Here are 10 common mistakes people make while buying new car insurance

ATK
New Delhi [India], February 20: Getting car insurance is sometimes like putting together a puzzle, and knowingly or unknowingly, people make a few blunders which will cost them later on.
So, let's go over 10 common mistakes that people often make when they're getting new car insurance.
It will definitely open your eyes and may change the way you choose the right service. Don't make these mistakes with your insurance. Let's get started.
1. Not comparing policies:
If you don't compare new car insurance options, you may lose coverage and savings. Consider more than the first appealing option. Before choosing an insurance plan, consider your needs.
Some insurances may provide greater coverage, while others may offer irresistible additional benefits.
So make an informed decision on what's on your priority list and then buy one.
2. Choosing the incorrect deductible amount:
Choosing the incorrect deductible amount in car insurance can have a significantly negative impact on the policyholder.
A higher deductible amount means lower premiums, but you pay more out of pocket in a claim. A lower deductible amount means higher premiums. It's a vice-versa relation.
So, decide on a deductible amount after assessing your risk appetite.
3. Not knowing what they need:
Not knowing what you need in car insurance can lead to inadequate coverage or paying for features that you don't require.
Understanding your needs is crucial when buying car insurance.
Think about your car value, driving habits, convenience, and other perks. A concise and accurate list of needs simplifies insurance policy selection.
For instance, If you are buying bike insurance for an older bike, a third party bike insurance is more than enough.
4. Providing incorrect information:
Giving the wrong information when purchasing car insurance will cost you later.
If incorrect information is provided, the insurance company may not grant a claim. Insurance companies are diligent in finding false data.
In some cases, misinformation may lead to fraudulent cases, and a case could be filed. So, providing correct information is always appreciated.
5. Forgetting to update the insurance policy:
Forgetting to update the insurance policy before driving could leave you without adequate coverage in case of any incident.
Regular insurance policy revisions are crucial. Failing to update the insurance policy could raise premiums due to mismatched coverage, increasing risk.
6. Choosing the cheapest:
The lowest insurance policy may save money, but it may not provide enough coverage when needed.
Taking the usage of a car, driving conditions, and value of the car into consideration, car insurance is by no means cheap, as cheap doesn't mean the best.
So go for the best bang for your buck but not the cheapest. Remember: Safety is not cheap.
7. Buying two coverages:
Some people think they are too clever and go get two policies for additional coverage.
Unfortunately, it doesn't work that way. It's like having two umbrellas in the rain. No matter what, you can only use one.
All it'll do is increase your premium cost and nothing else.
Furthermore, it could lead to many complications, like claim denial, policy violations, legal consequences and such. So stick to one.
8. Adding unnecessary add-ons:
Including unnecessary add-ons in your car insurance can increase your premium without providing any significant benefits.
You should properly review each add-on and its benefits. Roadside help is a useful add-on, while others duplicate coverage or give little benefit at high expense.
Regularly reviewing and adjusting or removing add-ons that are no longer used or align with your needs decreases the premium.
9. Not reading terms and conditions:
Car insurance terms can get complex if not read. These terms and conditions explain car insurance coverage limits, exceptions, and claim procedures.
Without proper knowledge and understanding of the insurance policy, you might be unaware of important details that you may need when filing for the claim.
10. Purchasing the policy offline:
Some people think that by getting a policy offline, they can have more control over what they get.
They think they can get a hold of the agent, get things done and trust the agent to help them get a better deal.
But, with everything being digital these days, it just leads to delayed claims, longer processes, limited information, inconvenience and extra paperwork. So go digital.
Conclusion
Now that you know of common mistakes people make, ensure you do not commit the same ones. To live a peaceful life, thorough research is always necessary before making any decisions.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by ATK. ANI will not be responsible in any way for the content of the same)