Getting a car is a dream come true for many in India, and when this dream indeed becomes true, it is the car owner’s responsibility to ensure its complete safety. People looking for a car featuring all modern-day functionalities, impressive aesthetics, and affordability usually go ahead with Hyundai.
If you, too, have purchased a Hyundai car or are planning to get one soon, be sure to start looking for vehicle insurance offering decent coverage.
In India, vehicle owners cannot take their four-wheelers on the road without getting them insured. If you’re found guilty of driving an uninsured car on Indian roads, you will be liable to pay heavy fines/penalties to the concerned authorities. To stay away from such unpleasant experiences, it is best to secure your Hyundai car under excellent Hyundai car insurance. If the many car insurances confuse you, this guide can help you pick the right car insurance for your vehicle. So let’s head right to the tips shared below.
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Analyze Your Needs & Choose the Right Insurance Type
For the uninitiated, car insurance is broad of two types, viz., comprehensive and third-party insurance. The former insurance type offers the best coverage. It secures the policyholder against financial liabilities arising from damages caused to any third-party individual and property, along with own damages that occurred during a road accident.
Third-party or the latter, insurance type covers the policyholder against financial damages or losses caused to only third-party properties and third-party individuals, making it pretty limited in terms of coverage. As comprehensive insurance offers better coverage, its premium is higher than third-party insurance and vice-versa. Now that you’re aware of the primary difference between the two, analyze your precise requirements and pick the ideal insurance type for your Hyundai car.
- Compare Available Options from Different Insurers
If you want the best insurance for your four-wheeler, you should look for similar policy types offered by different insurance companies. When it comes to insurance, always remember that not all insurers provide the same benefits/coverage at the same premium. Once you’ve made your mind and taken a pick between comprehensive and third-party insurance, look for at least three to four insurance companies that offer the same.
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After making a list of three to four insurers, compare their policies against the coverage and the premium amount. By the end of the process, your aim should be to choose the insurance that offers maximum coverage at a reasonable premium.
- Check the Car’s IDV
Insured Declared Value (IDV) is a crucial aspect that every insurer considers to calculate the premium amount. Consider it as your vehicle’s value in your insurer’s books because if your car ever gets damaged beyond repair or gets stolen, the insurer will be liable to pay you an amount up to your car’s IDV. The premium and IDV share a directly proportional relation as the higher the IDV, the higher the premium will be, and vice-versa.
If someone tells you to lower your Hyundai’s IDV while taking the policy, remember that agreeing to it will lower your claim amount too. So always analyze your requirements before making any decision. It will help you choose an IDV that is apt for your needs.
- Be Aware of the Voluntary Deductible Clause
When a policyholder files a claim, he has to pay a certain percentage of the same from his own pocket. The insurer pays the remaining and the major part of the claim. The portion or percentage paid by the policyholder is often referred to as voluntary deductibles. If you have agreed to a higher voluntary deductible, you’ll be required to pay a high out-of-pocket amount during claim settlement and vice-versa.
A policy’s voluntary deductible and premium are inversely proportional to one another as higher the voluntary deductible will lead to a lower premium, and vice-versa. If you’re comfortable with paying a large sum at a future date during a claim settlement event than paying a high premium now, you can consider opting for a higher voluntary deductible.
- Settle for Plans at Reasonable Premiums
Once your Hyundai car insurance is active, you will have to pay a premium every month, quarter, or year, all depending on the payment frequency you’ve chosen. If you’ve chosen insurance that has a relatively high premium, you might face challenges paying it consistently. To be safer, always choose insurance whose premium is fairly affordable.
While researching and comparing the different available options, always check how much premium each option will cost. You can use an online, reliable car insurance calculator to get a near-accurate premium estimate. This calculator can be a key tool in assisting you in choosing a cost-effective insurance plan.
- Check if the Vehicle will be Cover Damages Against Natural & Man-made Disasters
Not all insurance plans will cover your Hyundai for financial losses if it gets damaged due to man-made and natural disasters. Take third-party insurance, for example. This insurance will only cover the policyholder for damages caused to third-party individuals and properties and not otherwise.
So if you want your insurer to cover you against losses/damages caused to your Hyundai due to floods, earthquakes, riots, etc., you will have to purchase insurance whose coverage has provision for such losses. You can buy comprehensive car insurance for enhanced coverage, as it covers all the basic requirements of policyholders.
- Gather Information about the Insurer’s Reputation
Buying car insurance is a long-term investment, so make sure you don’t end up with the wrong insurer. Some policyholders have complained of getting little to no support from their insurer in the past, and it also affected their claim settlement process. If you don’t want to entangle yourself in a similar situation, do some research about your shortlisted insurers’ reputation online.
You can do a really simple search online or join online Facebook groups, communities, forums around insurance and post questions inviting unbiased answers. The inputs you’ll gather using this process will help you pick the right insurer.
- Find Out About the Available Add-ons
The add-ons or riders are purchased separately to enhance the coverage of the standard car insurance. If your Hyundai car is very precious to you, and you want maximum coverage for the same, you might want to purchase add-ons relevant to your requirement. Not all insurers offer the same add-ons, so it is wise to check the list of add-ons being offered with your shortlisted car insurance plan. Generally, you can find the following add-ons at top insurers:
- Zero Depreciation Cover: This add-on will pass down the replacement cost of new spare parts, and depreciation costs post a road accident to the insurer.
- Engine Protection Cover: Secures your vehicle against costs arising from your car’s engine’s consequential damages.
- Consumable Cover: Want your insurer to pay you for the oil, nuts, bolts, etc., during claim settlement? If yes, the consumables cover is for you.
- Roadside Assistance: If your Hyundai car gets broken down within 500Km distance from the middle of the city, you can ask your insurer to send help, like towing service, taxi service, repair service, etc., at no extra cost to you.
- Return to Invoice Cover: This cover nullifies the depreciation effect on your car, ensuring you get ex-showroom or last invoice value on your car if it gets stolen or damaged beyond repair.
All these add-ons need to be purchased separately, and each add-on results in an increase in premium. So add the add-ons that are an absolute must.
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- Look for More Discounts & Less Paperwork
If you like maximum convenience and cost-effective solutions, look for car insurance that involves an easy and quick insurance buying process. Generally, you don’t have to engage in much paperwork when you purchase car insurance online. The entire process can be done within a few minutes and using a few clicks. You can also get pretty impressive while buying car insurance online as the role of an insurance agent is eliminated in online purchases. So opt for purchasing car insurance online rather than offline.
- Check the Insurer’s Claim Settlement Ratio
When in need of urgent reimbursement, you wouldn’t like getting involved in a tedious and lengthy claim settlement process and end up seeing a claim rejection from the insurer’s end. To ensure you get a fast claim settlement, be sure you check the claim settlement ratio and past record of your shortlisted insurer before buying any policy. A simple and quick search online will give you enough information to decide whether you should proceed with the insurer or not.
If you follow all the ten tips shared above, you’re certain to find the best car insurance from the rest. The market is currently flooded by four-wheeler insurance from different insurers, and the tips shared here will help you pick the right option from the rest. So go ahead, apply all the tips, and get your car the best insurance.