Mumbai (Maharashtra) [India], August 26:With car ownership comes the responsibility of safeguarding your vehicle with a car insurance policy to avoid hefty fines and expensive repair and replacement costs.
A car insurance policy provides ample financial coverage to ensure your vehicle’s well-being without exhausting your savings.
But how to choose the best car insurance policy for your vehicle? Let us find out below.
Top Tips for Choosing Car Insurance
1. Assess your Requirements
With proper knowledge about your car and its functionality, selecting the right coverage under a policy is easier. You must evaluate the following -
- Your driving habits
- Car’s market value to assess and finalise Insured Declared Value (IDV)
- Location of residence and commute
- Usage of the car - Personal or Commercial
- Make and model of the car
2. Choose Policy Type and Tenure
After understanding your coverage needs and carefully selecting the policy type and tenure, you can choose the best car insurance policy for your vehicle.
Note that, per IRDAI guidelines, all new car purchases should be accompanied by long-term, 3-year third-party car insurance. You can supplement them with a standalone own-damage cover.
Post that, you can opt for a comprehensive car insurancepolicy. The following table explains the meaning of each of these policy types.
3. Compare Plans
Instead of choosing the first car insurance policy you find, you must spend some time comparing quotes, policy terms and inclusions of different plans to find the one that best aligns with your needs and budget.
Many insurers like Reliance General Insurance offer a convenient online premium calculator tool to compare car insurance plans with ease.
4. Check for Customisation Flexibility with Add-Ons
For different types of cars, the coverage required under a car insurance policy can differ. Most insurers offer ample customisation flexibility with a range of add-ons.
Thus, when choosing a car insurance policy, evaluate the add-ons available with respective plans and choose wisely for a beneficial policy.
5. Pick a Suitable Deductible
Based on your budget and coverage needs, you must select a favourable deductible amount for your car insurance policy.
Deductible refers to the out-of-pocket expenses you need to pay before the insurance money kicks in. Lower deductibles lead to higher premiums and vice versa, so choose wisely.
6. Review Insurer’s Reputation
In addition to the policy inclusions and terms, you must also evaluate the popularity and customer reviews of the chosen insurer.
This information will help make an informed decision regarding which insurance provider to buy from for a satisfactory customer experience.
7. Read Policy Carefully
Remember to read the fine print on your car insurance policy document, as it provides specific details regarding the policy inclusions, exclusions, terms, and conditions.
8. Check for Online Convenience
The next essential tip to ensure a great customer experience with your car insurance provider is to check for the availability of online processes for all policy-related requirements.
Evaluate the methods based on efficiency, time taken, and other criteria to ensure your policy requirements can be fulfilled at any time.
9. Explore Garage Network
An insurer's garage network is directly linked to the availability and convenience of cashless claims in times of need.
Thus, when choosing a car insurance policy and insurer, check the network of garages available to ensure a seamless claim experience during emergencies.
10. Assess Claim Process and Claim Settlement Ratio
An insurer’s claim settlement ratio and process are also crucial factors that require careful consideration before purchasing any car insurance policy. The higher the CSR, the better the chances of timely claim settlements.
Moreover, given that claims are raised during emergencies, the convenience of a claim settlement process is also important.
Reliable Car Insurance Plans by Reliance General Insurance
Reliance General Insurance offers third-party, standalone own-damage, and comprehensive car insurance plans. You can opt for short-term and long-term policies at your convenience.
Additionally, enjoy a 100% claims settlement ratio, 10,000+ network garages, 10+ unique add-on options, and much more. Buy car insurance starting at just Rs 238/month with Reliance General Insurance.
Conclusion
By understanding your requirements beforehand, you can pick a plan that offers the necessary coverage for complete vehicle protection without exhausting your savings.
Disclaimer: No Business Standard Journalist was involved in creation of this content