Car insurance is a mandatory requirement for all four-wheeler owners in India, be it a commercial vehicle or a private one. With the number of vehicles getting registered each day, it is indeed a necessity to protect it against accidents. Thus, car insurance is an investment that offers dual benefits—legal compliance as well as financial coverage. Compliance with the Motor Vehicles Act and protection against the losses due to accidents.
But selecting the right car insurance plan among the myriad options is like finding a needle from a haystack. In addition, the different jargons used in a policy document make it a daunting process. Hence, whether you are buying car insurance online or offline, these detailed steps will help you choose nothing but the best policy that checks all the right boxes.
The starting point in selecting a suitable insurance plan is to choose the right type of policy. Insurance companies offer two types of plans—third-party liability plans and comprehensive plans. Third-party plans, as the name suggests, offers coverage for third-party legal liabilities arising due to a collision or accident. It can be an injury to another person or damage to their property, both of which are covered by a third-party liability plan. Hence, it is also known as a liability-only policy. Buying third party car insurance online is the minimum requirement and thus cannot be avoided.
Contrary to third-party covers, there are comprehensive policies. These policies in addition to third-party coverage offer protection for the damages to your car too. It isn’t only another person’s vehicle to whom damages are caused during an accident. Hence, an own-damage cover in a comprehensive plan helps manage the expensive repairs for your car. * Standard T&C Apply
Once the type of policy is decided upon, you need to consider some factors about the insurance company. These include customer support, cashless garage network, claim settlement record and customer reviews.
Customer support is essential since a claim can be made at any time during the day. Thus, looking for an insurer that offer round-the-clock can be helpful. Further, insurance companies that accept claims online are helpful as you can quickly and easily raise the claim without having to undergo the hassles of tedious paperwork.
Next, cashless garage network is what you must consider when buying a car insurance plan. Cashless claims are possible in your car insurance policy only when the repairs are carried out at a network garage. These network garages are affiliates service stations with your insurer to whom the insurer settles the cost of repairs without you having to pay a dime. Hence, the broader the network, the better coverage it offers across the country.
Followed by that, the claim settlement ratio is another essential consideration. It is that ratio which states the number of claims settled in comparison to the total claim applications received. The higher this ratio, the better are the chances that the insurance company settles your claim.
Lastly, customer reviews are another point to remember to skim through. Positive review and testimonials by existing customers can help know the various nitty-gritties of the insurance company.
With these considerations kept in mind, choosing a policy that ensures adequate coverage will be beneficial. Also, remember to make use of a car insurance calculator to help balance the premium charged vis-à-vis the benefits offered by the insurance plan. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.