself with. There are two basic kinds of car insurance policies available in the market: third-party car insurance and comprehensive car insurance. While the former motor insurance policy covers bodily injuries and damages to the third party and their vehicle, and provides accident cover for the policyholder; the latter, in addition to providing coverage to the third party, offers coverage to the car insurance policyholder for injuries and damages to the vehicle.

Decide how much coverage you need from your motor insurance policy

This depends on several factors such as the kind of car you buy, and whether it is new or used, and the number of people in your family.

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Read about the various add-on motor insurance covers

Car insurance add-on covers offer added protection that may not be offered by your basic car insurance policy. The most convenient feature of add-on covers for your motor insurance is that you can ignore the ones you don’t need so you don’t end up spending money unnecessarily. The other add-on covers that are worth looking into, especially for new drivers, are engine protect cover and no claim bonus protect rider.

Buy insurance policy online

Once you have decided what kind of car insurance policy you will require, you can buy car insurance online from the comfort of your home. The policy will be available to you within minutes, which you can print out for use later.

Find out about NCB

Every motor insurance policyholder should know about no claim bonus. It earns you discounts on subsequent car insurance renewals if you did not make any claims in the previous policy year. You can earn discounts between 20 per cent and 50 per cent if no claims are made over one or more years. The benefits can be transferred from one car insurance provider to another. Assume this to be a reward for good driving by your motor insurance provider.

Scan the fine print

Before you actually commit to buying the car insurance policy, make sure you read the terms and conditions properly. This can include the amount and duration of the premium to be paid and coverage provided by the motor insurance policy.

Apart from the aforementioned points, you may check some other aspects while buying a car insurance policy. For instance, check the list of exclusions that the insurer does not cover.

Your motor insurance policy will prove to be beneficial only if you buy the one that suits your requirements. A sure way of getting the best motor insurance policy is to do your homework beforehand by looking up various car insurance policies.


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Trade Logo displayed above belongs to Dewan Housing Finance Corporation Limited and used by DHFL General Insurance Limited with modification under license.
Coco (By DHFL General Insurance) is the Trademark used by DHFL General Insurance for its digital platform.