Are you looking for a new Insurance Policy for your old or new car? There are several factors that you should research and understand before you make your final decision. Here are five tips that will help you choose the best Insurance Policy for your vehicle.
Most vehicle insurance companies in India have started advertising their lowest premium to buyers, in an attempt to generate more sales. Although premium is an important part of choosing a car insurance, there are several other factors that you should research and read about, before you make your decision. It is mandatory to ensure your vehicle in India, under the Indian Motor Vehicle Act of 1988. Here are some tips that will help you be on top of your game, and select the best insurance for your vehicle.
- Compare the features: Most insurance companies will offer a detailed analysis of their policy which specifically advertises some key features and benefits of the plan. You should list all these key features and selling points of different policies side by side, and analyse them properly. Ideally, your insurance plan should include all the inclusive terms like own damage cover and coverage for a personal accident which covers the injuries, which would be sustained by another party. This will allow you to have a broader perspective on your choices, which will help you make an educated guess.
- Add on covers: Add on covers are specific clauses that help protect you against extra mishaps and injuries. These provide you with additional benefits in your Car Insurance Policy which help to protect you against unperceived damages and problems. Some of the add ons that you can include as an add on in your policy are – Engine Cover, Roadside Assistance cover, Zero Depreciation cover, Personal accident cover, third party liability coverage and much more. Although this might increase your premium, it will also provide you cover against unperceived threats and damages.
- Negotiate with your current insurance provider: If you have managed to enjoy your policy period with as little mishaps as possible, then there is a high chance that your current insurance provider might end up giving you a better deal than the one that is currently being sold in the market. Fewer mishaps ensure that the insurance cover is scarcely used which puts your current insurer in a liable position. This gives you a high chance of getting a better deal, on your current Insurance plan.
- Be aware of your NCB: NCB – No Claim Bonus, is a term used by insurance companies to represent the bonus provided to the consumer, in case he/she does not file a claim within a year. This bonus can then be subtracted from your insurance premium at the time of renewing your policy. This way, you can decrease your renewal costs without filing a claim.
- Claim Settlement Ratio: Claim settlement ratio is a number representative of the time taken by an insurer to settle the claims of its clients. This will help you get a better understanding of the insurer’s previous record of claim settlement. Many online sites provide this information after analysing tons of data from all types of different vehicle insurers in the country. You could also visit the website of IRDA India, as they have a detailed analysis of all the insurers in the country.
Insuring your car is a challenging task as choosing the wrong policy could end up being another liability for you. On the other hand, if you take your time and research your choices properly, then there is a very low chance of things going wrong in the future. Hence, the above-stated factors will help you get the best possible Insurance Policy in the country for your car.