Are you planning to buy a new car? You’ve spent years being escorted by your older brother, relatives, father, and friends while waiting for rides, but today you’re going to settle on your own set of brand-new wheels! But are you ready? Have you chosen your car insurance? While you received a ton of advice on choosing your new car, nobody has much to say about car insurance.
In India, customers can choose from various car insurance plansfrom different insurance companies but finding an ideal plan can take time and work. You’ll be amazed by how many policies there are. The car insurance prices and features vary too. Before choosing the ideal insurance plan for your needs, it would be helpful to do some research. You can also use a car insurance calculator. Here is a list of necessities that may help you identify the right car insurance policy for your needs –
1. Find your pick –
- As per law, third-party insurance is a must. This policy type covers only third-party damages.
- On the other hand, a comprehensive car insurancepolicy covers third-party liability and vehicle damage.
- A third-party policy could be the ideal option if you’re looking for a straightforward approach with a reasonable premium. But if you drive a luxury car, it’s better to get full coverage because it can help lower your financial obligations in case of a casualty. *
2. Compare the policies –
- Before making a purchase, it is wise to compare the policies offered by various insurance companies. Compare the insured amount, inclusions and exclusions, types of add-ons, claim procedures, deductibles, etc. Look at the car insurance prices Pick an economic plan, given the premium you are paying.
3. Research about the insurer’s claim settlement ratio –
- The claim settlement ratio (CSR) compares the number of claims the insurance company successfully settled to the number of requests it gets in a year. Higher CSR equals a higher rate of claim approval.
4. Understand the terms & conditions –
- You must thoroughly examine the terms & conditions before you sign the policy documents to ensure they are beneficial and match your demands. That’s a crucial step before submitting a claim to avoid legal complications.
5. Customer Service –
Research and try to understand:
- The company’s history & reputation
- Online and offline client reviews
- Understand the customer support staff and how they operate
- Online policy availability
- Claim settlement statistics
6. Calculate your premium –
- Using an online car insurance calculator, you can figure out plans with lower premiums that still meet your needs.
Further advice, here are some more cost-saving suggestions –
- If you don’t make any claims, you can earn a No Claim Bonus (NCB), which lowers your premium when you renew your policy.
- You should check the policy’s cost-to-feature ratio before buying. It can help you determine the policy’s value more accurately.
You can, visit the official website of IRDAI for further details.
Along with the things listed above, it’s essential to carefully read your car insurance policy’s paperwork. This step can make it easier for you to understand the plan’s exclusions and the insurance coverage it offers.
The benefit of being able to select your car insurance plan is that you are aware of the type of driver or person you are, a cautious driver, a night owl who frequently stays out late, etc. You can be mindful of the appropriate add-ons as per your needs!
Insurance is the subject matter of solicitation.