If you plan on getting a four-wheeler, your journey does not end with buying the perfect model. You must think about other aspects like its maintenance, fuel, engine servicing, etc. Besides these facets, getting it insured is a priority. There is no point in having the most luxurious car if you cannot drive it. Buying it results in this dilemma.
Hence, you must invest in a good Car Insurance Policy. When you purchase the automobile, dealers fulfil most of the formalities. This also includes providing an Insurance Policy. While this is convenient, refrain from getting the policy from them.
This is because Motor Insurance is more than a formality. It is a safety measure mandated by the government. Failing to research before purchase lands you an unfavourable deal. Hence, consider these tips to get the best Insurance:
Assess you needs
To find the apt Insurance Policy for your requirements, first assess them. Before comparing options, understand what you seek. Do you need your damage protection or liability coverage? The answer to this question helps you choose between Comprehensive Policy and Liability Only Plan. Besides this, you should also consider any additional requirements beyond the basic coverage.
Hone driving skills
This might seem out of context, but it is an essential step. It helps you save on the premium amount. Insurers charge you based on your profile, which involves your driving record. When you have strong driving skills and anti-theft devices installed, you get a favourable premium. This allows you to add riders to your coverage without worrying about adding to the cost. Hence, if you want to save, work on your driving despite the Motor Insurance.
Once you know your needs, you get clarity on what you seek. At this stage, visit insurer websites. Read about their terms and offers. Also, check the reviews and ratings to gauge their service quality. You need extensive research to understand the different offers when you buy online Car Insurance. It also helps you differentiate between insurers based on insured, coverage, add-ons, deductibles, etc.
You get two types of coverage under a Car Insurance Policy – Comprehensive and Third-Party. The former comes with extensive services, while the latter fulfils liabilities. Both offer ample protection against unwarranted damages, theft, accidents, riots, and vandalism. The general idea is to cover expenses from mishaps.
But if you want to extend it, you get riders. They include covers for Depreciation, Consumables, Gap Value, Roadside Assistance, Passenger Assistance, Key Loss, Engine Safe, etc. Check the same with different insurers to understand what fits your needs.
Study policy terms
Everything you need to know gets mentioned in the policy papers. If you do not have access to it, refer to the website. But ensure to do this step before buying the Car Policy. It gives you much-needed insight into the offering. The policy terms state the sum insured, claim settlement process, coverage, and the premium amount. They also state the exceptions under the plan. This differs for every policy provider and studying the same helps you choose wisely.
Learn about claim settlement
Any General Insurance Plan only comes in handy when it gets used. You do this when you claim the sum insured. But this process should be smooth to ensure a hassle-free experience. Hence, examine the settlement ratio of various insurers.