Cautions to be taken before Taking up an Online Car Insurance Finance by Terry Barker - May 24, 20180 You put so much thought into selecting the right car. You compare different cars, check their power, their style, and their features and come to a decision. But it is not just the make and model of the car that requires so much consideration. You should also put equal consideration into selecting your online car insurance. Insurance is meant to protect you from exigent circumstances. It can be your savior when you have an accident or in case of theft of your car. It is pertinent that you know the benefits of choosing the right insurance plan for yourself and the dangers of choosing a wrong one. Table of Contents Results of Choosing the Wrong Online Car Insurance1. High Deductible:2. Claim Not Paid:3. Paying More than Required Amount: Results of Choosing the Wrong Online Car Insurance When you pay the insurance premium and buy a policy, you expect that the insurance company will pay for any repairs to the vehicle or for any other damages. But this may not be the case if you choose the wrong online car insurance policy. 1. High Deductible: The premium you pay and the amount deductible are inversely related. So, the higher the deductible, the lower the premium. You may be tempted to increase the deductible so that you do not need to pay a high premium but this can lead to an even higher expense later on. When you need to claim the insurance, the insurance company will only pay the amount that is in excess after you pay the deductible. So if you set a high deductible, and suppose you have minor repairs from the accident that cost less than the deductible, then despite paying the premium you also end up paying for the repairs. So in the end, you have paid the premium, and you have paid for the repairs while the insurance company doesn’t pay a penny. 2. Claim Not Paid: While most reputable companies pay almost all of their claims, some have a history of trying to wiggle out of paying the claim. Do a thorough search of the company’s history and make sure that they pay their claims. Do not choose the wrong company just because the premium amount is less. 3. Paying More than Required Amount: There are many discounts that are available to different customers based on their profession, their age, their driving history etc. If you are not aware of these discounts, you end up paying more than what is required. Another way you end up paying more is if you do not choose the right add-ons. Sometimes the standard policies just do not cover your needs. But if you choose some add-ons, you get the online car insurance policy you want, a policy that offers you complete protection. Benefits of Choosing the Right Online Car Insurance Policy Every kind of insurance has certain advantages. But there are certain benefits in choosing the right online car insurance. With the right online car insurance plan, you are protected fully. So if you live in an area where the risk of theft is high or an area that is prone to flooding or any other similar situation, you can get almost the full amount of the car paid to you by the insurance company. If you have a valid car insurance policy you will not have to worry about the compensation for damages caused to third party’s property or person in an accident you were involved in will be covered by the insurance company. One of the main benefits or choosing the right policy is the peace of mind. If you have the wrong kind of car insurance plan, you will always be worried and be completely caught by surprise when a crisis takes place. When you are choosing an online car insurance policy, it is important that you are aware of all the features, benefits and exclusions of the policy. Coverfox.com offers the best platform to compare the car insurance policy of various top-notch general insurers on one platform where you can get access to all the required information of the different car insurance policies. Read the features of the policy, understand what it covers and then select one that fits your needs perfectly.