Complete Guide to Purchasing Car Insurance Policy in India

Owning a car is seen as a solution to beat the transportation woes in our daily routines. You should ensure that your car is secured for any untoward risks such as accidents, theft, arson etc.

One of the easiest methods to safeguard your car is to buy car insurance online.

What is car insurance?

Car insurance policies are insurance products that compensate you financially if something unfortunate happens to your vehicle. Under the insurance claim, you can receive funds if your car is stolen or destroyed/damaged due to different reasons like accidents, natural disasters, theft etc.

In the past, purchasing car insurance was a long-winding process. However, you can now buy car insurance online from the comfort of your home. Many insurers also allow their customers to renew car insurance online. But, you should be careful before buying a car insurance policy as it should match your specific requirements. You should consider the factors given below before choosing a plan.

Factors to consider before buying a four-wheeler insurance plan:

The most optimal car insurance policy for you would be the one that meets all of your insurance requirements at an affordable price. With the myriad of plans available out there, it can be a bit tough to make a choice.

  1. Compare the different plans available:

The insurance market has several options available. They all come with unique features and you might even be confused. This is why you should compare the different plans available online. Before you begin comparing, you must analyze your insurance requirements. This will help you compare the plans efficiently. You should first list down the requirements you want from your insurance plan. Then comparing the plans online becomes quite easy and time-saving.

Most insurance companies offer online help so customers can make the best choice. For instance, you can now buy TATA AIG car insurance online by visiting their official website.

  1. Add-ons:

Add-ons are additions to the basic insurance plan that provides enhanced coverage under the plan for an additional premium. The additional coverage is with respect to specific situations. There are multiple add-ons available and you must choose them carefully, as they all come at a price. Some of the most common add-ons preferred by customers are:

  • Zero depreciation cover
  • Tyre protection
  • Roadside assistance
  • Engine protection
  • Return to invoice cover
  1. Premiums:

The affordability of your insurance plan is one of the most important things you must consider. You must compare the coverage with the amount you will be paying as premiums for several insurance companies. It will help you choose an affordable insurance plan. A lot of car insurance companies in India also provide an insurance calculator to help their customers. Using the calculator will help you understand the factors affecting the premium amount.

While purchasing the most optimal plan for yourself, you must opt for the insurance company that will provide you with the coverage and support you need. To pick the most optimal insurance company, you can follow the steps given below.

Factors to consider while picking the right car insurance company:

There are several car insurance companies in the market. However, deciding one among the different insurers available in the market can be quite tough. Therefore, to pick the most suitable insurance company for yourself, you must keep the following factors listed below:

  1. Insured Declared Value:

IDV is the highest sum assured that your insurer would provide you if your car is stolen or damaged beyond repair. To ensure you can maximize your benefit from the insurance policy, you must opt for the insurance company that offers the ability to adjust the IDV value.

  1. Claim Settlement Ratio and claim process:

The claim settlement ratio is a ratio that indicates the probability of a claim being processed by the insurance company. A high claim settlement ratio means there is a good chance your insurance claims will be processed. Along with this, you must also look at the complexity of the claim settlement process. A less complex claim settlement process would be an ideal option.

  1. Network garages:

Network garages are the garages under the insurance company, and you can take your vehicle directly to a network garage to file a cashless claim. Network garages can be quite beneficial to get the car fixed smoothly.

  1. 24×7 support:

Customer support is a crucial point you should look into when it comes to selecting an insurance provider. 24×7 support can be quite beneficial during difficult times. They will help you settle your issues at your convenience.

Thus, if you’re a car owner in India, you must get a decent car insurance policy for your vehicle. With a stable car insurance plan for your vehicle, you will be at peace knowing that your vehicle is safe. However, before purchasing a plan, you must choose your insurance plan and your insurance company carefully. Following the steps mentioned will help you purchase a suitable insurance plan for yourself.

Frequently Asked Questions

  • Which car insurance policy is best in India?

There are multiple insurance companies and plans available in the country. If you wish to choose the most optimal plan for yourself, you must go online and compare the different plans available. Before you compare the different plans, you must also analyze your insurance requirements to purchase the most suitable plan.

  • What should I consider when buying car insurance?

Before purchasing the car insurance policy you must consider certain factors to purchase the most optimal plan. Some of the things you should consider are the premium amount, the IDV, the brand’s review and reputation, the insurer’s claim settlement ratio and the coverage offered.

  • How can I buy new car insurance in India?

To buy new car insurance in the country, you can go online and compare the different plans available. Before you begin sifting through the plan, you must first understand your insurance requirements. Learning about your insurance requirements will help you purchase a suitable plan.

  • Which insurance is best for a new car?

The best insurance for a car would depend on the car owner’s insurance requirements and suitability. To select the most optimal plan for yourself, you can go online, compare the different plans available and make an informed decision. You can also use a car insurance calculator to make the process easy.

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