Usually, there is insurance for almost everything we buy like Shipment insurance, House insurance, vehicle insurance, mobile phone insurance, etc., as we invest a huge amount of our savings and value of above mentioned gets depreciated and there is also the threat of accidents, fire, breakdown, theft.
Especially in the case of export-wheelers like four-wheelers, we need to be very careful as it’s a huge investment and we will never get the same amount (at least 1/2th of it once we return them). By choosing progressive car insurance discounts, we can be assured of damages like accidents, thefts, depreciation, etc.
The compulsion to have car insurance in the U.S.A:
In some countries like the U.S.A, your vehicle has to be insured before you drive, yes you heard right, you cannot drive your vehicle unless it’s insured. Having this type of policy is a kind of assurance that you have Insured funds available. In case of any accidents then you can get the damage compensated by claiming it from the insurer. In extension to this one can also opt for policies in which they can get the vehicle repaired in case of collision.
Steps to be followed while choosing a suitable insurance plan:
- Assess your insurance needs and get a clear picture of your requirements.
- Compare insurance plans of different companies for financial benefits
- Select the most suitable plan from a reliable company that can offer both great customer service and a good claim settlement ratio.
- Keep track of insurance renewal date and pay a premium on time.
A good insurance policy includes the following points:
- Customized coverage: If an Insurance company offers existing facilities along with your need, this type of policy should be given priority over others.
- Cost-effectiveness: Third-party coverage schemes are cheaper while compared to policies that cover the risk of both the owner and third party. So one should always compare between two or more companies and among different policies.
- Smooth service distribution: Companies that4x7 accessible and those have a wide disbursement of network k is preferable.
There is usually a Long term and short term insurance policy for your car and below are the benefits of both.
- Policy renewal: In long term policy you need not new your policy on an annual basis as a long term policy lasts for a minimum of 3 years and this will save your time towards documentation when compared to a short term policy.
- Flexibility: Our needs and demands change frequently and short term policy plays a vivid role as long term policies are not that easy to change.
- Cost-effective: A long term policy saves more when compared to the short term.
- Add on: In a short term policy gives you more add on’s when compared to a long term policy. One can add riders such as depreciation allowance, Third-party risk coverage, emergency medical expenses, etc.
So one can choose any of both policies depending upon their Budget, requirements, their need and situation as both the policies have their own benefits.