7 Must-Knows Before Buying Car Insurance
Posted: Aug 24, 2019
The selection of an individual's first car is difficult, so is buying a car insurance policy. Especially people who are buying car insurance for the first time, end up making several mistakes and pay more for car insurance premiums. They also get minimal services in return. You must keep a few things in mind before buying car insurance in India as a car is one's prized possession and needs a good insurance policy. There are quite a few options available as well.
Looking at the terrible traffic every day and all the number vehicles that on the road, it is very necessary to have comprehensive motor insurance policy. Not having one might be a big mistake. You never know when your car might face big expenses for repairs, during these times having car insurance can be of great help. Therefore, giving importance to it is necessary.
The two main types of motor vehicle insurance in India are Third Party and Comprehensive Cover. The main purpose of the third party car insurance is to cover the damages caused by the insured to someone or the property of someone by his or her vehicle. Damage to his or her own vehicle is not covered. This insurance has been made mandatory by the law, therefore all vehicles already have it or it is given to you by the dealers themselves while buying the car. If any damage is made to your own car, then you will have to pay huge bills of repairs, as this insurance policy is not sufficient. For times like these, you will need a Comprehensive Car Insurance, it will cover your vehicle for damages, accidents, various natural calamities, and thefts according to their policies. It also provides mandatory third-party insurance.
Below are 7 things to remember before buying Car Insurance:
1. Settlement of Claim
The claim settlement ratio of the company is the first factor to consider for any kind of insurance. Therefore, going for a company with a good track record of settling car insurance claims and settling them reasonably quicker is necessary.
2. Customer Service and Support
What matters the most is the company’s response while making claims. Ask around before deciding which company to opt, based on other people's experiences with various companies. A 24x7 support and contact point is required for you to reach out to them whenever you need them.
3. Cashless Option
A car insurance company must have the cashless option just like your mediclaim has the cashless hospitalization option. This helps during emergencies, as you do not have to worry when you have no cash, so make sure your company provides this.
4. Network Garages
Network Garages must be near to you. It is essential to check the list of network garages, their reputation, and feedback before you choose a car insurance company in India.
5. Speed of Insurance and Coverage
The speed of coverage and issuance of the policy must be taken into consideration while you buy car insurance. Look at how soon is the cover starting and when the policy will be issued. It no more takes months for the whole thing to finalize. Things have become instant now, and so the speed of insurance and coverage matters while buying car insurance.
6. Additional coverage needed or not
Insurers offer a 24x7-road assist, towing services, etc. it is a one-stop solution to all your needs in case you come across any accident or emergency. Through a car insurance premium calculator, you can see if these features are adding to the premium and skip if you are on a budget.
7. Premiums for Coverage
After you’ve compared all the necessary factors among various providers, you can get quotes from different companies. Pay attention to the extent to which the coverage goes and then compare the premiums of various companies using an online car insurance calculator. The insurance company expects you to pay deductibles, then they pay the balance to reimburse you.
Many companies provide insurance, but you won’t know which one is good or bad for you. And so, it is important to check out reviews and public experiences as well as compare car insurance before buying it.
A mother of 2 lovely kids. Digital Marketer by profession and a blogger by passion! Here to inspire and motivate people with my writing.