Guidelines to Choose the Best Car Insurance Plan

Prior to finalizing on a car insurance policy, people tend to miss the important step of researching. They simply focus on moving to the premium. Choosing an insurance policy based on the premium is not a wise decision.

Listed below are some guidelines that will be helpful for you in making informed choice:

Key Feature Comparison

Insurance companies offer key features which determine the exact insurance cover. You can make a comparison of shortlisted car insurance plans for assessing the cover. See if all are offering similar cover. Note down the differences or any special inclusions added by these companies. You need to choose one that fits into your specific needs.

Add-on Riders Review

Most car insurance buyers don’t review add-on riders. However, experts recommend paying attention to all of the add-on riders. This will help you choose one you want as additional benefits. So which riders should you focus on? Listed below are some of the best ones you need to focus on:

– Engine Cover:

The rider offers additional layer of protection via safeguarding buyer against extra expense acquired as a result of car engine damage.

– Roadside Assistance Cover:

An option of roadside assistance is offered by insurance companies to offer you help in the event you get stranded due to an accident, punctured tire, or engine failure. It will allow you to call your insurance company and request them to send a car mechanic on site.

– Third-Party Liability Coverage:

The rider is one of the most important ones as it ensures apt protection for car owner against financial liability that may occur due to any physical injury, repair cost for damage to third party vehicle, death, etc

– Zero Depreciation Cover:

Once you choose to add zero depreciation cover to motor insurance plan, the depreciation on substituted parts of car will be waived off by the insurer. It signifies that you are eligible for receiving higher claim amount.

– Personal Accidental Cover:

This cover ensures fiscal protection to owner of vehicle against unforeseen and ill-fated events inducing accidental death or physical trauma. It will also help under the circumstances where the individual might end up getting disabled permanently due to a road accident.

Go Through Reviews

You will come across a lot of reviews on car insurance companies and policies offered by them. First, you need to speak to your family members and friends related to their experiences with a specific motor insurance company. This personal feedback straight from your near and dear ones will let you get better insights on customer support of a company and its claim procedure work. Also go through reviews posted online by those who have used the policy. It will let you make an informed choice.

Comparison is Important

Yes, it is extremely important to compare insurance premium online. Since the World Wide Web is loaded with a huge number of deals, you may get overwhelmed. Falling for the most lucrative deals may not be right for you. A low premium insurance policy with loads of attractive facilities might be just a trap. So spare some time and browse through various policies to come up with the best plan.

Comparing quotes for car insurance plans is the best way to strike a profitable deal. There are a number of things you need to take into consideration in this respect such as plans offered by various reputed insurers, premium calculated on the fixed IDV (Insured Declared Value), and negotiation. Negotiating is also important as you never know what they have in store for you. You might come up with an additional advantage or a special discount for your track record.

Protect NCB

All responsible drivers who haven’t filed any claim can take advantage of ‘No Claim Bonus’ (NCB). In case, you don’t register insurance claim for a year, the car insurance company will reward you with the facility known as ‘No Claim Bonus’. The benefit is precisely the discount deducted from insurance premium on renewal of policy.

Checkout the CSR

Prior to finalizing a car insurer, you must consider past record of claim settlement of insurer. The term Claim Settlement Ratio (CSR) is used to refer to the time taken by insurance company for settling down claims from customers. Once you find out that everything is right, proceed with the deal. Strictly avoid making a purchase if you see that the CSR is not good. Claim Settlement Ratio information is easily available on the website of IRDA of India.

It is good to look above and beyond the motor insurance premium when you are finalizing the best car insurance plan for your automobile.

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