Just like any other segments, the insurance sector is also not left behind as far as myths are considered. But the problem is that people who believe in these myths get into more trouble as they are usually unrealistic in nature.
Mentioned below are some of the common myths along with the real facts associated with it that you should know before buying 4 wheeler insurance:
- Myth: A 4 wheeler insurance is not required for old cars
The Actual Fact: According to the Motor Vehicle Act, 1961, to protect your vehicle, an insurance policy is mandatory for any car irrespective of its age. People often say that the resale value of an old car does not justify an insurance plan but it is important to remember that old cars have higher risk of theft as its parts tend to be difficult to get as they are high in demand.
- Myth: Car insurance only covers the accidents where the owner is not at fault
The Actual Fact: If you have a valid car insurance policy it means that you are covered for all types of accidents. By availing the comprehensive car insurance, you can get coverage in case of damages, or theft, mechanical faults, terrorism, flood, riots, etc.
- Myth: Policy cannot be transferred to another insurer as this can result in losing the No Claim Bonus
The Actual Fact: No Claim Bonus is actually given in case of a claim free year to the policy holder. So, even if you transfer your policy to another insurer then also you will be getting your No Claim Bonus; however, you will need to file it within ninety days from the old policy’s expiration date.
- Myth: The No Claim Bonus will go to the new car owner automatically once the car is sold The Actual Fact: No one has the right on your No Claim Bonus apart from you. So, even after you sell your car, the No Claim Bonus will not be transferred to the new car owner.
- Myth: In case of a driver, a separate policy must be taken
The Actual Fact: Even if you have a driver for your car, you do not need to take a separate policy but what you can do is you can include the name of the driver in the policy. Also make sure that the driver has a valid license.
So, once you have a clear understanding about the policies you can go ahead and purchase 4 wheeler insurance online as these days several insurers have an excellent online interface to facilitate the buying and selling of insurance. In fact, filing a claim for the insurance has also become very easy with the advent of such insurance portals.
