As an individual who owns any property and assets, we are mostly aware about all kind of insurance covers and options available to us to insure ourselves against any kind of monetary losses. Insurance mostly to us, as customers, means either life cover or coverage for our vehicles among all other insurance products and choices available to us. Most of us are owners of a vehicle. In this context, this article on auto insurance quotes should hold relevance, value and interest for you.

We will discuss what are auto insurance quotes and their components and some to-do for you as a customer to get the best possible quote for your vehicle. So, first and foremost what are the components or basic elements in the quote that should be looked at:-

1) The make and model of your vehicle- the age of your vehicle is primarily the most important component to determine the Insured Declared Value or IDV for your vehicle. This is the value for which you shall be indemnified in case of a loss being reported on your vehicle. E.g. you own a Hyundai Getz GVS. The make would be Hyundai, model would be Getz and sub type would be GVS. To ensure accuracy in your IDV calculations make sure you also provide subtype since value differs with subtypes as well.

2) Age of your vehicle: The year of manufacture is another crucial factor to calculate the IDV. The older the vehicle, the higher the percentage of depreciation. IDV usually falls down with age of the vehicle.

3) Accessory cover: When you buy a car standard equipment is usually provided. If you add any accessories like alloy wheels, upgraded stereo etc you might want to cover them against any kind of loss. You would need to declare these separately in the policy under the accessories section.

4) PA cover: Personal accident cover means cover for yourself in case you are hurt during an accident involving the vehicle.

5) Passenger cover: In case you are travelling with co-passengers are they are hurt in eventuality of the vehicle being involved in an accident, this cover will indemnify for the losses or costs hence incurred.

6) Third party cover: the most important and usually the most disputed cover for loss provided under your auto-insurance policy. This cover safeguards you in case your vehicle causes loss to the life and property of a third party due to accident. Your insurance company will then indemnify the third part for its losses. This cover is usually mandatory by law. Even otherwise, it is usually a smarter choice to have this cover to ensure no heavy monetary obligations fall on your head in case of an accident.

7) NCB: It is important to know your No Claim Bonus in case you have had no accidents and have never claimed for a loss under your policy. This is your entitlement or benefit insurance companies provide for being a safer driver. This is shown as a discount in your premium calculations.

The above all most important elements in auto insurance quote calculations. Make sure you do your homework about each component and are able to get answers to all your queries next time you buy insurance cover for your vehicle. Smarter and informed choices save the day for you at time of loss.

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