Diwali 2018 - Credit Cards Tips: If you are planning to buy a car this Diwali, then you have made a fabulous decision! You just have to ensure that you decide on an optimum Credit Cards policy that will act as a safety net to protect your dream set of wheels. In line with this, we have put together some tips that will help you narrow down on the best motor insurance policy for your needs: Compare insurance plans between providers - This is the crucial first step that, unfortunately, many car buyers fail to adhere to. It is important to educate yourself on the Credit Cards offerings in the market that you can benefit from. The best way to do this would be to compare insurance plans between providers. You can do this at neutral financial websites, absolutely free of extra charges. Moreover, you will also be able to weigh the policy coverage against the cost of insurance and settle on a good deal. The friendly car dealer may have offered you a great discounted Credit Cards plan. But you should understand that the best way to buy Credit Cards is not by settling for the first offer. A little window shopping may actually pave way to a plan that offers you better coverage at an optimal cost than that offered by the dealer. And it is also not mandatory to buy Credit Cards from the dealership. If you do some basic amount of research, you can zero in on an array of attractive motor insurance solutions from which you can pick the right fit for your vehicle. Transfer your No Claim Bonus - If you have owned a car before, you would be aware of the No Claim Bonus in Credit Cards. This is a reward the insurer offers you for being a diligent driver and refraining from raising claims. So, if you have cruised through a policy year without any claims, you will be eligible for an NCB that translates into a discount on renewal premium. You can even earn a discount of up to 50% on renewal premium through NCB, if you have driven carefully for 5 policy years. It should also be noted that the NCB can be transferred between vehicles owned by the same person. So, when you buy a new car, do not forget to transfer the NCB that you had accumulated on your previous policy. This can bring down the insurance cost for your new car by a significant amount. Insurance + Credit Score = Smart financial planning! Get FREE Fortune Gold Credit Card Compare compare-btn Milestone offer - Spend Rs. 1,50,000 in a year & get 4 PVR tickets Fuel surcharge waiver across all petrol pumps in India Best Price Credit Card Compare compare-btn Offers a unique benefit of a 14-day credit cycle that starts afresh after every transaction 2 Free Add-on Cards Score Carefully select the add-on coverage - The comprehensive/package Credit Cards policies offered by insurers do not offer exhaustive coverage. There are several exclusions in comprehensive Credit Cards that you should take special note of at the time of policy purchase. In case you think you need additional insurance cover, you can always opt for one of the carefully designed add-on covers offered by the same insurance company. Most insurers offer the following add-on covers that can be used to amplify the coverage of the comprehensive/package plan: Engine protect cover - If you live in an area that is prone to flooding, this is the add-on cover that will give you complete peace of mind. The package policy does not offer you coverage for damage to the car’s engine due to any incident apart from an accident that causes total loss. Therefore, this is a very useful rider that you can consider buying. Also, if the insurance is being purchased for a premium/high-end car, it is recommended that you buy this add-on cover. This is primarily due to the reason that the cost of engine repair for expensive cars is usually very high. This cover provides you immunity against these unprecedented expenses. Zero depreciation cover - This rider is also referred to as bumper-to-bumper insurance or nil depreciation cover. It is also one of the most popular add-on covers in Credit Cards in India. Cars are depreciating assets. Car parts also undergo depreciation based on a standard schedule followed across the industry. Consider that you have a car that is protected with a comprehensive Credit Cards plan. At the time of a claim, the insurer will not pay you the entire claim amount. There are components corresponding to deductibles and depreciation that you will have to pay from your own pocket. Although it is mandatory to pay the compulsory deductible, that is not the case with the depreciation component. If you had opted for a nil depreciation add-on cover at the time of policy purchase, you will not be required to bear the component corresponding to depreciation. In a nutshell, a zero depreciation cover alleviates the impact of the sudden expense associated with a claim. Return to invoice (RTI) cover - This add-on cover is very useful in the event of a total loss claim. Consider a scenario in which your car (that was insured with a comprehensive Credit Cards plan) is stolen. When you raise a claim, the insurer provides you the Insured Declared Value (IDV) of the car as sum insured. If your vehicle was equipped with the RTI add-on cover, you are liable to receive the on-road price of the car, i.e., its invoice value, which is much higher than its IDV. Go for a reliable insurance company - You should do a fair amount of research and decide on an insurance company that has a robust claim settlement ratio, quick turnaround time for claims, and great customer service. Reliability of an insurer is also a spin-off of its extent of operation in the country, reputation, and market presence. So this is something you should look out for as well. Check if you are eligible for discounts - Most insurance companies offer discounts to customers who have approved anti-theft devices installed in their vehicles. Members of automobile associations and car owners of specific professions also receive discounts from insurance companies. So, it is worth checking with the insurer if you are eligible to receive any such discounts. Additionally, some insurance providers offer loyalty discounts to customers who have multiple insurance policies with them. So, if you have purchased a health insurance policy from an insurance company, check whether you are eligible for any discounts when you purchase motor insurance from the same insurer. Apply and get 2 BookMyShow vouchers on your 1st Swipe* 10% Savings on Departmental & Grocery Store spends Get 6 free PVR tickets Or 1200 Reward Points on spends of Rs. 1,25,000 every 6 months Want a break from insurance? Check your Credit Score! Get it for FREE Cashless claim settlement - When you are looking to buy motor insurance, opt for an insurance provider that offers you the facility of cashless claim settlement at network garages across the country. It is useful to choose cashless settlement over reimbursement claims, as it eases the entire claim process and the repair work will be done in a reliable and transparent manner. Voluntary deductibles - A voluntary deductible is a part of the claim amount that the policyholder will have to pay before the insurer bears the rest. So, if you agree to opt for a greater voluntary deductible at the time of policy inception, you can save a significant amount on your annual premium. But do not opt for a very high voluntary deductible value, as you may otherwise struggle to pay the corresponding amount at the taxing time of a claim. After you have bought the policy, ensure that you read through the insurance documentation thoroughly to ensure that the coverage is in tune with your requirements. In case you find an anomaly, check with the insurance company and follow the necessary steps to ensure that your car is adequately covered. While few of us think that Diwali represents new beginnings, there are many who consider that it is a time to pay tribute to the goddess of wealth and light her way into our homes. Our guide to buying the most suitable motor insurance for your car during Diwali 2018 is a good resource that educates you on how you can save big this year. So this Diwali, while you revel in family feasts and firework displays, you can also give a pat on your back for bringing home the best car and the most optimum Credit Cards to protect it. May this Diwali light up your new dreams, new hopes, new avenues, and new perspectives? May it shower everything good in your life and fill each day with pleasant moments. Happy Diwali to you!. On this auspicious and sparkling festival of lights, may the glow of lamp illuminate your life and brings you joy, Prosperity and happiness. Happy Diwali!.With gleam of auspicious Diyas and the holy chants, may happiness and prosperity fill your life forever! Wishing You & Your Family very Happy and Prosperous Diwali!