What Factors Should You Consider Before Purchasing Car Insurance Policy?
Updated On Oct 14, 2023
Here is a list of factors which you should consider while purchasing a car insurance policy.
A car insurance policy is a crucial insurance cover which car owner needs to think about while buying a car. A proper insurance plan helps the owner to claim coverages in events of loss. As per the guidelines of the Indian Motor Tariff, 2002, it is mandatory for every car owner to have at least a third party car insurance policy.
Proper research of various car insurance plans can help you to choose the right one with ease. As a part of your research, you can compare different car insurance policies according to your requirements. Following are some factors which you should consider while purchasing a car insurance policy.
Factors to Consider While Purchasing a Car Insurance Policy
Here are the key factors discussed in details which you should keep in mind while buying car insurance:
The brand reputation of an insurance company is a vital factor that you should consider while purchasing a car insurance policy. If you choose a car insurance company which enjoys a good reputation in the market then the probability of it delivering its promises in time would be high in comparison to the lesser-known companies. Thus, you should always try to choose a reputed insurer while buying a car insurance policy.
The utility of any car insurance policy depends on the coverages it provides to the car owner. You must always check and compare the coverages offered by different plans before purchasing a car insurance policy. Remember that the coverages can widely differ depending on the type of plan and across providers.
While a third party car insurance policy covers only third party liabilities - property damage, physical injury and death caused to a third party by an insured’s car, a comprehensive car insurance policy provides coverage for own damage suffered by the insured’s car in addition to third party liabilities.
There are certain discounts that you can avail to minimize the amount of your car insurance premium. For instance, you can enjoy a discount if your are an AAI member or by installing anti-theft devices in your car. Thus, at the time of buying an insurance policy, do check which all discounts you can avail. You can read more about car insurance discounts here.
The network garages of your insurance company deliver cashless car repair services (up to the sum assured subject to the plan’s coverage) for physical damage sustained by your car during the car insurance plan’s validity. Thus, at the time of buying a car insurance plan, you must check how wide and strong is the cashless garages network of an insurance company. You can get information about the network garages of different insurance companies on our platform. For instance, to know about the cashless garages iffco Tokio General Insurance, you can click here.
You must always consider the above factors while purchasing a car insurance plan so that you enjoy a hassle-free experience especially at the time of an car insurance claim settlement.
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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.