Planning to buy your first Hyundai vehicle this year? Well, our Hyundai experts think you should also consider buying an auto insurance. You might feel like waiting it out, but it is always better to remain safe and secure at all times and keep your Hyundai car as safe. That’s why you need an auto insurance policy.
If you buy an auto insurance for your Hyundai car, your vehicle remains insured and it will only come handy in case an accident results in major damages. The insurance company that you purchase the policy from, has to step up their game and come into action to cover and pay for your damages in case an accident occurs.
Well, you will be paying this company an annual premium for such insurance benefits, but it definitely does help in reducing your expenditures. It takes the burden off your shoulders!
Tips to keep in mind while buying auto insurance
1. Do your homework
As a first-time auto insurance buyer, you should spend a considerable amount of time researching the insurance policies available in the market. All you need to do is find the right source online to view the options available and then have an in-depth comparison between them. Alternatively, you can ask insurance experts to guide you in the process.
2. Understand the claim settlements
Before purchasing an auto insurance policy, you need to understand the three claim ratios – claim settlement, claim repudiation and claims pending.
- Claim settlement ratio = number of claims settled/ total number of reported claims + remaining claims at the start of the year – remaining claims at the end of the year
- Claim repudiation ratio = number of rejected claims/ total number of claims
- Claims pending ration = outstanding claims/ total number of claims
3. Know what third party insurance covers
As a primary beneficiary, you should know what the insurance company covers for you. A few of the things that you need to know about the auto insurance policy you’re planning to purchase include:
- legal coverage
- total finance assistance
- simple and seamless acquiring process
- benefits during unforeseen events
In case of an accident, the claim is directly paid to the third party by the insurer. The policyholder becomes a nominal beneficiary.
4. Understand what you are buying
The auto insurance policy is like a legal contract. It will contain some technical terms that could actually be hard to understand. You need to read through your policy document carefully before the signing the papers. Here’s what it needs to cover:
- who is covered by the insurance
- what does the insurance cover
- what are the inclusions, exclusions, and limitations
- what is the time span of the insurance cover
- how much coverage is provided for
- how much premium do you need to pay
- how to file for a claim/ how to report a loss
5. Look for a comprehensive cover
If you think a third party insurance is falling short in providing you with the right auto insurance coverage, go for a comprehensive insurance cover instead. Such a policy would take care of not just your Hyundai vehicle during an accident, but also you. Our insurance experts suggest you opt for certain add-ons in this insurance policy – zero depreciation cover, engine protector, accessories cover, medical expenses, etc.
6. Conduct periodical evaluation
Your auto insurance needs will change as you establish different milestones in life. It could be getting married, starting a family, sending your child to college, renting or buying a new home. That is why our Hyundai insurance experts suggest you get your auto insurance policy periodically evaluated.
7. Calculate your credit score
Your credit score is what lets insurers quote the most appropriate and the lowest rate for your insurance policy. This includes your payment history, late payments, length of credit history, types and number of credits such as loans, etc.
8. Get a personal accident cover
The number of accidents in India are increasing by the day. What good is an auto insurance coverage if it doesn’t keep you safe during an accident resulting in a death, partial or total disability, injuries or such. The advantage of a personal accident plan is that it can be bought for the entire family.
9. Look for bundled car insurance
In case you own more than one Hyundai car in the family, this one is for you. A bundled car insurance helps you get the best rate and car premiums come at a discount too.
10. Know the compulsory deductibles
A compulsory deductible refers to the minimum amount that a policyholder needs to pay for each and every claim. The amount varies for a two-wheeler and a four-wheeler, as per the rules of the Insurance Regulatory and Development Authority of India (IRDAI).
11. Familiarise yourself with insured declared value (IDV)
IDV refers to the maximum amount that can be claimed under an insurance policy. It basically refers to the amount you would get in case your vehicle is stolen or is damaged severely. For simpler understanding, the IDV is the current market value of your vehicle.
12. Understand the no claim bonus (NCB)
The NCB is an additional cover if the policy hasn’t been claimed for a complete year. Simply put, you get about 5-10% of the IDV as a bonus upon renewing your auto insurance policy. We have seen the bonus go up to almost 50%.
13. Customize your car as per policy
An auto insurance does not cover all vehicle parts – usually the engine, and some other mechanical parts. So when you get your Hyundai car customized, check with your insurance agent if it will be covered in the insurance policy.
14. Customer service and helpline
You might not consider it to be as important an aspect when buying an auto insurance policy, but it should play in as a factor before you make the decision. You need to know if the company you’re buying the insurance from, is easily reachable when the need be. For this, you can take a look at the online reviews and ratings shared by other customers.
15. Buying insurance online
Just like buying clothes online, looking for an insurance policy online can get you a good deal. So apart from consulting insurers and consultants, spend some time comparing the policies available online. This might take time, but will definitely be cost effective.
Buying the right insurance for your Hyundai car
We at Capital Hyundai, have the privilege of Hyundai Assurance. This enables us to offer smooth operations and at the same time, work with the best insurance companies for our customers.
Buying your first Hyundai car can be overwhelming and purchasing the right insurance for it can be even more difficult. That’s why we work with Hyundai vehicle and insurance experts. Right from applying for insurance, till the time you decide to change your car or sell it, we are here to guide you at every step of the way.
At Capital Hyundai, we offer insurance services on all the models of the Hyundai car. We enable the flexibility for a customer to pick an insurance company of their choice. All you need to do is contact us or visit us at the showroom.
Call us on our helpline +91- 7290 077 352
