Know your needs
Before you start looking for the
Third-party insurance is a mandatory requirement by law. It covers only damages to the third-party. Under third-party insurance, you do not get compensation for the damages to your car.
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comprehensive car insurance policy, on the other hand, covers both third-party liability and damage to your car.
So, if you are looking for a basic plan with an affordable premium, a third-party liability plan would be an ideal choice. But, if you drive a luxury car, it is better to purchase a comprehensive cover, as it will help reduce financial liabilities in the event of an accident.
Compare the plans
Once you are sure about the type of car insurance policy you need, it is a good practice to compare the plans from different insurance companies before making the purchase decision. You must compare the plans in terms of the sum insured, inclusions and exclusion of the policy, type of add-ons offered, claim process, deductibles, etc. Choose a plan that is cost-effective for the premium you pay.
Ask about the add-ons
Add-ons or Riders are additional coverage options that you can purchase by paying an additional premium. The riders widen the scope of the policy and provide coverage against specific damages that are not included in your usual plan. You must ask the insurer about the add-ons offered and choose the one that best suits your needs. However, you must know that add-ons are available only to comprehensive insurance policyholders.
Check the claim process
One of the primary objectives of purchasing a car insurance policy is to get immediate financial assistance in the event of an accident. So, it is paramount that you choose an insurance that has an easy and quick claim process. The last thing you would want during an emergency is going through a complicated procedure to get compensation for the losses.
Know about the claim settlement ratio of the insurer
Not many car insurance buyers understand the importance of claim settlement ratio (CSR). You must check the claim settlement ratio before finalising the insurer. The CSR indicates the number of claims the insurer has successfully settled against the number of claim applications they received in one year. It is better to purchase a policy from a company that has high CSR, as it would mean that you have better chances of getting your claim approved.
Never provide any wrong information
A lot of first-time car insurance buyers tend to provide incorrect information about their age and driving history to reduce the premium amount. But such practices can prove to be a costly mistake at the time of filing a claim. If the insurer finds the information is misleading, your insurance will be cancelled. So, it advisable to be honest and provide accurate details in the application form.
Be aware of the policy terms and conditions
Last but not the least, before you sign the policy documents, you must take your time to read the terms and conditions carefully and check if the terms are favourable and meet your needs. This is a critical step to avoid any legal hassles at the time filing a claim.
Final word
Buying a car insurance policy is not as hard as it may seem. Following the tips mentioned above can immensely help you choose the right plan.
insurance companies in India offer a overplus of car indemnity plans that cater to the specific needs of the buyers, but choosing the right policy can be challenging. In India, indemnity companies offer different plans with different features, and these plans come at diverse price points. indeed, it is important that you do your research well before picking the right insurance policy to best courtship your needs. here are a few tips that should help you : Before you start looking for the best car insurance and the best indemnity company, assess your needs and know the character of policy you want. In India, there are two types of cable car indemnity policies – Third-party Insurance and Comprehensive Insurance.Third-party policy is a mandatary prerequisite by law. It covers merely damages to the third-party. Under third-party indemnity, you do not get recompense for the damages to your car.A comprehensive car insurance policy, on the other hand, covers both third-party liability and damage to your car.So, if you are looking for a basic plan with an low-cost premium, a third-party liability plan would be an ideal choice. But, if you drive a luxury car, it is better to purchase a comprehensive cover, as it will help reduce fiscal liabilities in the event of an accident.Once you are sure about the type of car policy policy you need, it is a good practice to compare the plans from different policy companies before making the buy decision. You must compare the plans in terms of the sum insured, inclusions and exclusion of the policy, type of add-ons offered, claim process, deductibles, etc. Choose a plan that is cost-efficient for the premium you pay.Add-ons or Riders are extra coverage options that you can purchase by paying an extra agio. The riders widen the setting of the policy and provide coverage against specific damages that are not included in your usual plan. You must ask the insurance company about the add-ons offered and choose the one that best suits your needs. however, you must know that add-ons are available entirely to comprehensive policy policyholders.One of the chief objectives of purchasing a car policy policy is to get immediate fiscal aid in the event of an accident. thus, it is overriding that you choose an insurance that has an easy and flying claim process. The last thing you would want during an emergency is going through a complicated operation to get compensation for the losses.Not many car policy buyers understand the importance of claim settlement proportion ( CSR ). You must check the claim liquidation proportion before finalising the insurance company. The CSR indicates the total of claims the insurance company has successfully settled against the numeral of claim applications they received in one year. It is better to purchase a policy from a company that has high CSR, as it would mean that you have better chances of getting your call approved.A fortune of first-time car insurance buyers tend to provide faulty data about their old age and driving history to reduce the premium amount. But such practices can prove to be a costly mistake at the time of filing a claim. If the insurance company finds the information is misleading, your insurance will be cancelled. sol, it advisable to be honest and provide accurate details in the lotion form.Last but not the least, before you sign the policy documents, you must take your time to read the terms and conditions carefully and check if the terms are favorable and meet your needs. This is a critical step to avoid any legal hassles at the time filing a claim.Buying a car policy policy is not arsenic intemperate as it may seem. Following the tips mentioned above can vastly help you choose the correct plan.