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Do’s and Don’ts to Remember When Buying car insurance

By Finserv MARKETS - Feb 1,2019
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Thanks to the availability of car insurance policies online, buying insurance has become a seemingly simple, easy, convenient and hassle-free task. However, once you actually start looking out to buy car insurance policies online, you can be easily overwhelmed by the numerous choices available in the market.

You need to consider various factors such as policy terms & conditions, premium payable, claim procedure, policy coverage and exclusions if you want to buy a car insurance policy that best suits your individual needs and requirements. An ideal insurance policy should offer you the best possible coverage for a premium that fits your budget. If you are planning to buy a car insurance policy, here are some do’s and don’ts to remember: –


  • Buy car insurance policy online 

Purchasing an online policy will not only help you save time and cost but will also make the comparison and application process much more convenient and quicker. You can renew your insurance online with Finserv MARKETS and experience convenience like never before

  • Compare car insurance quotes

You can easily obtain insurance quotes online by filling up the Quote Request Application from various insurance providers.

  • Read the policy documents carefully

Don’t sign the dotted line unless you are absolutely sure about every aspect of your policy. Scrutinize the various aspects of policy coverage, exclusions as well as the terms and conditions of the policy. If you have any doubts, don’t hesitate to ask your insurance provider for assistance. Our policy partner, Bajaj Allianz General Insurance has a dedicated customer service centre that promptly answers all your queries

  • Read or ask for more information on add-on covers

Add on covers enhance your policy protection by covering more risks. Ensure that you inquire about the available add on policies with respective car insurance providers and choose what suits you best.

  • Check the claim settlement ratio 

Always buy policies from an insurance company with a high claim settlement ratio. The claim settlement ratio indicates the ratio of the claims settled by the car insurance provider against the total claims received.


  • Don’t shop car insurance by price

Shopping for car insurance by price can prove to be a costly mistake because lower price quotes may not necessarily mean or reflect enhanced or better coverage.

  • Don’t sign the documents without knowing the deductible 

Health Insurance Deductible is the amount that you pay for health care services before your health insurance company starts to pay for the same. So in case, your deductibles are high or unsuitable to you, then think about buying another insurance.

  • Don’t let your car insurance lapse

When you let your policy lapse, you may lose out your No Claim Bonus as your insurance premium will be calculated all over again. Plus, the risk of your losses increases as your car insurance cover has lapsed and is no longer functional.

  • Avoid making claims for small damages 

If the cost of damage to your car is less than your No Claim Bonus (NCB) benefit, then it doesn’t make sense to file for a claim. It’s better to pay for small damages from your own pocket than lose out on a much bigger bonus.

To know more on car insurance in depth, you can check out these blogs:

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522