Checklist for a First-timer while Buying Motor Insurance
Car insurance policies in India are mainly of two types; Third Party Liability cover and Comprehensive Cover. Third-Party cover is mandated by law and it safeguards the insured from the liability towards third party vehicles. Any damage to the vehicle of the insured, however, remains protected.
We understand that just like your car, you need the best car insurance for it. You must have put a lot of effort into the car purchase, and this is the last step of that process, which will secure your and your car’s future.
We have made a checklist for first-time car insurance buyers to keep you informed and save you time.
- Your Details – Every policy document requires all your precise details like address proof, valid driver’s license, and other related details. Once you pick the car insurance, the company will send you the hard copy of your policy document to your address.
- Car Insurance Policy – There are two types of car insurance policies available in the market: Third Party Insurance: The legal liabilities arising from third-party injury, damage, or death are covered under this type. Comprehensive Car Insurance: This type provides your car protection from artificial as well as natural circumstances along with third-party cover.
- Calculation of Premium: The amount you will pay during an initial period of insurance to secure your car. Another instrument that can be used is the online calculators to know the premium of your car insurance online. Do check in what’s available in the market to be able to make an informed decision.
- Additional Benefits – These are also called the “add-on features”. There are additional covers you can have by paying more premium. These are designed to protect your car from the scenarios that are excluded from your core car insurance. These common add-ons are chosen voluntarily, like no-claim-bonus, loss of baggage, and a few more.
- Deductible – It is a fixed part of the claim amount the buyer has to pay which needs to be declared at the time of buying the policy.
- .Network of Garages – Most hospitals fall under the network of insurers providing health insurance. All of the car insurance companies are listed with different garages under the network. Check-in on the market availability and make a list of garages that fall under the network of your insurer.
- Claim Settlement Ratio – Check online and compare the Claims Settlement Ratio (CSR) of various car insurance providers. CSR is the percentage of claims paid out by the insurer. Knowing the claims settlement ratio will help you decide which car insurance company is the most dependable in terms of settling your future car insurance claims.
The most obvious advantage of buying insurance online is that you save time and money. Further, you have a wider choice as you can find policies from a range of insurance providers from the comfort of your home. In addition to this, you can make a better and more informed decision, by doing complete research and then purchasing online.
Recommended Reading :
- How to Get a Better Motor Insurance Deal
- Importance of Comparing Car Insurance Quotes from Different Insurance Providers
- Car Insurance for New Drivers
- Different Types of Motor Insurance in India
In a nutshell, choosing appropriate motor insurance isn’t that difficult. In fact, with a little due diligence and research, it can help you get the best protection for our car within your budget.