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What You Need To Know About The New Car Insurance Scheme

by Nala Samir
1 year ago
in Business
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What You Need To Know About The New Car Insurance Scheme
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A lot has changed in the last year. We were introduced to a new way of living and working. People across the globe were managing their work-related tasks from home, and the situation was no different in India. In fact, India had imposed strict travel restrictions, even within the country.

Looking at the new travel guidelines, many insurers in India decided to introduce ‘pay as you drive’ insurance plans to its audiences. What’s unique about the new car insurance scheme is that it allows the policyholder to pay premiums only for the days they actually use the vehicle or the distance travelled.

In traditional car insurance plans, you are liable to pay the premium amount based on the make and model of your vehicle. Besides this, several other factors played a vital role in determining the cost of the car insurance policy. Customers could use the car insurance calculator to estimate the premium charged on desired coverage and add-on benefits.

However, in the new car insurance scheme, people can choose premiums based on their driving habits. In simple terms, you’ve to pay premiums only when you drive your vehicle. The insurers that provide such a policy calculate its cost based on the age and experience of the driver or offer kilometre-based plans. Customers can choose the plan as per their preferences and affordability.

The downfall to the ‘pay as you drive’ car insurance plan is that if anything were to happen to your vehicle when it is not in use (such as theft or damage), the insurer is not liable to cover the damage repair expenses. In such cases, a comprehensive car insurance plan (such as Acko car insurance) should be your preference.

For instance, if you stay in an area that is prone to theft or natural calamities, any damage/loss to your car due to these reasons will be covered in your comprehensive car insurance plan. All you have to do is raise a claim request and submit the necessary documents for verification. The insurer will evaluate your claim application and approve/reject the same. If the claim request is approved, the compensation amount will be credited to your account shortly.

If you want to buy the conventional car insurance policy in India, here’s what you need to do.

  1. Visit the insurer’s website online and go to the ‘Car Insurance’ section.
  2. Choose the type of car insurance coverage you desire.
  3. Enter your car and personal details as requested.
  4. Select the add-on covers (if you need any).
  5. Review the policy details before paying the premium.
  6. Pay the premium amount online.
  7. The insurer will evaluate your application and issue the policy shortly.

In the end

When buying the new car insurance scheme, make sure that you understand the policy details thoroughly before buying it. Do your research on the difference between conventional car insurance and the new scheme. Based on your evaluation, then proceed to buy a policy that you think will fulfil your needs and protect your vehicle in the long run.

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