How to Choose the Right Car Insurance After a Valuable Comparison?

Since the Motor Vehicles Department has made it compulsory for every vehicle to maintain an active car insurance plan, the competition in this market has increased significantly. There are so many types of policies currently available in the market that it becomes a challenge to choose the right plan for your car. This article will showcase some tricks and tips to make your journey smooth.

1. Assess your needs

Before you begin your search for the best plan and the best company, assess your needs to understand what kind of plan you need. In India, two types of plans operate the third-party plan and the comprehensive plan. The third-party plan maintenance is compulsory by law. It covers the damages that occurred to the third party during an accident involving your vehicle. It offers no protection to your vehicle. 

A comprehensive plan offers both third-party coverage and self-protection of your vehicle. 

If you are searching for a basic plan with a reasonable premium, then the third-party plan will be your choice. However, if your car is expensive and luxurious, then a comprehensive plan is ideal. Compare insurance plans before you settle. 

2. Compare car insurance plans

Once you have assessed your need, it is an ideal and healthy practice that you compare car insurance to get the best deal. You can visit the official websites of several potential insurance companies to know about the details of the plan. This helps you to make the right choice. 

3. Know the add-ons

Add-ons or riders are the additional benefits offered by the insurance company on payment of an additional premium. These riders expand the scope of the chosen plan, ensuring better coverage. It helps you to craft a customized plan based on your needs. When you compare car insurance, comparing the add-ons is an indispensable part. 

4. Discounts

During your research, watch out for the discounts offered. The insurance companies keep offering several discounts periodically. Keep an eye on it to grab the best deal.

5. IDV

A good plan will not fail to offer a good IDV during complete loss or damage to your vehicle. It is one of the major determinants of a good plan. However, ensure that your IDV is calculated properly.  

6. Deductibles

A perfect car plan strikes an outstanding balance between the premium and the deductibles. Select the right voluntary deductible to enjoy the benefits of a great insurance plan that you buy.

7. Registration

Users who are registered with a commendable automobile association can avail of lucrative discounts on car plans. You won’t repent this registration and seek the earliest opportunity to complete it if you are still not. 

8. Claim process and claim settlement ratio

During your comparison of several insurance plans, you must lookout for the claim settlement process. The easier it is, the better it will be. You should also compare the claim settlement ratio to assess the performance of the company and proceed to buy. 

9. Renewal process

As long as you own a vehicle, you have to maintain car insurance. Once the insurance tenure is over, you have to renew it. Check out easy renewal options for ease of usage. 

10. No misinformation

You must carefully enter the relevant details required while purchasing a plan and refrain from providing any wrong information for avoiding probable legal issues in the future. 

11. Know the terms and conditions of the chosen plan

You must completely know all the terms and conditions of your chosen plan, with no confusion. Clarify any doubts or ambiguities on the first go.

If you follow these simple tips, you can enjoy the optimum benefits of a chosen plan. When you compare insurance plans, clarify all the details and then settle.

Nov 10, 2021
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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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