According to the Motor Vehicles Act, 1988, it is mandatory for every vehicle owner to have at least a basic third-party insurance policy for their car/bike before taking it out on the road. The fact that car insurance is compulsory, however, sees many motorists simply buy the first policy they come across without bothering to understand the coverage they are getting. This can lead to you being underinsured.

A good car insurance plan is one that is customized to suit your unique needs for coverage. It is extremely important that you talk to your insurance agent or provider and get a thorough understanding of the details of your policy before you pay for it. In this article, we take you through 5 things that you might not already know about four-wheeler insurance. Do keep these points in mind when buying or renewing your car insurance policy.

1. Car insurance comes with a grace period for renewal

If you missed out on renewing your coverage by the policy expiry date, don’t worry. Insurers do offer a certain grace period that extends beyond this expiry date for you to renew your car insurance policy instead of buying a new one. As long as you renew your coverage within this grace period, you get to keep accrued benefits, such as the no-claims bonus.

2. You need to buy separate cover for accessories that aren’t from the manufacturer

We all like to personalize our belongings and give them our own unique touch. Most people especially love to personalize their vehicles. However, it is important to bear in mind that your car insurance policy will probably not offer coverage for any accessories that were not fitted by the manufacturer. You may have to buy separate cover for these.

3. It is important to buy separate coverage for the engine

Even if you have comprehensive car insurance, there are certain damages that don’t get covered. For instance, your car engine does not get covered against damages due to flooding. If you stay in an area that witnesses heavy rainfall and inundation, do opt in for the engine protection cover. This will come at a slightly extra cost to your premium, but it will save you a fortune in engine repair.

4. Personal belongings need to be covered separately against theft

Comprehensive car insurance will cover you against theft; however, the coverage only extends to the losses you face from robbery of the vehicle alone. This means that any personal belongings left inside the car at the time of the theft will generally not be covered. If you are in the habit of carrying your laptop or other important belongings, make sure to opt in for the loss of personal belongings cover.

5. Anti-theft devices can help lower the premium

Finally, insurers are known to offer you a discount on your car insurance premium if you fit your car with certain anti-theft devices. This discount is usually only applicable on car security devices that have been approved by the Automotive Research Association of India (ARAI).

You can also consider buying or renewing car insurance online to get cheaper rates on your premium. Hope this article has helped you.