Vehicle insurance: Key things to know before choosing insurance policy

Vehicle Insurance: Driving without insurance is illegal and if caught, traffic police can issue challans. If you are going to buy an insurance policy for a car, bike, etc., it is important to pay attention to certain things. This will help you choose the best policy for you. Know these things before taking vehicle insurance to avoid losses.

Insurance policy not only compensates for damage to your vehicle, but also compensates others in case of an accident. But, it is very important to keep certain things in mind before buying an insurance policy. Let's see what things to keep in mind while taking bike and car insurance. There are many companies in the market that offer insurance policies.

You will get features according to the price. In such a situation, choosing the right insurance policy for you can be a bit risky. When you buy a new car or bike, the dealership also helps you choose a good policy. But sometimes the price of these policies are very high.

Insurance Policy Coverage: If you want a good insurance policy at a low cost, it is better to look for it yourself. Whether it is a car or a bike, keep these things in mind when choosing an insurance policy.

Third party insurance: This is the most basic insurance, which only covers damages caused to another person in an accident.

Comprehensive insurance: In addition to third party insurance, it also covers damages to your vehicle due to theft, fire, natural calamities and accidents.

Add-on covers: You can add additional covers like engine protection, roadside assistance, zero depreciation to your policy.

Insured declared value: Insured Declared Value (IDV) is the most important thing when taking car insurance. It is very important that you understand this. IDV is the amount you will receive if your car is completely destroyed or stolen. To cover your loss, make sure this amount is equal to the value of your car.

Claim settlement ratio: Before buying an insurance policy, be sure to check the company's claim settlement ratio. CSR shows how many of the claims received in a year have been settled by the insurance company. Also check what the process for getting a claim will be.

Do not ignore the terms and conditions of the insurance policy. So take enough time to read the policy terms and conditions and read them thoroughly. Sign the insurance policy only after due consideration. The above tips will definitely help you when buying a car and bike.