10 Must-Known Facts about Digital First Insurance for Your Car
In most states, car insurance is a mandatory factor. Most people fail to pay a lot of attention to the details and information regarding car insurance. According to the due date, they keep themselves away from going through the policy documents to renew the policy. You will fail to avail of all the benefits when there is such inactiveness towards the digital-first insurance policy that it leaves several things uncovered.
The following are the 10 best things that people should know to derive the best insurance user experience:
1. Transfer of No claim bonus
While changing the insurer, most people are not aware of the transfer of NCB. While switching to a new insurer, you can transfer than accumulated NCB to the new insurer if you have any accrued NCB with your current insurer. While changing the car too, the same thing can be done. You can quickly transfer your accumulated NCB of your old car very quickly.
2. Renewal of expired policy
As you are getting a window of 90 days from the policy's expiry date, you need not have to worry if you miss renewing your policy on time. You can easily renew your expired car insurance policy without losing the benefit in these 90 days. After the renewal, your accumulated NCB can also be carried forward.
3. Cover for towing charge
It involves the hassle of not finding a garage or a mechanic in times of an accident while driving on the highways and other remote areas. The mechanic charges some high amount for towing your vehicle if you could not move it to the garage even if you find one. It is these charges that can burn a deep hole within your pocket. It is due to the digital-first insurance policy that will be covering the towing costs up to a limit here. In your policy, to derive the benefits, you need to understand the terms and cover conditions for the towing charges.
4. Multiple drivers affect your premium
According to the risk and the multiple drivers for a single car increases the risk of accident and claim, car insurance companies decides the premium amount. If numerous drivers driving an available car are why the car insurance companies are charging the high premiums for. To move the car, it is better that you allow only one person.
5. Cover for the accessories fitted in a car
When it comes to the raw image, the coverage that you see through the car insurance app is only for the damages and not for the accessories that are there in the car. But, when you opt for a separate add on which is specially designed for the accessories, you get the option to get the coverage. It is still more cost-effective than installing new accessories after the damage with such additions to your policy that increases the price of the premium.
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6. Zero depreciation cover
It is always deducted by the car's depreciation rate when it comes to the sum assured that is received upon the claim in car insurance. By subtracting the rate at which your car part's value decreases with the advancement in your car's age with the new feature's market cost, the depreciation rate is calculated in this manner.
7. Cover for the engine
It is under your car insurance or digital-first insurance policy that takes care of the engine-related repairs that are not caused due to an accident when you opt for an add on cover for your engine. From expensing a considerable amount of money on engine repair, it keeps you away from expending with the best insurance toolkit of cars. In case of damage to the engine due to flooding, it can burn a deep hole in your pocket; this is an instrumental cover.
8. Cover for personal usage, and business usage is different
It depends on the use of the car when it comes to the cover for your car insurance. It is advisable to go for commercial vehicle insurance for a comprehensive insurance policy if you are using your car to use your vehicle for commercial purposes.
9. Comprehensive car insurance policy doesn't cover everything
Your area of coverage is widened through the purchase of a comprehensive car insurance policy. Still, it does not mean that it would be covering up for all the things since there are few exclusions and limitations of this comprehensive digital-first insurance policy. So, before you make a purchase here, you need to check out the policy details.
10. Key replacement
You need not worry if you have lost your ignition key since most car insurance companies will be reimbursing the cost of a new key for you.