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First Time Car Insurance Buyer’s Guide

Published On Jul 13, 2021 10:00 AM By InsuranceDekho

If you happen to be investing in car insurance for the first time, read this article to find out the top points that you should consider to purchase the most optimal plan for your car.

Your car is your best belonging. It can be very costly and burdensome to take care of. Investing in car insurance is therefore the best way to avoid these unsolicited costs. It is important to compare the different facilities and policies of various insurance companies before you purchase a car insurance policy. This helps you save money and prevent unforeseen costs from being paid. However, while comparing different insurance plans, you should always have several parameters. In this article, you can read about the various parameters that you should consider while buying a car insurance policy. 

First Time Car Insurance Buyer’s Guide

Factors To Consider While Selecting Car Insurance 

Two types of standard policies are available in India: Third Party Liability and Comprehensive Insurance Policy. However, each customer has different facilities depending on the model, age and variant of the vehicle. You should ensure you are purchasing the insurance policy that meets your needs and provides an affordable premium for optimal coverage. The following are the points you should take into account when buying car insurance in India -

  • Insurance Provider's Reliability

You should first check the legitimacy of insurance companies when buying car insurance. On their official websites, you can check the licence and registration of the insurance company. By buying from licenced and registered insurance companies, they will be genuine. This will save you from organised fraud. Make sure you buy your car insurance from well-known companies. This simply shows that in times of need the company is reliable.

  • Extensive Coverage

You can cause your car damage in several scenarios. It can be unavoidable or accidental. Not all misfortunes are covered under a standard insurance policy. So you have to make sure that the company that provides the necessary cover purchases your car insurance. Make sure to list down the facilities offered by the policy are and check for more likely situations.

  • Add-On Covers For Car Insurance

Additional covers are nothing but facilities offered by insurance companies not covered in the insurance policy. This coverage help the customer to receive additional coverage of his car insurance plan. Various companies offer various add ons. Some of them are limited to their age and car model. The addition of these covers helps you to adapt your car insurance policy to your needs. But it adds to your insurance premium's overall cost. Make sure you choose the add-ons you feel are most needed.

  • Reasonable Premium

Your premium for car insurance varies from plan to plan. This is mainly because there are different insurance plans. Some car insurance policies can be very cost-effective, but they have very few facilities. Some policies may have all the facilities you need but are costly. You must therefore always compare and buy the one that provides optimum coverage at an affordable premium.

  • Cashless Facility With Network Garages For Car Insurance

This is one of the smartest facilities offered by insurance companies. In the event of an accident, it is very beneficial to repair your car in the company's garages because you won't pay repair charges. Your car repair charges are forwarded to the insurance provider directly. The payment is made without your active involvement. However, the compulsory deductible must be paid. Therefore, take care that you choose an insurance company with many network garages.

  • Claims Resolution And Settlement Process

Accidents can be traumatizing events. It can be stressful to arrange funding in such a troubling time. You should have a seamless claim settlement process for the insurance company you purchase your car insurance from. This relieves you from the strain of making monetary arrangements. The company should also be able to issue a claim settlement online conveniently.

Take Away

The Indian Motor Vehicle Act makes the purchase of car insurance compulsory. Various insurance companies offer different types of insurance plans. Make sure that you compare various policies and buy the one that best suits you.

Also Read: 

Parameters To Consider While Purchasing Car Insurance In India

What Happens To Acko Car Insurance When The Policyholder Dies?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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