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How To Choose The Right Car Insurance Policy For Your Car?

Written by Udit Varshney
Updated On Oct 15, 20232 min read
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Choosing the right car insurance policy in India can be difficult due to the large number of insurance companies that offer it. The best car insurance is one that meets all of your needs while still being affordable.

Every penny you spend must be worthy and should pay off when the time comes. You should do your homework before deciding which car insurance policy to purchase and from which insurer. It requires thorough research in order to gain the best of all.

How To Choose The Right Car Insurance Policy For Your Car?

How To Choose The Right Car Insurance Policy For Your Car?

It is easy to find the right car insurance in India. The following is a guide to assist you in deciding:

  1. Comparison Is The Key: The insurance market is filled with options. Each option has its own set of characteristics. It becomes difficult to determine the effective decision. As a result, you must perform an online comparison of different plans. All you have to do is analyse your insurance needs and compare different plans online. Create a list of the features you need and compare different car insurance plans based on rates, coverage, and exclusions, among other factors.
  2. Consider Add-on: When purchasing car insurance, you can remember not only the basic features of the policy but also the additional riders, also known as add-ons. Understand all the additional riders available under the specific car insurance policy. This will help determine which features are not included in the basic policy. You should change your basic insurance to meet your insurance needs.
  3. Understand the Insurance Company: As previously mentioned, there are several insurance companies available when you enter the field of insurance. Though having options is helpful, they may also add to the confusion. Insurance is a trust-based relationship. A good deal of insurance companies have policies with equivalent premiums to their competitors.
  4. Customer Service: Examine the insurance company's reliability in terms of the number of years it has been in business, consumer reviews, industry popularity, availability of online services, customer support staff, and so on. We suggest going with a company that offers 24-hour support and an online complaint system. It's likely that your short-listed insurer has a reliable toll-free number.
  5. Claim Settlement Ratio (CSR): It is a common misconception that insurance companies seldom settle claims. Insurance companies exist to provide insurance benefits, but this isn't true. They settle or reject filed claims based on terms and conditions. However, it is recommended that you read the claim settlement process for the insurance policy you have chosen. Consider the insurance company's previous claim settlement history. This will provide you with a good image of the insurance company, allowing you to gather information. In basic words, the Claim Settlement Ratio refers to the amount of cases that an insurance firm has paid.
  6. No Claim Bonus: When it comes to purchasing car insurance, most people overlook this factor. When a policyholder does not make a claim during the policy year, the insurance firm provides him or her with a 'No Claim Bonus' at renewal time. It means that the policyholder can receive additional premium discounts.

Take Away

In a nutshell, these are several considerations that will assist you in making an educated decision when purchasing automobile insurance in India. Car insurance should not be seen as a financial burden, but as a basic requirement. When purchasing a car insurance policy, many people focus on the premiums, but it's more sensible to consider all the variables that might have a major impact in the future.

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.

 

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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Written by Udit Varshney
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 Udit has built B2C segments across various industries and has had significant contributions to the insurance sector. Udit in his last stint helped set out the last mile vertical, which soon became the go-to logistics name for daily needs, In his free time, Udit likes to write and listen to poetry.

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