Finance

10 Tips for Car Owners During this COVID-19 Lockdown

The world has seen unprecedented calamity befall upon it in the shape of COVID-19.  Covid-19 continues to ravage the world and has bought the entire world to a standstill. 

Entire India has been under lockdown since mid-March with no everyday commutation to work and private vehicles being strictly controlled. Due to this, your cars would be idling in your garage.

10 tips for car owners

However, if you don’t follow the right practises when not driving your car, it can have serious repercussions. Some of the issues your car could be subjected to during the lockdown are:

  1. Theft of Vehicle – If you haven’t parked your vehicle in a safe location such as your home or designated parking areas, then there is a higher probability of your car being stolen. Unmanned vehicles parked in roadside areas are more at risk.
  2. Natural Calamities – If there is one thing that coronavirus cannot stop, it is the unrelenting fury of mother nature. India has seen the likes of cyclones, heavy rains and floods happening across the country during this lockdown. There is no guarantee that it will not reoccur in the coming months. Falling trees, hails, cyclones and floods can seriously damage the parts of your car.
  3. Earthquakes – We have seen the news from different parts of the world wherein countries were rocked by high magnitude earthquakes. This could happen in India as well. Earthquakes can create serious damage to lives and properties.
  4. Accidents – On the rare occasions in which you do go out for emergencies and for running errands, you could still land in an accident. Or another vehicle could also hit your car.
  5. Riots and attacks– It would be unfortunate if your car gets damaged in the crossfire of a protest or riot. Often we have seen protests turning violent and people setting fire to nearby vehicles. Such scenarios can completely destroy your vehicle.

One-stop solution to these problems – One of the easiest ways to mitigate the aforementioned problems is to buy car insurance online.

You might already be having a car insurance policy or your insurance policy would be nearing the expiry date. If you don’t have an insurance policy, it is highly important to get one now or do a car insurance renewal.

Here is why it is important to have a valid car insurance policy during this lockdown even if you are not driving your car as much:

  1. A valid car insurance policy will reimburse you the IDV amount when your vehicle gets stolen. Insured Declared Value (IDV) is the amount for which you have insured your car. In the event of theft, your insurer will reimburse the IDV. If your policy has expired, you will not be able to claim the amount.
  2. A valid comprehensive car insurance policy will protect you against natural calamities like earthquakes, floods, etc. You can claim the policy if your car gets damaged due to natural calamities. Your insurer will reimburse you the IDV amount.
  3. If you ever get into an accident and your car is damaged, you will not have to worry about the expenses of repairing it since the insurance policy will cover it. You can file a claim with your insurance company immediately after an accident. Once your vehicle is assessed for the damages, the insurer will either reimburse the claim amount or will pay on your behalf at the cashless garage facility. Also, if you have Zero dep car insurance policy, the depreciation on the damaged parts will not be considered and you will save more money.
  4. Comprehensive car insurance policies also cover damages caused by riots and attacks. Such man-made disasters are also covered under a Comprehensive Insurance policy.

How can you renew your policy while maintaining social distance?

You can easily renew your car insurance or buy a new one online. It would only take a matter of minutes and you can do it within the comforts of your home. You can either use a mobile phone or a laptop to do this.

Login to your insurer’s website and provide them with your policy details. You will then be redirected to a renewal page where you will be given the option to choose your insurance policy.

After this, you can complete the payment online. The renewed document details will be sent to your e-mail id. Thus there will be zero-touch with anyone from outside. Protect your car and protect yourself during this pandemic by renewing your insurance policy online.

Why is it important to renew your policy on time?

It is important to renew your policy on time because of the following reasons:

  1. No Claim Bonus will lapse – NCB is the bonus in the premium you pay for all the years you haven’t filed a claim. The longer you go without claiming the higher the NCB is. But if you don’t renew your policy within the stipulated time, your NCB benefit will be lost. You will have to restart from zero bonus again.
  1. Safeguard against unexpected disasters- Without a valid insurance policy, you will not be able to claim your insurance amount in case your car is damaged in an accident or natural calamities or if it gets stolen.
  1. Save money in the long run – If you decide against renewing your policy now and decide on getting a policy once the lockdown is over, then you will have to pay a higher amount as the premium. A break in your policy tenure might prompt your insurers to bump up the premium.
  1. Submit vehicle for inspection – If there is a break in the policy, you will have to submit your vehicle for inspection before you can renew or buy a new policy. This will be all the more hassle during this pandemic. You will have to take your vehicle out to submit it for inspection and with a fewer number of staffs, the process could take longer than usual.
  1. Discounts and offers – Insurance companies have come up with attractive offers and discounts in the premium to lure in more customers during this pandemic period. This would be a great time to seize those offers and use them to your advantage.

Note: This article has been written by Ms. T. N. Arya.

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