Numerous car insurance plans are provided by insurance providers in India to meet the individual demands of customers but picking the best plan can be difficult. Insurance providers in India offer a variety of policies with varying features and a range of prices. Therefore, it's crucial that you conduct thorough research before selecting the insurance plan that will best meet your needs. Here are some pointers that ought to be helpful:
Consider your demands and the kind of policy you want before beginning your search for the finest auto insurance and the best insurance provider. Third-party insurance and comprehensive insurance are the two categories of auto insurance available in India.
The statute makes third-party insurance compulsory. Only third-party damages are covered. You are not compensated for vehicle damage under third-party insurance.
A comprehensive auto insurance plan, however, covers both third-party liability and vehicle damage. Therefore, a third-party liability plan is a good option if you're striving for a straightforward plan having a reasonable premium. However, it is always preferred to obtain comprehensive coverage if you own a luxury vehicle since it will help lower your financial obligations in case of an accident.
2. Examine the features
It is a suitable idea to compare the policies offered by different insurance providers after you have made up your mind about the type of auto insurance policy you require. Compare the policies' insured amounts, types of add-ons provided, inclusions and exclusions, deductibles, claim procedures, etc.
3. Inquire about the add-ons
You can get add-ons or riders, which are additional coverage alternatives, by paying more. The riders broaden the policy's coverage and also offer insurance against certain damages that aren't otherwise covered by your standard plan. Ensure to discuss this with the insurer, and you must pick the one that best meets your requirements. You know that only holders of comprehensive insurance policies are eligible to avail of add-ons.
4. Review the claim procedure
Availing of quick financial support in case of an accident is the primary goal of buying car insurance. Therefore, it is important that you choose an insurance that has a simple and speedy claim process. In an emergency, you do not want to go through a difficult process to recover your losses.
5. Know about the insurer's claim settlement ratio
Few auto insurance buyers know the significance of the claim settlement ratio (CSR). The claim settlement ratio must be looked at carefully before selecting an insurer. The CSR indicates how many claims the insurer has successfully resolved after comparing many claim applications they have received in a year. It is preferable to acquire an insurance from a provider with a high CSR because doing so increases the likelihood that your claim will be approved. *
6. Never give inaccurate information.
Many first-time vehicle insurance purchasers tend to give false information regarding their age and driving record in an effort to lower the cost. However, when it comes time to file a claim or during car insurance renewal online, such actions could prove to be an expensive oversight. Your insurance will be cancelled if the insurer decides that the information is false. Consequently, it is advised to be truthful and offer accurate information on the application form.
7. Know the terms and conditions of the policy
Last but not least, you must thoroughly examine the terms and conditions before you sign the car policy documents to ensure that they are advantageous and match your demands. This is a crucial step to do before submitting a claim in order to avoid any legal complications.
When purchasing a car insurance policy, many consumers of insurance focus on the premiums, but it makes more sense to take into account all the variables that could have a big impact in the future.
* 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.
