Most people in India do not understand the importance of research when zeroing down on the best insurance policy for their car. They ideally finalize their selection based on the premium, which is an incorrect approach.
Given below is a guide to help you make an informed decision while searching for the best car insurance policy.
Compare the key features of car insurance policies
Take all the motor insurance policies that you have shortlisted and draw a comparison so that it becomes easier for you to analyze the coverage they provide. The insurance policy that you choose must include third-party liability, own damage cover, and personal accident cover.
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Third-party liability coverage
As the name suggests, insurance for claims that relate to a “third-party” is known as third-party insurance. This insurance compensates any damage, physical or otherwise, caused to a third-party by the policy-holder (first-party). To clarify, the person who owns the insurance policy is referred to as the first-party, while the insurance provider is referred to as the second-party.
Third party car insurance covers you against death or injury caused by your vehicle to pedestrians, occupants of other vehicles, outsiders other than passengers, as well as damage caused to their property.
However, third-party car insurance does not cover any damages or injuries sustained by the first-party. In this case, a personal accident cover as a part of third party car insurance will insure damages sustained by the first-party.
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Personal accident cover
Personal accident cover provides you with financial protection in the event of bodily harm from an accident. It also covers partial and permanent disability as well as accidental death.
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Zero depreciation cover
With the zero depreciation add-on, your car insurance policy waives off the depreciation on substituted car parts. This makes you eligible for a higher claim amount.
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24×7 roadside assistance
This is an add-on benefit the insurer provides you when you are stranded with your vehicle. This option allows you to call your insurer and have them send a mechanic from their network garages to your location.
Consider the reviews
Always ensure that you conduct in-depth research on each insurance provider, their car insurance policies and even ask your friends and family members regarding their experiences with motor insurers. Your near and dear ones might give you honest feedback and even provide you with better insight into their customer support as well as claim procedure work. This would greatly help you to make an informed choice.
Look above and beyond the motor insurance premium before finalizing the best car insurance policy for your automobile. Consider the points mentioned above before finalizing the insurance policy of your choice. The ideal insurance plan will let you drive your car without worries.
With the developments in technology, it has become easy to purchase third-party car insurance online directly from an insurer’s website. You can even calculate the premium with the help of a car insurance calculator.
Choosing the right car insurance plan helps prevent sudden financial loss in the case of an accident. Moreover, it also ensures the safety of your vehicle, passengers, as well as commuters/pedestrians and their property.