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Parameters To Consider While Purchasing Car Insurance In India

Published On Jun 22, 2021, Updated On Jul 22, 2021

This article will provide you with the top 6 key points that you should consider while purchasing your car insurance in India.

Your car is your most cherished possession. Taking care of it can be very expensive and burdening. Therefore, investing in car insurance is the best way to save yourself from these unwanted expenses. Before buying a car insurance policy, it is important to compare the various facilities and policies of different insurance companies. Doing so will help you save money and avoid paying for unforeseen expenses. However, you should always have multiple parameters while comparing different insurance plans.

Parameters To Consider While Purchasing Car Insurance In India

Top 6 Factors To Consider While Purchasing Car Insurance 

In India, there are two types of standard insurance policies available- Third Party Liability and Comprehensive Insurance policy. However, the facilities offered to each customer is different based on the model, age and variant of the car. You should ensure that you buy the insurance policy that best suits your needs and provides optimal coverage at an affordable premium. The following are the points that you should consider while purchasing car insurance in India - 

  • Reliability of The Insurance Provider 

When you are purchasing car insurance, your primary step should be to verify the legitimacy of the insurance company. You can check for the license and registration of the insurance company on their official website. Purchasing from licensed and registered insurance companies will mean that they are genuine. This will save you from fraudulent organizations. Make sure to purchase your car insurance from companies that have a good reputation. This indicates that the company is reliable in times of need. 

  • Optimal Coverage 

There are many scenarios that can cause damage to your car. It could be accidental or non accidental. Not every misfortunate event is covered by a standard insurance policy. Thus, you must make sure to purchase your car insurance from a company that offers the required coverage. Make sure to list out the facilities that the policy offers and check them with the situations that are more likely to happen. 

  • Additional Covers

Additional covers are nothing but facilities that are offered by insurance companies that are not covered in the standard insurance policies. These covers help the policyholder to get extra coverage for their car insurance plan. Different companies offer different add ons. Some are restricted to the age and the model of the car. Adding these covers will help you to customize your car insurance policy as per your requirement. However, it adds to the overall cost of your car insurance premium. Thus, make sure to pick the add ons that you think are the most necessary. 

  • Affordable Premium

The cost of your car insurance premium differs from plan to plan. This is mainly because different insurance plans provide different facilities. Some car insurance policies could be very affordable, but they would have minimal facilities. This could leave you undercovered. Some policies may have every facility that you need but with an expensive premium. Thus, you must always compare different insurance policies and purchase the one that provides optimal coverage at an affordable premium. 

  • Cashless Facility 

This is one of the best facilities offered by most insurance companies. Repairing your car in the company’s network garages in case of an accident is very beneficial as you will not have to pay the repair bills. The repair bills of your car will be sent directly to the insurance provider. The payment will be done without your involvement. However, you will be required to pay the mandatory deductible. So, make sure to pick an insurance company that has a good number of network garages. 

  • Claim Settlement Process

Accidents can be traumatic events. Arranging finance at such a traumatic time can be very stressful. The insurance company that you purchase your car insurance from should have a seamless claim settlement process. This will relieve you from the stress of arranging money. The company should also have a convenient way of filing a claim settlement online. 

Take Away

Purchasing car insurance is mandatory according to the Indian Motor Vehicle Act. Different insurance companies offer different insurance plans with different features. Thus, make sure to compare different policies and purchase the one that suits you best.

Also Read: 

Benefits of Car Insurance Premium Calculator

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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