Buying car insurance can be tricky, especially when it’s paired with car purchases. Majority of owners end up buying insurance plans without cross-checking or comparing them on aggregator websites. In addition to that, a low premium cost is quite an influential determinant when it comes to selecting the most desired car insurance plan.
However, many insurance plans come paired with multiple loopholes which often include insufficient protective covers in case of mishaps. Customer must understand that there are many parameters apart from the premium costs which determine the effectiveness of an insurance scheme. Moreover, every aspect should be defined well-in-advance, before pitching car insurance plans to the consumers.
How important is Car Insurance?
Put simply, purchasing an insurance plan is as important as buying the vehicle itself. Therefore, it is important to have a proper understanding of the plans before zeroing in on the perfect product. With new vehicles being launched on a daily basis, it is only appropriate that comprehensive car insurance plans are emphasized upon for covering every possible aspect, starting from repair expenses to other impending factors.
Learning more about the Insurance Types
Primarily, every comprehensive car insurance plan automatically includes a Third-Party cover. This insurance scheme is quite generalized where the company pays for the damages incurred by the concerned vehicle on someone else’s property. Made mandatory by the law, this insurance scheme is mostly sold through the dealers while purchasing the vehicle.
Apart from that, certain insurers also provide comprehensive insurance covers for meeting user-specific claim requirements, starting from accidental damages, occasional repairs, thefts, and natural calamities. Although the third-party cover is automatically paired with the vehicle costs, comprehensive car insurance covers come at a price, and it is important to take note of these 8 important factors before choosing the perfect insurance provider:
1. Ease of Claim Settlement
Customer must look for companies that have a decent claim settlement ratio enhancing their credibility. It is always desirable to opt for insurance providers that actually settle claims instead of rejecting them on baseless grounds or delaying remittance.
2. Intuitive and Supportive Customer Service
Buying the policy isn’t sufficient if the post-purchase services are not supportive enough. A functional insurance provider should offer interactive customer support that can efficiently answer varied user questions while increasingly focusing on their feedback. It is also important to look for 24×7-support in order to reach out whenever required.
3. Premium Costs and Deductibles
Insurance premium and deductibles are inversely related with one minimizing the existence of the other. For example, if a person goes for an affordable premium plan, he or she should be ready to pay a higher deductible while making a claim. Deductible, therefore, is the amount that needs to be shelled out before the insurance provider actually kicks in with the cover. However, setting extremely low deductibles can automatically increase the premium costs. It is advisable to opt for an insurance provider that offers a perfect balance between these two important metrics.
4. Extensive Network of Garages
An insurance provider that has a well spread out network of garages should always be preferred. Moreover, the local reviews for each one of the garages must be checked before submitting the car for an insurance claim.
5. The speed of Coverage Issuance
Modern day customers prefer instantaneous claim approvals and coverage issuances. Therefore, it is advisable to go for service providers that hardly take time to process documents and claim approvals.
6. Coverage Range
Often, customers take way more on their plate than they can chew. This holds true when dealers pair different types of Comprehensive insurance plans with the car purchase when the concerned customer only requires a specific part of the coverage. It is therefore essential to opt for a plan that covers all the basics and then the customer can extrapolate certain sections depending upon his or her preferences. It all comes down to the distance traveled, car lease, the purpose of travel, relationship with the commuters and a few other metrics.
7. The Option to Go Cashless
Having a cashless option on offer is important as it minimizes the hassles of arranging cash in case of an emergency. Customers prefer submitting vehicles for claims without having to worry about the cash arrangements in place.
8. Frills or No Frills
Add-ons are always good to have, but certain frills can be avoided to lower down the premium costs. The likes of towing services and round-the-clock assistance are the attributes which can be avoided by users who are on a budget.
Compare to Buy the Best
You must compare different insurance plans for selecting the best car insurance in India.
Consumers must understand that the concept of car insurance and existing premiums is directly related to the IDV or Insured Declared Value of the concerned vehicle. Moreover, a perfect insurance scheme is primarily a myth, and it all boils down to the best plan for the existing price point. That said, customers can also head over to online comparison engines for selecting the most beneficial plan, based on their requirements.