India Business

How To Select The Best Insurance For Your Car

Written By Business Desk | Mumbai | Published:

Selecting the appropriate car insurance for your vehicle can be a daunting task due to the wide array of options available in the market. One of the main questions that a car owner is bound to ask is, which car insurance is the best? The answer to this question is not straightforward and will demand some time and little effort from your side. To make things easier, the subsequent well-researched suggestions will help you in clearly determining the best possible plan for your car. 

1. Compare the Key Features of Various Policies


Comparing the different policies and considering their key points is absolutely essential before arriving at any conclusion. It’s important that the insurance policy you select provides maximum coverage and offers the benefits you require. Check for important clauses regarding damage cover, accidental-injury cover, and the benefits provided to co-travellers. Researching this bit skilfully will assist you in selecting the best car insurance policy. 

2. Crucial Clauses to Consider


There are many other additional aspects that demand careful consideration. It’s important that you educate yourself about the various clauses that may dictate your selection of add-ons. The essential points that need to be taken into account are as follows:
•    Engine Cover: This is aimed at shielding you from extra expenses that are incurred due to car engine damage. 
•    Roadside Assistance: If you end up stranded because of a punctured tyre or some kind of an engine failure that renders your car non-functional, roadside assistance will bail you out. If this clause is a part of your policy, then the insurance company has to dispatch a mechanic who will provide assistance by fixing all your car problems. 
•    Third-Party Liability Coverage: This will insure car owners against financial accountability that occurs due to damage caused to a third-party motorist or a third-party’s personal property. The cover should also include death, injury, and repair costs. 
•    Personal Accident Cover: Unfortunate events that result in physical injury, trauma, disability, and even death needs to be included in your plan. This will offer protection to the car owner and the listed beneficiaries during dire times. 
•    Zero Depreciation: This will protect you against the depreciating value of your car, by helping you receive a higher claim amount. Not having this coverage can result in car owners paying extra money from their pockets for repairs. 

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3. Check Customer Reviews


There are many informative reviews available online that could help you shortlist the best car insurance companies. Also, consider the recommendations and reviews provided by your peers and family members. This will provide you with major insights into the claim processes and formalities, and the overall value provided by competitor insurance brands. It's absolutely mandatory that car owners make an informed choice with regards to this.

4. Consider the Cost


This will demand extra efforts, but it will be certainly worth it. Once you have an idea of the features you require, you can spend some time online, looking for a way to compare the various premium plans available. There are many sites that’ll help you do this. Ensure that the website computes the premium on the fixed Insured Declared Value (IDV). It’s recommended to use at least 3 insurance comparison sites to help you find the best plan for your needs. 

5. Negotiate Skilfully


Always remember that you are the customer, and it’s your fundamental right to choose and demand the best services. Surprising benefits are just around the corner, and all you have to do is ask. If your past driving record is unblemished, then you can leverage this fact to your favour during negotiations. 

6. Ensure That Your Policy Includes a No Claim Bonus


There should be positive rewards for your responsible driving and there are no two ways about it. If you have not filed for any claim previously, then you should ideally get a discount in the form of a reduced premium. Choosing such an option will enable you to make the most of the benefits provided.

7. Verify Your Insurer’s CSR


Here, the acronym CSR stands for Claim Settlement Ratio. Checking your insurance provider’s CSR will help you understand how many claims they have settled in the past. Some policies have many hidden clauses specifically designed to prevent even genuine customers from getting their rightful amount. You should only proceed if the past track record of the organization is good. A low CSR is a strong indicator that the company may not pay what you are due when you file for a claim. 

The advent of the internet has led to the information age, where quality information is just a few clicks away. However, this also means a plethora of misinformation that is available online. One has to be able to clearly discern between reliable information and scams. Double check the veracity of the available information and ensure that the site domain is proper and doesn’t look suspicious. One has to be extremely careful before providing any sort of personal and banking information. Avoid falling for deals which appear too good to be true. That being said; the suggestions provided in this piece should assist you greatly in choosing the right scheme. Never hesitate to conduct further research if deemed necessary.

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