Buying a car is not just a luxury today but a necessity too. As it is bought with one’s hard-earned money
it becomes more valuable and needs to be protected. No matter how safe you might drive, you will be at risk of
car-related issues and you don’t want to live with that, right? So, to minimize the risk of any car damage
or accident, car insurance is required.
Car insurance protects you against losses resulting from accidents, thefts, or natural disasters. You can be
financially secure in the event of any losses that may occur as a result of such unforeseen occurrences if you
have a car insurance policy in place.
Also, for the safety of the citizens, the government of India had made it mandatory to have car insurance. Every
two-wheeler, three-wheeler or four-wheeler you see on the road is insured. It is illegal to drive a vehicle
without any motor insurance and every person who is willing to buy any sort of vehicle should be aware of this.
In India, there are two basic types of Motor insurance policies:
Usually, a comprehensive policy is suggested to safeguard both your vehicle and you from any legal liability. It
includes all the components at risk and will keep you safe from any sort of mishappening.
Motor insurance can be purchased both online and offline. However, with our busy schedules, many of us can’t take
time out and go to the insurance office and get things done. However, the good part is you can buy your motor
insurance at the comfort of your home or even while sitting at your workplace. So convenient right? Thanks to
We are done with our basics and by now we know that you don’t want to be caught driving without car insurance
because the fines can burn a hole in your pockets. So, let us help you in buying car insurance by sharing the
checks you should consider when buying car insurance.
Before buying any vehicle insurance online or offline, you must first at least understand what a car insurance
policy comprises. As previously stated, there are various types of vehicle insurance policies available in the
market today. Take your time to determine your needs and requirements and choose accordingly.
Don’t just go with the first plan you come across. There are numerous insurance companies; each with its own set
of benefits. You must carefully analyze all available plans and select the one that provides benefits that meet
your needs. The simplest method to do this is to go to an insurance broking service that allows you to compare
Additional coverage options can be purchased by paying an additional charge for add-ons. They extend the policy’s
coverage to include certain damages that aren’t covered by your standard insurance. When you are comparing plans,
make sure that you look for these extras. Every motor insurance company has a large selection of add-ons that you
can choose from. You can choose the ones you require based on how you want to utilize your vehicle. Keep in mind
that the number of add-ons you choose will have a direct impact on your premium. So choose wisely.
The current market value of your vehicle is also known as IDV. In case of any irreparable damage to your vehicle
or theft, this decides the maximum amount of claim or sum assured your insurer would pay at the time of claim
settlement. To arrive at this figure, depreciation is subtracted from the manufacturer’s selling price. It can
also be equated to the current market price of your vehicle.
One of the most important reasons to buy motor insurance is to receive fast financial aid in case of any mishap.
Therefore, you must pick insurance with a simple and speedy claim process. During an emergency, the last thing you
want to do is go through a lengthy procedure to recover your losses. So, if you are buying motor insurance choose
the one which has a quick response.
Before choosing insurance, make sure to check the claim settlement ratio (CSR) of the insurance company. The CSR
compares the number of claims successfully resolved by the insurer to the number of claim applications submitted
in a given year. It’s preferable to buy insurance from a company with a high CSR as the higher the claim
settlement ratio, the higher are the chances of settlement of a claim.
To lower their premiums, many first-time car insurance buyers offer false information about their age and driving
history. However, such methods might be an expensive mistake when it comes to submitting a claim. Your insurance
will be canceled if the insurer deems the information to be false. As a result, it’s best to be truthful and
submit accurate information in the application form.
It is not difficult to learn about a car insurance company’s history and reputation these days. Motor insurance
firms and plans are listed and rated on a variety of websites and consumer forums. Read the feedback from current
policyholders to help you make your decision. Also, avoid paying lower prices from motor insurance firms you’ve
never heard of. There are likely hidden terms and conditions that you will only discover after filing a claim. So,
stay safe from such scams.
Inquire with friends, relatives, and coworkers about their experiences with various car insurance
is better to take advice from a known person or relative and who can give better advice and suggestions than them.
This will make the work a little easier for you.
Now you know that buying Motor Insurance is not as hard as it sounds. Whether buying insurance offline or online
make sure you do your research properly. Just keep the above-mentioned things in mind and you are good to go.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.