BUSINESS

How to Choose the Right Car Insurance Policy in India?

Buying and maintaining a car is a huge responsibility. You need to protect your vehicle from being damaged. Suppose your vehicle is damaged in an accident. Will you be able to repair it or get a new one? Such situations can drain you of your money, and thus, car insurance might help you overcome such difficulties. Car insurance provides you with financial coverage when your car is damaged. There are several kinds of insurance policies that you can select for your vehicle. However, selecting the most beneficial policy might be a complicated task for many. Here are some of the ways to choose the best car insurance policy

Know your needs

Before choosing an insurance policy for your car, it is crucial to know what insurance you need. There are two kinds of insurance policies available in India- third-party insurance and comprehensive insurance. Third-party insurance provides financial coverage only for third parties. Thus, such an insurance policy does not cover any damage to your car. 

A comprehensive insurance policy covers both third-party and self-owned car damage. Though comprehensive insurance policies have higher premiums, it is a safer option because it covers all your car damage. However, you might opt for a third-party insurance policy if you want your insurance to cover only third-party damages. 

Compare insurance policies

There are several insurance policies available for your car. Every insurance company has different insurance options that cover various damages and have several pros and cons. You must compare insurance policy with each other to select the best one. It would be best if you compared the prices of each insurance policy before making a choice. Remember, insurance that has a lesser premium is not necessarily the better one. Thus, your aim should not lower your cost but get the maximum utility at the best price. 

You must compare various insurance brokers online and assess your utility from their insurance policies. Does the insurance policy cover all your needs, and is the premium within your budget? Go ahead with your choice then. 

Read the terms and conditions.

You must read the terms and conditions of each insurance policy before you select one amongst many. Remember, some insurance policies might have hidden costs that include taxes and other similar expenses. These costs might increase the overall premium you pay. The only way to avoid such costs or account for them is by reading about the insurance policy well. Every clause is mentioned in the policy of the insurance brokers, and you can know about them if you go through these policies well. The terms and conditions also consist of several criteria you need to fulfill and the documents you need to submit to apply for the insurance. 

Explore the add-ons

Insurance buyers can opt for several add-ons with their insurance policy. These are generally not included in the policy, and the buyer needs to pay an additional charge to include them. Though this raises your total expenditure, it is always better to have add-ons included in your policy. It would be best if you went through the add-ons available with each insurance policy. You must select the add-ons that you think are required for the protection of your car. Remember to choose add-ons that help you to widen the scope of the policy and have maximum benefits. 

Research before you commit

Researching car insurance is extremely crucial. It is all the more critical if you are buying car insurance for the first time. Researching helps you understand the different kinds of insurance, the type of damage they cover, and other factors. Researching also allows you to avoid the common mistakes people tend to make while purchasing insurance. Thus, do not forget to read about car insurance in general and know about them before selecting one for your car. Reading about car insurance and comparing the benefits of different insurance policies can prevent you from being cheated by insurance brokers. 

Know about the claim process

Once you finish selecting the right insurance for your car, it is also crucial to know about the claim process. Suppose your vehicle has met with an accident and you need insurance for repairing it. How can you claim the insurance? Different insurance companies have other claiming processes, and you should be aware of it, or you might end up wasting a lot of time fetching for the claim process. Some companies have a highly complex claim process and require you to complete various formalities before getting the insurance amount. It is better to choose insurance with an easy claim process to avail it in times of need. 


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