Here is Your Complete Guide For Choosing the Best Car Insurance Policy!
Updated On Oct 13, 2023
There are multiple factors which make a car insurance policy best for you. Let's decode that.
It is a common misbelief that a car insurance policy which is available at the cheapest premium is the best policy. Thus, car owners often get swayed by the low premium price of a policy and end up purchasing it without considering other factors. It is important to remember the cost of a policy is just one feature of your insurance out of many other features which make it a suitable policy for you.
In this article, we list all the factors which you must consider at the time of purchasing/renewing a car insurance policy which is best for you in all respects, including its cost.
Factors You Should Consider to Choose the Best Car Insurance Policy
- Policy Cost: The car insurance policy cost is nothing but the premium which you pay for it. The policy premium for the same car differs with different insurance companies. The lower the premium, the better is.
- Purchase/Renewal Process: Another factor which you must consider while choosing a car insurance policy is whether the insurance offers a hassle-free and instant policy purchase/renewal process or not.
- Availability of add-ons: Add-ons are optional covers which provide additional coverage to a standard car insurance policy. A policyholder should check if an insurance company offers the add-on covers required by him/her or not.
- Services Offered By Insurance Company: Some insurance companies offer a host of complementary services to the policyholders such as free roadside assistance in emergency situations, free towing facilities, 24*7 customer assistance etc while some others do not. Thus, considering this factor becomes important.
- Claim Settlement Process: Claim settlement refers to the process of disbursal of compensation by your insurance company for the financial losses incurred by you due to your car. Thus, you should check if the claim settlement process offered by the insurance company is easy and instant or not.
- Claim Settlement Ratio of Insurance Company: Claim settlement ratio of an insurance company tells the percentage of claims settled by it out of the total number of claims received by it in a financial year. The higher the claim settlement ratio, the better it is.
- Network of Cashless Garages: A cashless garage refers to a garage authorised by your insurance company at which you can get you claim settlement processed in a cashless manner. Thus, it is important to check how many garages does an insurance company have in its network to understand the strength of its presence. Wider the cashless garages network of an insurance company, the better it is.
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Disclaimer: This article is issued in 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.