Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Claim, renew, manage & moreLogin

Mistakes To Avoid While Buying A New India Car Insurance Plan

Wish

Written by Sumit Arora

Updated Oct 16, 2023

Before purchasing a vehicle insurance coverage, it is critical to conduct a sufficient background study and evaluate various policies. To get an optional return on investment, there are a few pitfalls to avoid, such as adding needless add-ons and not comparing policies.

To avoid legal and financial wranglings, it is necessary to obtain proper auto insurance coverage. However, just because the law requires it, it should not be purchased blindly. Before purchasing insurance, you should conduct some basic web research. Before relying on a plan, wise policy searchers would examine the provider's reliability as well as the policy's qualities. India is undergoing a digital revolution, fueled by the handy mix of low-cost cell phones and widespread internet access. This has had a good influence on a number of businesses, including the insurance industry. As a consequence, purchasing and renewing automobile insurance is now simple. The rise of digital-first insurers, as well as conventional insurers' willingness to adapt to the internet environment, has made the overall insurance process easier, particularly for those wishing to acquire or renew vehicle insurance online.

Mistakes To Avoid While Buying A New India Car Insurance Plan

Avoid These Mistakes When Purchasing Automobile Insurance

Some typical blunders made while purchasing vehicle insurance policies can be costly. Understanding frequent blunders can assist car owners in making prudent and well-informed selections. The following are some of these blunders:

  • Comparing Policies Isn't Enough

It is essential to evaluate insurance online and select the most cost-effective option. It is vital to use one's analytical thinking to the utmost degree feasible when studying the policy. Never pick a plan only on the basis of its inexpensive rates, since the coverage and benefits of the plan may be jeopardized. Comparing plans will always help you choose the best plan at the most affordable price.

  • Choosing Plans with Limited Coverage

Although it is required by law for automobile owners to carry at least third-party insurance, this does not mean that they must choose a policy with low coverage. These plans will only cover third-party damages, not their own and the vehicle. Damages caused by natural catastrophes or calamities are not covered by insurance. As a result, comprehensive vehicle insurance is frequently preferred since it offers additional protection.

  • Not Taking Deductibles into Account

Deductibles are out-of-pocket expenses that a policyholder agrees to cover when filing a claim. Deductibles are divided into two types: mandatory deductibles, which are included in the insurance policy, and optional deductibles, which policyholders choose to pay when filing a claim. When acquiring an insurance policy, voluntary deductibles allow for a lower rate. It is preferable not to choose voluntary deductibles since while they may result in a lower premium, they might be negative when filing a claim.

  • Getting Rid of Unwanted Add-Ons

Though insurance add-on covers will increase the value of the policy, some of them will merely increase the cost of the policy without truly reducing the risk. As a result, properly selecting add-ons is crucial in order to get the most out of them.

  • Not Disseminating Appropriate Data

When acquiring a policy, it is important to provide only relevant and accurate information to the vehicle insurance company. Because insurance is built on mutual trust, the policyholder must be open when sharing information. Claims rejection and unwelcome legal issues might occur from misleading and inadequate information.

  • Failure to Renew Insurance before the Expiration Date

Failure to renew the policy by the required date may result in the policy becoming expired and the auto insurance claim being rejected.

Take Away

It is critical to fully comprehend the terms and consequences of an insurance policy in order to maximize the coverage's advantages. The insurer's support staff can address any queries you have about the policy. Examining various possibilities before settling on one is the simplest way to discover the best insurance coverage.

Also Read: 

How To Lower Premium of Your Car Insurance?

Top Factors That Determine The Premium of Your Car Insurance Plan

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.

Wish

Written by Sumit Arora

Sumit is an insurance industry veteran with more than 20 years in the industry. Sumit is a frequenRead More

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.

Explore more before buying Car Insurance

    must dotmust graphics

    Why to buy from InsuranceDekho?

    • Instant policy # within 5 mins
    • More than 45 Lac happy customers
    • Claim Support available all 7 days of the week

    People Also Read

    FIND RTO OFFICES BY STATE IN INDIA

    FIND RTO OFFICES BY CITY IN INDIA