7 Must-Knows Before Buying Car Insurance
Choosing a first car is difficult, as is purchasing a car insurance policy. People who are purchasing car insurance online or offline for the first time make several mistakes and end up paying more for car insurance premiums.
They also receive meagre compensation. Before purchasing car insurance in India, keep a few things in mind. A car is a prized possession that requires a wise insurance policy. There are also numerous options available.
Given the terrible traffic every day and the sheer number of vehicles on the road, it is critical to have a comprehensive motor insurance policy. It’s possible that having one is a manageable mistake. You never know when your car will require costly repairs; in these cases, having car insurance can be highly beneficial.
Third-party and comprehensive car insurance are the main types in India. Third-party car insurance covers the insured’s vehicle-related damages to others. Own-vehicle damage is not covered. The law requires all automobiles to have this insurance, so dealers give it to you when you buy the car.
Since this insurance policy is inadequate, you may have to pay hefty repair fees if your automobile is damaged. Comprehensive car insurance covers losses, accidents, natural disasters, and theft.
Loof for these seven things before purchasing car insurance:
- Claim settlement:
The company’s claim settlement ratio is the first factor to consider for any insurance. As a result, choosing a company with a proven track record of settling car insurance claims quickly is essential. *
- Customer service and assistance:
What is most important is the company’s response when making claims. Before deciding on a company, inquire about other people’s experiences with various companies. You must have access to support and contact information 24*7.
- No-cash option:
A car insurance company must provide a cashless option, just as your mediclaim does. This is useful in an emergency, so make sure your company offers it.
- Network parking garages:
Network garages must be close by. Before selecting a car insurance company in India, it is critical to review the list of network garages, their reputation, and feedback.
- Insurance and coverage timeliness:
When purchasing car insurance or when you renew car insurance, you must consider the speed with which coverage is provided, and the policy is issued. Consider how soon the coverage will begin and when the policy will be issued.
It no longer takes months for everything to come together. Because everything is now instant, the speed of insurance and coverage is essential when purchasing car insurance.
- Additional cover:
Insurers provide 24-hour roadside assistance, towing services, and other services, making it a one-stop shop for all your needs in an accident or emergency. You can use a car insurance calculator to see if these features increase your premium and skip them if you are on a tight budget.
- Insurance premiums:
You can get quotes from various companies after you’ve compared the necessary factors among multiple providers. Pay attention to the extent of the coverage, and then use an online car insurance calculator to compare the premiums of various companies. The insurance company expects you to pay deductibles before they reimburse you.
There are many car insurance online and offline companies, but you must know which is ideal for you. As a result, before purchasing car insurance, it is critical to read reviews and shared experiences and compare prices.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.