As the festive season approaches, many Indian families are finally deciding to purchase their dream vehicle. But are vehicle purchases during this season limited to the emotional value? No, right?
The festive season marks the time when automobile companies offer hefty discounts and launch new models, while insurance companies now even come in with exciting offers for comprehensive coverage. Sounds like a packaged deal, right?
Thus, purchasing vehicles during the festive season is a common trend in India. However, it is essential to be diligent with the purchase. It highlights the key factors to consider when buying a new car during the festive season and why insuring your new car is non-negotiable.
Purchase Your Dream Vehicle During the Festive Season: Here’s Why
The festive season is considered an ideal time to make a big-ticket purchase like a car or a bike. Here’s what makes this season a go-to choice for many:
1. Exciting Discounts and Schemes
A big push for shopping spirit during this season comes from automobile companies offering exciting discounts and schemes.
Important Tip: However, there should be no compromise on the comprehensive car insurance plan you need for your new vehicle.
2. Launch of New Vehicle Models
Many automobile companies launch both mass and luxury vehicle models during the festive season. By creating hype around the launch, sellers often lock deals with the buyer way in advance. There are several schemes offering return exchange value for old vehicles, making an upgrade to the latest model even more affordable.
3. Emotional Value During the Festive Season
The shopping spirit during the festive season also holds emotional value. Purchasing new vehicles during this auspicious season is considered an ideal time for any new ventures, as it links the purchase with cherished memories.
Festive Season Deals and Smart Choices
Rather than rushing to book the vehicle of your dreams during the festive season, it is important to act smart and think before making a purchase. Here are a few tips that you must bear in mind:
1. Know Your Needs
Know the kind of vehicle that suits the needs of you and your family members. Rather than purchasing a car that offers flashy discounts, focus on getting the vehicle that best serves your needs.
2. Know Your Budget
Understand your budget and make sure to stick as close to it as possible. Additionally, don’t just consider the showroom price of the vehicle; be diligent about the hidden costs. If you are financing your vehicle, make sure to compare loan prices and be mindful of the insurance prices.
3. Know Your Dealer
When purchasing a vehicle, you cannot compromise on the dealer's reputation, as it ensures good after-sales services and resale value.
Why insuring your vehicle is important
Buying the vehicle of your dreams is the first step; then comes insurance. Car insurance is not just a mandate, but a purchase that protects your vehicle in future. New cars come with a bundled car insurance plan, which includes 3-year third-party insurance coverage and 1 year of own-damage insurance coverage.
1. Compulsory for every car owner:
According to the Motor Vehicle Act 1988, every vehicle must have at least 3 years of third-party liability insurance coverage, which is required for new cars.
While third-party liability insurance is a mandate, opting for comprehensive coverage provides better protection for both own damage and third-party liability.
2. Financial Protection During Times of Need
Vehicle insurance is a safety net for vehicles. In case of theft, damage, fire, explosion, etc, the insurer steps in to offer coverage so you do not have to worry about the financial burden.
3. Add-Ons to Consider
Add-ons are additional benefits that you can add to your existing policy to enhance the coverage with a minimal additional premium. Some common add-ons include Zero Depreciation, Engine Protect, and No Claim Bonus Protect, among others.
Read “Add-on covers in car insurance” to know more.
4. Premium Under the Policy:
Going for flashy coverage is not the ideal way to pick a plan. Ensure that you choose a policy where the car insurance premium is justified by the coverage it offers.
Generali Central offers extensive coverage at an affordable premium that you should explore.
Wrapping Up
Purchasing a vehicle during the festive season enhances the excitement. To make the deal even better, make sure to pair your vehicle purchase with smart choices, such as evaluating your vehicle needs, sticking to a budget and insuring your vehicle with a comprehensive car insurance policy.
