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General Information

Automotive

Right Steps To Follow Before Buying A Car Insurance Plan In India 

For the car owners, having the right insurance policy is not just mandatory but also useful in many ways. It can protect them from the unforeseen events. An accident does not come informed and hence one needs to keep prepared all the time. It is makes no difference whether the car is driven by the owner or the driver. A little mistake can make a massive hole in your pocket if there is no proper coverage for the car. However, for an owner to have the right insurance policy is not that easy task and therefore, it is better to follow certain steps that can help to avail the best policy across the market.

Steps that can prove helpful in finding a good car insurance policy

  • Know the coverage amount and check it well: Before going for any policy, it is required for the buyer to check the policy in detail and know what all coverage he is going to have if he goes for that policy. One needs to note that the car insurance policies from different service providers cover different aspects. Only comparison of the premium alone cannot help one to know which policy is the best for him. Hence, checking the policy and its coverage is the primary step for a policy buyer. 

One needs to figure out the right coverage amount for the vehicle, driver, passenger and owner as well as Third-Party. One needs to make sure that he gets a suitable value for his car covered while going for the insured declared value. One should take into consideration the legal requirements for the coverage and go for a policy that can fulfill all such requirements. No doubt, paying the right amount for the right coverage is equally important.

  • Comparison is a must: While going for a particular amount of coverage offered by an insurance policy, it is highly recommended to check the same with various service providers. Comparison can help one know what is being offered by the various insurance providers and at what rate. Besides helping in getting the right policy, it can also prove to be useful in selecting the right coverage at a reasonable rate. For comparison, one can take help of the various third-party sites on the internet where one can have complete details of various policies easily available. Without any doubt, it is better to have car insurance online as it can help one get the best policy with complete coverage at a much competitive rate.
  • Check for discounts: The insurance policies are also available with discounts in the present-day market. In this regard, one should look for the options with the help of which one can avail some great deals. There are organizations and associations to whose members/employees which various service providers offer different types of discounts. It usually ranges from 10 to 50 per cent of the total amount. One can also have a discount as a part of deductibles which can help him save a good amount. But this option needs to be used prudently else it can lead to an increase in premium also.
  • Get right add-ons: While going for the insurance policy, one can have various add-ons also which prove useful in additional coverage. However, these add-ons also come with a cost and hence one needs to check if the benefit is more than the cost. In case one has the right add-ons at a reasonable price, he can opt for the same. The No Claim Bonus also proves as a useful option as it can help one to save the right amount if he has not made any claim in the previous year. Hence one must check the same before going for the insurance policy.
  • Don’t go for undervaluation of car: Though low IDV can help to have the policy at a low premium, one must remember that in case of an accident he can have maximum value to the extent of IDV only. Hence, just for the sake of saving a little amount on premium, one may end up in paying hefty bills from his pocket if the car meets with an accident. This can be much painful, and for this reason it is never advisable to quote undervaluation of the car. On the other side, overvaluation of the car is also not good, and hence one needs to declare the right value only.

Those who want to save on insurance premium should definitely go for the online purchase of policy where the premium rates can be lowered significantly as the commission of agents is completely removed. With the help of the better security measures, also one can have reduced premium compared to other cars in the market. These steps need to be taken into account before going for a policy from any service provider.

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