A Complete Guide to Buying Car Insurance Policy in India
Buying car insurance is compulsory in India. A motor insurance cover offers several benefits, which is why every vehicle owner needs a suitable policy at the earliest. As soon as you buy a vehicle in India, you must insure it. Thankfully, there are many good motor plans available in the country and they offer comprehensive coverage. However, you can't buy the first plan you come across - there are some important factors to consider when it comes to choosing the perfect policy. What are these factors and why are they crucial? Read on to get all the answers.
Do your research
There are many motor insurance companies in India and all of them offer comprehensive car insurance plans. However, every single plan may not be suited to your needs. To get the best plan, you need to base your research on the following points:
1. Scope of Coverage
First and foremost, you need to analyse the coverage you stand to receive. Is the coverage amount sufficient? Are all the covers you need available under the policy? Is the premium amount reasonable as compared to the benefits? Do your research and find out more about each of these topics. Once you find a plan that justifies all these points, consider getting it as you will then be assured of having a comprehensive and sufficient car insurance cover.
The deductible is the amount that the policyholder has to pay from his own pocket at the time of a claim. It is a pre-decided amount that you are obligated to pay. Make sure the deductible amount is justifiable and neither too high nor too low. The perfect car insurance plan will have the perfect deductible and that will work in your favour.
3. Available discounts
Most motor insurance companies offer discounts on their plans. These are offered in the form of a claim bonus. In special cases, they are also offered to members of an automobile association. You also stand to get a discount if you have a few safety gadgets in your car. Assess the discounts available and then select the best option.
4. After-sale service
Do adequate research to ascertain the after-sale service the insurer offers. Read online reviews or speak to the existing customers of the company to ensure the after-sale service is satisfactory.
5. Ease of access
One of the most important factors to research is the ease of access you get from the insurance provider. The car insurance company must have an online presence and you should be able to use the various online tools such as premium calculators, etc without any trouble. You should also be able to service and renew your plan whenever you need to do so, digitally.
Assess your requirements
The next, and perhaps the most important step in buying car insurance is to assess your own requirements. You cannot blindly opt for the car insurance coverage your neighbour purchased because everyone has different needs. You have to get a plan based on what type of vehicle you have. You have to customise the plan accordingly as well. Make sure the plan you choose matches your exact requirements as only then you will be able to cover your vehicle in the best possible manner.
It is vital to compare car insurance before you make a purchase. It is a very important thing to do as when you compare, you get to see all the available options. You can then analyse all the plans, their features, costs, etc. and understand which comprehensive car insurance policy is best suited for you. Comparing car insurance is very simple and can be done online in just a few minutes and that too free of charge. This is why you should never skip this step.
Read the policy wording carefully
Do not forget to read the policy wording very carefully before you sign on the dotted lines. There are many important clauses, terms and conditions that you must be fully aware of before you buy a car insurance plan. Go over the list of inclusions and exclusions very carefully and only buy the policy if you are convinced it has suitable clauses.
Check the company’s reputation
Many people make the mistake of buying a motor insurance policy solely based on the price. While it is understandable that you want an affordable cover, you should look beyond the price tag and get a policy that would actually serve you well in the long run. And to ensure this, you need to get associated with a good and reputed motor insurance provider. Choose an insurer that has a healthy claim settlement ratio, has excellent customer support and has won several awards over the years. These factors speak about the credibility of the insurer and point towards their positive work ethics.
Check the add-on features (riders, network garage, etc)
And finally, you need to check the additional benefits you get when you buy the specific car insurance plan. For example, the insurer must offer a maximum selection of riders to you. Apart from this, you must also get a comprehensive list of network garages where you can take your car to if it requires any repair. Choose the motor insurance plan that has the highest and most attractive list of additional features as that will ensure you have the best coverage. With a good plan in place, you can keep your vehicle secured and enjoy a lot of mental peace at all times.
Your car is one of your most prized possessions and so, you must take the best care of it. Keep the points mentioned above in mind and choose the perfect and most suitable comprehensive car insurance policy for your vehicle. Compare to find the best plan at the best rate. Buy online and make some handy savings. Once you get the plan, maintain it well and don't forget to renew it on time to ensure you have continuous and uninterrupted coverage at all times.
Disclaimer:The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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