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	<title>Car Insurance Archives -</title>
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	<title>Car Insurance Archives -</title>
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		<title>What Should You Look Out For While Renewing Your Car Insurance?</title>
		<link>https://www.thebuyt.com/what-should-you-look-out-for-while-renewing-your-car-insurance/</link>
					<comments>https://www.thebuyt.com/what-should-you-look-out-for-while-renewing-your-car-insurance/#respond</comments>
		
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		<pubDate>Wed, 28 Dec 2022 07:41:32 +0000</pubDate>
				<category><![CDATA[Insurance]]></category>
		<category><![CDATA[Buying car insurance]]></category>
		<category><![CDATA[Car Insurance]]></category>
		<guid isPermaLink="false">https://www.thebuyt.com/?p=5022</guid>

					<description><![CDATA[<p>The Buyt Desk Motor or car insurance much like other basic insurance policies is an annual cover. This insurance also needs to renew when get expired. According to the Motor Vehicles Act, all vehicles that are running on roads need to have a third-party motor insurance policy. However, it depends on you whether you want [&#8230;]</p>
<p>The post <a href="https://www.thebuyt.com/what-should-you-look-out-for-while-renewing-your-car-insurance/">What Should You Look Out For While Renewing Your Car Insurance?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
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										<content:encoded><![CDATA[<p dir="ltr"><strong>The Buyt Desk</strong></p>
<p dir="ltr">Motor or car insurance much like other basic insurance policies is an annual cover. This insurance also needs to renew when get expired. According to the Motor Vehicles Act, all vehicles that are running on roads need to have a third-party motor insurance policy. However, it depends on you whether you want to buy a comprehensive policy or want to take add-ons for a good maximum coverage.</p>
<h3 dir="ltr">Before you renew your car insurance, you must know the following-</h3>
<ol>
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Determine Car’s IDV</strong></p>
</li>
</ol>
<p dir="ltr">IDV or Insured Declared Value is the maximum value you will receive when your car gets lost or have complete vehicle damage. This is an important factor to consider while renewing the car policy as IDV affects the premium paid amount. However, many companies provide lower premiums during motor car insurance policy renewal. But, note that a lower premium also comes at a lower IDV expense. This results in inadequate coverage and negatively affects the subsequent claim amount.</p>
<ol start="2">
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Check NCB</strong></p>
</li>
</ol>
<p dir="ltr">NCB or No-Claim Bonus is a discount given when the insured doesn’t report a claim while preceding the complete annual policy term. In India, general insurance companies provide up to 50% discount as NCB benefit for 5 successive years of getting no claims. No-claim bonus is just available on the OD (Own Damage) premium rather than the total premium payable that consists of the 3rd party premium amount.</p>
<ol start="3">
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Carefully Read T&amp;Cs</strong></p>
</li>
</ol>
<p dir="ltr">Thoroughly and carefully read the terms and conditions during renewal to prevent misinterpretation as it may affect the coverage you’ll be provided. When you renew the policy, you can expand the coverage in case you don’t find the existing policy sufficient for your requirements. Or move the policy to other insurers for add-ons, great coverage, and service without losing NCB.</p>
<ol start="4">
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Access Network Garages List</strong></p>
</li>
</ol>
<p dir="ltr">Every car insurance company has links with garages available all across the nation. These garages are most often recognized as insurance company network garages. <a href="https://www.thebuyt.com/what-is-a-floater-vehicle-insurance/">Car insurance companies provide</a> cashless motor insurance policies for repairs at network garages to simplify the claim settlement process. The partner garages straight settle the bill in a cashless way with the insurance company. As an outcome of it, the policyholder doesn&#8217;t need to pay the repair amount except for his share of liabilities.</p>
<ol start="5">
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Add-Ons for Additional Benefits</strong></p>
</li>
</ol>
<p dir="ltr">To alleviate losses that are not often covered by standard motor insurance coverage, a policyholder can use add-ons. For example, cover for consumables, basic roadside assistance, depreciation reimbursement, emergency medical expense, engine guard, NCB protection, enhanced personal accident cover for passengers, inconvenience allowance, and lots more. These add-ons that can be covered in a vehicle policy for small charges can prove highly advantageous.</p>
<p dir="ltr"><strong>Conclusion</strong></p>
<p dir="ltr">Buying car insurance is an important decision. Hence, you must completely examine all the options available in front of you along with the must-have add-on coverage. Timely renewing the car insurance policy will need a thorough evaluation to enjoy the eligible benefits.</p>
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<p>The post <a href="https://www.thebuyt.com/what-should-you-look-out-for-while-renewing-your-car-insurance/">What Should You Look Out For While Renewing Your Car Insurance?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
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		<title>What are the Factors that Influence Your Car Insurance Premium?</title>
		<link>https://www.thebuyt.com/what-are-the-factors-that-influence-your-car-insurance-premium/</link>
