When buying car insurance, one must not focus solely on the premium but also look beyond.
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The right car insurance policy ensures you get maximum coverage against any unforeseen events and expenses. As such, you must consider the following factors while choosing your ideal car insurance policy.
Assess your requirements: First and foremost, list down your requirements – the kind of coverage you require. Decide whether you need a comprehensive or a third-party car insurance. Understanding the difference between comprehensive and third-party car insurance is crucial to make an informed decision while buying car insurance.
Understand the coverages offered: A third-party car insurance only covers damages caused to other vehicles or property, while comprehensive car insurance covers damages to your own car as well as third-party liabilities. If you want better protection against damages to your own car, it is best to opt for comprehensive car insurance. You also get the option to avail add-on covers on your comprehensive car insurance.
Compare car insurance policies online: It is always a good idea to compare car insurance policies online. This allows you to compare different policies and insurers and choose the one that offers the most suitable coverage and fits your needs.
Look for comprehensive cover for better protection: As mentioned, comprehensive car insurance offers much better protection than having only third-party car insurance. This is because it covers a range of damages and risks, such as theft, accident, fire, and natural calamities against your insured car. Therefore, if you are buying car insurance it is better to go for comprehensive cover for maximum coverage.
Know your car’s insured declared value: The insured declared value (IDV) is the maximum amount that the insurer will pay you in case of total loss or theft of your car. Therefore, it is important to choose an IDV that reflects the true value of your car. Higher the IDV, higher the compensation provided in cases of total loss or theft of your car.
Look for add-on covers based on your needs: Add-ons are additional protection options that you can purchase to enhance your coverage. Some common add-ons include zero depreciation cover, engine protect cover, No Claim Bonus protection cover, consumables cover, and roadside assistance cover. Assess your needs and choose add-ons that suits your needs. These add-on covers may come at an additional premium, but it helps you get complete coverage for your car.
Check for deductibles: A deductible is the amount that you will need to pay during claim settlement. Choosing a higher deductible can lower your premium cost, but it also means that you have to pay out of your pocket in case of a claim.
Consider insurance company's claim settlement ratio & process: The claim settlement ratio indicates the percentage of claims that the company settled successfully. A higher ratio means that the company is more reliable in terms of settling claims. Also make sure to understand they have an the efficient claim settlement process, with minimal hassles and delays.
Check for network garages available: Insurance companies tie up with workshops or repair shops where you repair your insured car without making any payments from your pocket. Choosing a company with a wide network of garages can ensure that you have access to quality repairs in case of an accident.
By following the above tips, you can ensure that you have the best possible protection for your car, and peace of mind on the road. You can look for a range of car insurance policies on Bajaj Finance Insurance Mall and compare the policies. The platform offers a wide range of car insurance policies offered by leading car insurance companies in India. Also, you can buy car insurance policy online without any paperwork. Follow minibus rental dubai for rent service in dubai.
Disclaimer : T&C Apply. Bajaj Finance Limited ('BFL') is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale.
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