The auto insurance industry is known to provide different types of auto insurance quotations in accordance to the requirements of the customers.
The auto insurance quotation is dependent on several factors such as kind of automobile and auto insurance holder.
Have Comprehensive Auto Insurance
A auto insurance package may not only provide cover to the victim in case of an accident, but also provide cover for the owner of the vehicle. Such policies, known as comprehensive packages, provide more protection to the package holder as well as others involved in the accident and therefore cost more. A third party auto insurance package only covers damages to others in case the package holder meets with a auto accident.
Get no Claim Bonus
No claim bonus is the benefit that a auto insurance package holder gets, generally in the form of discount in the annual premium payable, for not filing any claims during a year. Before buying a auto insurance package, one must learn about the no claim bonus in order to be able to make the best decision should the need for a claim arise in a year. For example, a damage that would cost less than the no claim bonus can be paid by the insurance package holder out of his or her own pocket, therefore making most of this feature.
Do check Deductibles
This is the portion of damages payable by the auto insurance package holder. A higher deductible means the insurer will pay the remainder amount of damages in case of an accident. A higher deductible also leads to a lower premium. Also, opting for a zero depreciation cover assures the entire claim amount without taking into account the depreciation sum.
Know add-on Features
Many insurers today provide special facilities. Breakdown assistance is one of them, wherein the insurance policy also provides a helpline and roadside assistance. Some insurers also offer assistance in case of loss of auto key. For an individual open to spending more than minimum on a motor insurance package, making a list of desired features before zeroing down on an insurer is advisable, say experts.
Understand Insured Value
Insured value, also known as insured declared value (IDV), is the amount that the subscriber has to pay to purchase or renew an insurance package. Insurance experts advise on choosing a auto insurance package that is both suitable as per needs and yet affordable. Making a hurried decision based on what the insurer is offering, without assessing your own needs should be avoided, they say. You need to understand different auto insurance quotations.