					<comments>https://www.thebuyt.com/what-are-the-factors-that-influence-your-car-insurance-premium/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Sun, 02 Oct 2022 04:47:21 +0000</pubDate>
				<category><![CDATA[Insurance]]></category>
		<category><![CDATA[Car Insurance]]></category>
		<category><![CDATA[Car Insurance Premium]]></category>
		<guid isPermaLink="false">https://www.thebuyt.com/?p=4847</guid>

					<description><![CDATA[<p>The Buyt Desk  Your Car insurance Premium can be heavy on your pockets. But you cannot ignore buying car insurance. To minimize the premium, understand the factors that affect it. In India, most are aware of the importance of buying a car insurance policy. Practically you would have experienced it and traffic on Indian roads [&#8230;]</p>
<p>The post <a href="https://www.thebuyt.com/what-are-the-factors-that-influence-your-car-insurance-premium/">What are the Factors that Influence Your Car Insurance Premium?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
]]></description>
										<content:encoded><![CDATA[<p dir="ltr"><strong>The Buyt Desk </strong></p>
<p dir="ltr">Your Car insurance Premium can be heavy on your pockets. But you cannot ignore buying car insurance. To minimize the premium, understand the factors that affect it.</p>
<p dir="ltr">In India, most are aware of the importance of <a href="https://www.thebuyt.com/how-pay-as-you-drive-and-pay-how-you-drive-motor-insurance/">buying a car insurance policy</a>. Practically you would have experienced it and traffic on Indian roads will surely make you understand that buying a car insurance policy is a must. And also it is a legal law in India to buy insurance cover for a car be it a new or used car. Car insurance doesn’t only cover accidents but also covers losses caused by theft and natural disasters. When you know your car is covered under insurance, you will have peace of mind.</p>
<p dir="ltr">The premiums you pay towards your car insurance policy can be costly and you may feel it is heavy on your pocket. But you cannot stop buying car insurance because it is costly for you. It is illegal to own a car and not have a car insurance policy for it. But you can reduce the cost of a car insurance premium when you know the factors influencing the premium of your policy.</p>
<h4 dir="ltr">What are the Factors that Influence Your Car Insurance Premium?</h4>
<p dir="ltr">When you buy car insurance, the first thing you will look for is the cover and the premium to be paid. If the premium is costlier then you may feel the prick. You can minimize the car insurance premium while still keeping the benefits and coverage the same. To do so you should know the factors influencing your car insurance premium. Below are the factors that influence your car insurance premium &#8211;</p>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Car Ownership &#8211;</strong> In India, the car owner’s driving record determines the premium of car insurance. With a good driving record, you can enjoy lowering your car insurance premium. Women are considered safe drivers and hence they will pay a lesser premium as compared to men. A married Indian will pay a lesser premium as compared to a single Indian as the former are considered safe and responsible drivers. Indians below the age of 25 will pay the highest premium and Indians between 50 to 65years of age will pay the least premium.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Frequency of claims &#8211;</strong> When you do not make any claims in the last year&#8217;s annual car insurance policy, the insurer will provide a special discount on the premium the following year. This is also known as the No Claim Bonus (NCB). The more claims you make this year, the premium gets costlier the following year.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Insured declared value &#8211;</strong> Insured Declared Value also known as IDV is the amount that signifies the current market value of your car. The insurance provider fixes the IDV for your car. This value is arrived after deducting the depreciation value from the current price estimation of your car. Every passing year the IDV of your car decreases as the value depreciates every year and so does the premium of the policy reduces. Lower is the car’s IDV, lower will be the car insurance premium.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Safety features &#8211;</strong> If your car has safety features like an anti-theft system you may have to pay a lesser premium as compared to car owners who do not have safety features in their car. Safety features that account for the car&#8217;s premium value include an efficient car lock, Car alarms, GPS tracker, and many more anti-theft systems. These are needed for the safety of your car more than for lowering the premium of car insurance.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>The Make and model of the car &#8211;</strong> Sports cars will have a higher premium as they are risky cars. Slower and standard cars have lesser premiums. Cars that run on CNG or gas have to pay higher premiums. And premium goes on increasing as the cars’ cubic capacity increases. So the class of the car and its model determine the premium of the car.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation"><strong>Coverage opted &#8211;</strong> The comprehensive car insurance will have higher premiums. The third-party insurance will also increase the premium but it is mandatory. The add-ons to the car insurance policy will increase the premium amount. Add-ons include the cost of vehicle towing in case of a breakdown, zero-depreciation cover, increased third-party liability, protection of NCB benefits, and many more. All these may increase the car insurance premium but they may be necessary based on your needs.</p>
</li>
</ul>
<p dir="ltr"><strong>Summing up</strong></p>
