In the digitally advanced world, you can easily buy car insurance online from the ease of your home. Car insurance plan is an essential tool to safeguard yourself from any kind of damage while driving. It also helps you gain financial security in case of any damage caused to your car. The number of road accidents has increased drastically owing to the rising traffic. Hence, having car insurance is essential as it helps you secure your finances.
Before choosing motor insurance, you need to understand different types of motor insurances:
- Comprehensive car insurance plan – This plan covers any damage caused to you or your vehicle, along with covering the cost of third-party damages. It covers for damage caused due to an accident or a natural calamity. It compensates for the expenditure sustained in repairing your car and provides financial cover in case of theft, fire, or riots.
- Third-party car insurance plan– It only covers third-party damages and does not provide any cover for an injury caused to you or in the event of an accident. However, this is a mandatory insurance cover as per the Motor Vehicles Act, 1988.
Steps to choose best car insurance in India
Now that we have understood the two types of motor insurance plans let us now discuss how to avail the best car insurance in India for yourself-
1. Compare different plans
Before you buy car insurance online, ensure that you thoroughly understand various car insurance plans and then compare different plans and insurers. It will help you gain a 360-degree view of all the plans and the premium amounts.
2. Use an insurance premium calculator
Going through the features and benefits of 4-wheeler insurance plans offered by various insurers is not enough. You must also use some tools that insurance companies provide on their website. For example, an insurance premium calculator might also reveal some useful insights regarding a car insurance policy. It will let you know the different premiums applicable on various insurance plans. By going through the premium calculators of different insurance companies, you can predict the best car insurance plans as per your needs and budget constraints. Ultimately, this will help you make a well-informed decision.
3. Avail information about the add-ons
Motor insurance plans come with many add-ons subject to the insurer’s terms and conditions. These add-ons can prove highly beneficial in the long run. Hence, compare the different add-ons offered by various insurers and explore what best suits your needs. Add-ons help you minimize your out-of-pocket expenses after an accident. However, using them without discretion is not a wise thing. Each add-on plan will also increase the policy premium. Therefore, you must only pick the essential ones as per your insurance requirements and the condition of your vehicle. For example, if you use your vehicle daily for long-distance commute, an engine protection add-on cover might help you save a lot of money. However, it might not help the individuals who rarely use their vehicles.
4. Check the claim settlement ratio
Before you buy car insurance online cover from any company, check the claim settlement ratio. The claim settlement ratio is the insurance settlement rate for every insurance company. A higher settlement ratio reflects on the reliability of the insurance provider to pay you back the compensation claimed. Hence, the higher the claim settlement ratio, the better the insurance company.
5. Read the terms and conditions
We often do not carefully read the terms and conditions and when it is time to claim the cover, we lose on the claim due to the several loopholes created by the insurer. Hence you must go through the terms and conditions and understand what your plan offers.
6. Know the claim process
One of the main purposes of taking out automobile insurance is to get immediate financial support in an accident. Therefore, choosing insurance that provides an easy and quick application process is of utmost importance. In an emergency, the last thing you need to do is a complex procedure to make up for the loss. Get a motor insurance plan that comes with a straightforward procedure to claim.
Apart from these five things, you can also compare the 4-wheeler insurance plans on the basis of the services provided by them. For instance, if two car insurance plans offer the same coverage and benefits, try to figure out which one has better customer service. For that, you can check the online reviews of the customers.
Roadside assistance & Cashless service in motor insurance
Roadside assistance during an emergency is another service which might bail you out from an emergency. Therefore, expect an insurance provider to provide you with such services especially if you are paying a higher premium.
Cashless service is another facility that most insurance providers are offering these days. While it is a useful facility, you should also check whether the service centers/garages at which this facility is provided is somewhere near your locality. If not, switch to an insurance plan that has a network garage nearby you. Analyzing such minute details of a motor insurance policy will definitely help you to get the best car insurance plan for your vehicle.
To choose the best car insurance plan in India, you must keep the above points in mind and choose the one that best suits your needs. You can explore the website of Bajaj Finserv and explore the best car insurance plans of top insurance companies in India.
