What are the Questions to ask when Buying for a Motor Insurance Policy?

When it comes to investing in a motor vehicle for personal usages, you must choose a secure financial cover that will protect your motor vehicle as well as personal finances. So choosing the best motor insurance policy is definitely a significant part of buying motor vehicle process. Read on to know what questions you should be asking when you buy a motor vehicle insurance policy.

When you want to shop for the best motor insurance policy, you definitely want to scrutinize a lot of things before deciding which insurance scheme to go for. Even though you may have many questions just to be sure and confident about the policy you are opting for, right? So generally you would consult the insurance agent of a brand and ask him/her all types of questions just to justify the final decision when you make or are likely to make. However sometimes you may find the insurance agent following the company protocols which makes it necessary for them not to reveal every pros and cons of an insurance policy. So how do you choose the best motor insurance policy for your vehicle? How do you protect your motor vehicle from accidents on and off road? Who will you cover the vehicle damage cost without affecting your personal finances? A motor insurance policy has all of the answers. But which policy should you buy that will protect your vehicle? Here are some questions and answers which help you buy best motor insurance policy and reason why vehicle insurance is so important these days:

What does a vehicle policy cover?

When you buy a motor vehicle, there are multiple purposes it serves for you- social, domestic and pleasure and also for business purposes excluding the carriage of goods other than samples by the insured or his employees.

A motor insurance company will protect its customers against any loss or damage to the vehicle due to the following unfortunate events:

• Fire, explosion, self ignition or lightening
• Burglary, housebreaking or theft
• Riot or strike
• Earthquake (fire and shock damage)
• Flood typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost
• Accidental external means
• Malicious act
• Terrorist activity
• Whilst in transit by road, rail, inland- waterway, lift, elevator or air
• Land slide or Rock slide

How Long A Motor Vehicle Remains Valid?

All motor policies are annual policies issued for a period of twelve months. However extension to a longer period which is less than 12 months can be allowed with the approval of a competent authority, for arriving the renewals of customers on a common date or for any other reason convenient to the customer. Additional premium is charged for such extensions. A period of time which is less than twelve months can be given on short period basis only with the approval of a competent authority.

What are the factors that play an influential role in determining the premium for your car?

Well there are certain factors which play an influential role in deciding the best motor insurance premium for your vehicle:

• Insured's Declared Value (IDV)
• Cubic Capacity of the vehicle
• Geographical Zones
• Age of the vehicle

What documents are required for renewing the insurance policy for a vehicle?

The following documents are required for renewal of the motor insurance policy:

• Premium Cheque
• Renewal Reply Form
• If any changes are required in the coverage, the customer can incorporate the same in the renewal reply form

These are some of the basic motor insurance policy benefits which give your vehicle and you a financial security. They are very important questions which everyone should have on mind when buying for a motor insurance policy. Note them and ask before taking a decision.