A lot of time, effort and in-depth market research go into choosing the most suitable comprehensive car insurance plan. Although the government mandates having proficient third-party car insurance to drive on Indian roads, well-rewarding comprehensive insurance benefits you a lot. Keep reading to know more about it.
Here are some tips for selecting the most suitable comprehensive insurance policy for your car.
1. Assess your needs and requirements:
Assessing your needs and requirements is one of the crucial steps to selecting the insurance policy, whether it is comprehensive or third-party car insurance. However, it is best to opt for comprehensive insurance as it will reduce financial liabilities in the event of an accident. You must look for the aspects such as risks involved, driving conditions, and average distance commuted to decide the insurance coverage type.
Third-party car insurance is one of the suitable options if you will use the vehicle for a shorter distance with no risks. Moreover, comprehensive insurance will give you a sense of protection if you are not restricting motors or a specific purpose.
2. Re-consider add-on options:
Add-ons are additional coverage options you may purchase by paying an extra premium. These add-ons widen the policy scope, whether comprehensive or third-party car insurance and provide coverage against specific damages not included in your regular plan. Always ask the insurer about the add-ons offered in a comprehensive insurance plan. However, remember that these additions come at a cost and have a substantial share in the premium. Some of the popular motor insurance add-ons are roadside assistance, engine protection cover, zero depreciation policy, personal accident cover, etc. You can choose the necessary add-on for specific coverage needs.
3. Checking the claim process:
One of the purposes of comprehensive insurance is to get immediate financial assistance in the event of an accident. Thus, choose a policy that provides an easy and quick claim settlement process. The last thing you want during an emergency is to go through complex procedures to get compensation for the loss. Make sure to opt for an insurance provider, who has a smooth claim process. So, you can be worry-free in the future.
4. Understand the claim settlement ratio:
All car insurance buyers must understand and check the claim settlement ratio before buying a comprehensive or third-party car insurance policy. CSR indicates the number of claims the insurer has successfully resolved against the applications they receive within a year.
It is best to purchase the policy from a company that provides high CSR, whether you opt for third-party or comprehensive insurance. Thus, you would have better chances of your approved claim. Make sure to opt for an insurance provider with a higher CSR of more than 95% to ensure the authenticity and reliability of the insurer.
5. Read about the insurance company:
It is mandatory to know the insurance company in detail since having an insurance policy is a long-term relation, whether you purchase comprehensive or third-party car insurance. As much as you understand comprehensive insurance, it is a good practice to understand the insurer’s background.
Make sure to know the claim settlement ratio, reviews by the customers, and general goodwill of the company. It helps the best comprehensive insurance and eliminates offers that do not match the standards. Research well about the company and double-check its accreditation before making your purchase from them.
6. Never provide wrong information:
Most first-time insurance buyers tend to give incorrect information. They give inaccurate details about their age and driving history to reduce the premium amount. However, such practices are strictly prohibited and can prove to be a costly mistake while filing a claim. Your insurance policy will get cancelled if the insurer finds some misleading information, whether you purchase comprehensive or third-party car insurance. In most cases, you might not even get the right coverage you require, if you give out false information.
8. Check the terms and conditions:
Before selecting the policy, and documents and signing the documents, take your time to read the comprehensive insurance policy terms and conditions. Always remember to understand whether the policy meets your needs or not. It is one of the critical steps to avoid hassles during claim filing. You should definitely go through the terms and condition document very carefully before firmly fixing your mind on it.
9. Compare online:
With the advent of the internet and technology, you can select the best comprehensive insurance just by sitting at your home. There are several tools available to choose the most suitable car insurance policy. You may visit the website of several insurance companies and compare the policies online. You can search for a neutral website where you get all the unbiased information about the best insurance policy.
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