What are some guidelines to look for while choosing the best car insurance plans

In India, there are plenty of cheap car insurance companies that offer different plans,  different features at different prices. Confused about which Car Insurance Policy to buy? Don’t worry here is your guide to help you pick the right comprehensive car insurance policy. The comprehensive Car Insurance policy provides coverage to your car from any monetary expenses such as theft, accident, natural disaster, damages through fire or some other liability.

First and Foremost thing; buy a car as per your need. Getting insurance for a high-end car will definitely be expensive compared to an average car.

  1. Check your needs

Before you start looking for the best car insurance policy; know which type of policy you want. There are 2 types of car insurance policies in India; Third-party insurance and Comprehensive Insurance Policy.

Third-party insurance is a mandatory requirement in India that covers the damages caused to the third party and it does not cover damages to your own car.

It is always recommended to buy a comprehensive car insurance policy as it covers the cost of damages caused to both third parties and your own car.

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  • Compare Car Insurance Online

Once you know which type of car insurance policy you need, compare car insurance online as it is a good practice that can help you to make the right decision.

You will be able to compare the plans offered by different company for eg:-sum insured, inclusions and exclusion of the items;  type of add-ons, claim process, deductibles etc which can help you to buy an affordable car insurance policy

  • Add-ons are must

If you have decided to buy a Comprehensive Car Insurance policy do not forget to ask about Add-ons or Riders which are additional coverage options that can be purchased by adding a little premium. For eg:-Zero Depreciation cover, Roadside Assistance, Engine Protection cover etc.

While checking for Add-ons don’t forget to check your needs. Try to buy that Add-ons which will be useful depending on routine life. For eg:- If you have frequent road trips having Roadside Assistance or Engine Protection cover will be useful.

  • Know Procedure of Claim

The main objective of buying a car insurance policy is to get immediate financial assistance; so make sure to know the process and time taken by each company during the claim process.

Nobody wants them to go through a complicated procedure or have to wait for months to get compensation for the losses during an accident.

  • Know Claim Settlement Ratio  (CSR)

This is a very important factor; You must check the Claim Settlement Ratio (CSR) of the company in order to know the number of claims that have been settled successfully against the number of claim applications received in a year. Always go for the insurer that has a high CSR which gives you an assurance of claim settlement.

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  • Do not provide misleading information

Many people provide misleading information in order to reduce their car premium cost which can turn out to be costly during claim settlement. 1 misleading information can lead to the cancellation of your claim resulting in total loss.

  • Read Terms and Conditions Carefully

Don’t be in a hurry to sign the policy; take enough time to understand terms and conditions so that you do not face last-minute hassles or disputes during the claim process.

We all know as per Motor Vehicles Act 1988 buying a car insurance policy is compulsory but don’t settle for any policy, do your research with above mentioned pointers and buy a comprehensive car insurance policy that meets your needs. Read more: 6 Questions to Ask That will Lead you to Perfect Health Insurance

Christophe Rude
Christophe Rude
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