<p dir="ltr">Looking at these 6 factors you may now know how to lower your car insurance premium. You may want to lower your premium but never compromise on the features and covers that are needed for your car. Also, read the policy wording thoroughly and carefully to understand the policy and coverage better. Make better choices and buy the most suitable car insurance with the necessary add-ons.</p>
<p dir="ltr"><strong>Drive safe</strong></p>
<p>The post <a href="https://www.thebuyt.com/what-are-the-factors-that-influence-your-car-insurance-premium/">What are the Factors that Influence Your Car Insurance Premium?</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
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		<title>4 Things to Know Before You Finalize a Car Insurance</title>
		<link>https://www.thebuyt.com/4-things-to-know-before-you-finalize-a-car-insurance/</link>
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		<pubDate>Fri, 08 Jan 2021 12:18:33 +0000</pubDate>
				<category><![CDATA[Insurance]]></category>
		<category><![CDATA[Car Insurance]]></category>
		<category><![CDATA[insurance]]></category>
		<guid isPermaLink="false">https://www.thebuyt.com/?p=2105</guid>

					<description><![CDATA[<p>The BuyT Team You spend ample time before finalizing your dream car. It is equally important to research patiently before choosing car insurance. It is a legal mandate under the Indian Road Safety Act and the Indian Motor Vehicles Act to buy car insurance. However, the need for appropriate car insurance is not limited to [&#8230;]</p>
<p>The post <a href="https://www.thebuyt.com/4-things-to-know-before-you-finalize-a-car-insurance/">4 Things to Know Before You Finalize a Car Insurance</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
]]></description>
										<content:encoded><![CDATA[<h2>The BuyT Team</h2>
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<p dir="ltr">You spend ample time before finalizing your dream car. It is equally important to research patiently before choosing car insurance. It is a legal mandate under the Indian Road Safety Act and the Indian Motor Vehicles Act to buy car insurance. However, the need for appropriate car insurance is not limited to the legal requirements. Car insurance is necessary for the safety of self, co-passengers, other travellers, and the car. Do not hurriedly select any car insurance, but calmly understand the insurer&#8217;s credibility and the features of the car insurance before selection. A car insurance policy that meets your personal needs is the best. For instance, you can opt for a policy with helpline and roadside cover if you frequently drive long distances between cities. Let us discuss the factors pertinent to the selection of suitable car insurance.</p>
<h3 dir="ltr">Third-party insurance Vs Comprehensive car insurance</h3>
<p dir="ltr">As per the law, a third party car insurance is mandatory. A third-party refers to anyone other than the insurer or the insured person. This insurance covers third party liabilities like damage to vehicle, death or injury of the driver, and property damage. Also, it provides personal accident cover for the death and injury of the insured person. Comprehensive car insurance insures you and your car and accounts for the third party liabilities. It also insures your car against vandalism, theft, damages due to falling objects or a bird or any animal, natural disasters like floods and hurricanes, and fire. Comprehensive car insurance gives you broad coverage and thus making it a better insurance policy. However, it has even more to offer. If you do not file a claim in a year, you receive a No Claim Bonus (NCB) in a comprehensive car insurance policy.</p>
<p dir="ltr">Moreover, you can customize the policy with add-ons as per your requirements. Third-party car insurance lacks the options of customization and NCB. For its advantages, comprehensive car insurance is costlier than <a href="https://www.thebuyt.com/4-tips-to-help-you-choose-the-right-health-insurance-plan/">third party car insurance. </a></p>
<h3 dir="ltr">Premium Amount</h3>
<p dir="ltr">The cost of a product is an important determinant of the purchasing decision. Choose car insurance whose premium you can pay without any burden. Insured Declared Value (IDV) of a car refers to the maximum claim amount under a car insurance policy. It decides the premium. The car&#8217;s engine&#8217;s cubic capacity and geographical location are other determining factors for the premium. Add-ons to the insurance policy increase the premium.</p>
<p dir="ltr">In the same way, opting for voluntary deductibles reduce the premium. You share the cost of car repairs in an insurance claim when you opt for voluntary deductibles; therefore, the premium reduces. You can choose a bundled insurance policy for all the cars in the house to enjoy the benefit of a discounted premium.</p>
<h3 dir="ltr">Credibility of the Insurer</h3>
<p dir="ltr">It would be best to choose an insurer who has a high claim settlement ratio (CSR). This ratio reflects the number of successful claim settlement against the number of filed claims in a year. A high CSR indicates a high probability of a claim settlement. You should also understand the claim settlement process of the insurer/insurance policy before purchasing the policy. A complicated claim process increases your troubles than solving them. A quick and easy online claim settlement process reduces your hassles.</p>
<h3 dir="ltr">Terms and conditions of the policy</h3>
<p dir="ltr">Understanding the terms and conditions of the car insurance policy before purchase is necessary for hassle-free claim settlement. You should be well aware of the inclusions and exclusions, types of add-ons and deductibles, and the policy&#8217;s claim process. The terms and conditions of car insurance should be compatible with your personal needs.</p>
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