After owning a car, it is a fact that people wonder about what to look for when buying car insurance. Let us look at the detailed list that can assist someone in need.
- Prioritize the requirements: Not being an expert in risk assessment is not a big deal. However, one can still gauge risks. For example, one should reflect upon the following questions:
- Is the locality flood-prone?
- Are there any instances of car theft in the neighborhood lately?
- Is the regular travel route accident-free?
Switch on the introspection mode for a few minutes to get an idea of how to buy the proper car insurance coverage.
- Brand consideration: While buying a four-wheeler, one must think about the car’s brand. Similarly, it is also necessary to spend some time thinking about the insurer’s brand.
- Cover range: One can buy insurance to tick the mandatory insurance box or they can buy it with the intent to save money in case of mishaps and meet legal requirements. When someone buys a wide-ranging cover in the Comprehensive Plan, they adhere to the law and ensure insurance coverage for the inclusions mentioned in the policy.
- Cover add-ons: One should be practical while buying add-on covers. Covers can be small and can be with a Comprehensive Plan. Each add-on consists of its price, which can differ.
- Knowledge of the basic plan: The mandatory part of a car insurance policy is Third-party Car Insurance Cover. The insurance coverage covers the insurer if the car damages a third-party person or property.
- Terminology of the policy: Modern-day insurers simplify insurance. Responsive websites, friendly apps, helpful executives, policy seekers, and policyholders are intimidating when buying car insurance online.
- Facilities are cashless: In insurance, the word ‘cashless’ means someone does not have to pay money upfront for settling claims. The insurer makes the payment directly to the garage because they have a tie-up with the garage that is well known to enable Cashless Claim Settlement.
- Premium Relations of the vehicle: The IDV (Insured Declared Value) of an automobile, is roughly like the vehicle’s current value in the market. It is not the resale value. Digital insurers allow an individual to select the to-be-insured car’s IDV from a given range.
- Online comparisons: The golden rule of car shopping applies while insuring the car online. However, one needs to make sure that they are comparing right. That means they have to ensure that they are comparing policies that offer the same or similar coverage.
- Claim Settlement Reviews: The Insurance Regulatory and Development Authority of India is renowned for publishing the Claim Settlement Ratio of insurance companies on its website periodically. The ratio determines the number of claims raised and the number settled. It is a guideline that gauges the ability of the insurer to settle claims.
- Devices promoting anti-theft: Anti-theft devices such as alarms, locks, trackers, and others add a layer of protection to the car and can be helpful on two fronts.
- To reduce the chances of car theft.
- To reduce the insurance premium.
Installing an anti-theft device in a vehicle reduces the risk of theft.
- Insurance offered by the dealer: Most insurance companies have a good relationship with car dealers. A word with the car dealer is necessary for the extent of coverage offered by the policy.
- Policy portability: People usually associate portability with mobile network providers. Portability means seamlessly switching between network providers. There will be an option for the customer to switch to a different insurer if they do not like the services or find a better plan.
Conclusion
There are several methods of getting comprehensive car insurance for one’s four-wheeler. So, make sure to check the above points before applying for it.
