How to Choose the Best Car Insurance in India

Buying a new car is one of the biggest financial investments you can make. So naturally, protecting it against any and all kinds of damages is also extremely important. Unfortunately, even if you take every possible precaution, there is a chance that your car can get damaged due to other vehicle owners driving rashly or due to natural/made-made calamities like floods, earthquakes, riots, etc. However, a good comprehensive insurance plan can keep your precious car protected against most kinds of damage. With a plethora of options available in the market, choosing the best car insurance plan can be a daunting task. Therefore, it is essential that you do thorough research before buying the policy. Read on to know how to choose the best car insurance in India.

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How to Choose the Best Car Insurance in India

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30 May 2020
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Steps to Choose the Best Car Insurance Policy in India

Here are the exact steps you can follow in order to determine which is the best car insurance policy in India for your specific needs:

  • Know Your Requirements

In your search to find the best car policy in India, you will need to consider which type of plan you require. There are various things you will need to decide before you buy car insurance, such as how much coverage you need, which type of coverage you need, and whether it fits your budget. The brand and model of your car will also play a role in determining which is the best car insurance in India for your needs.

  • Check Your Car’s Insured Declared Value (IDV)

The Insured Declared Value or IDV of your car is one of the most important aspects of a motor insurance plan. The IDV is the maximum amount of money you are eligible to get in case of an insurance claim. When buying car insurance, it is important to set the right IDV for your car, even if it raises the premiums by a little bit. You can use an online IDV calculator to get an estimate of your car’s IDV. Do not choose an insurance plan that does not offer a reasonable IDV. Setting the right IDV is one of the fundamental steps when looking for the best car insurance in India for your vehicle.

  • Compare the Different Plans Offered By Insurance Companies Online

There are various tools available online and aggregator websites that allow you to compare different car insurance plans. You can compare factors such as premiums charged, coverage of the policy, exclusions, features and benefits of the plan, and more. Comparing different plans will allow you to select the best car insurance in India that fulfils your needs and fits your budget at the same time.

  • Explore Add-On Covers

Once you have explored all available choices and settled on which plan to buy, you should look into which accompanying add-on covers you would need for your car. Some of the common car insurance add-ons to look for are zero depreciation cover, return to invoice cover, roadside assistance cover, engine protection cover, no claim bonus protection cover, etc. These add-on covers on top of your base car insurance plan will ensure that you and your vehicle remain protected against financial liabilities arising due to unexpected circumstances.

  • Find Out the Claim Settlement Ratio of the Insurer

One of the most important aspects of choosing the right insurance company is to find the ‘Claim Settlement Ratio’ (CSR) of the insurer. The higher the settlement ratio of a company, the higher the chances that your claim will be approved and paid out. The best car insurance company in India will ideally have the highest claim settlement ratio.

  • Understand the Claim Settlement Process

An insurance plan is only helpful if the insurance claim process is smooth and straightforward. When buying car insurance, it is a good idea to read customer reviews for various insurance companies and understand their claim process. Ideally, you should choose an insurance company that has a swift claim process with access to cashless network garages.

  • Check the Renewal Process

Renewing your car insurance before it expires or lapses is also very important. Driving without a valid licence is a criminal offence as per the Motor Vehicles Act, 1988. So, at the time of buying car insurance, make sure that the company you buy it from has an easy car insurance renewal policy with no hassles.

  • Read the Policy Document Before Buying

Most people tend to skip reading their insurance policy documents as they can be lengthy and confusing to read. One of the most important steps in knowing how to choose the best insurance in India is to read through your insurance document thoroughly to ensure that there are no loopholes or hidden costs that you are not aware of. You can also show this document to your legal adviser for a more detailed understanding. If there are any rules or laws you don’t like, you can ask to get them changed or you can simply choose to buy another policy.

To Conclude

In order to find the best car insurance policy in India, it is necessary that you carefully go through all the policy features and benefits, the number of network garages offered by your insurer, add-on covers, and the claim settlement ratio of the insurer. Along with this, taking care of the above-explained aspects will ensure that you are choosing the best car insurance for your vehicle. You can check out the car insurance plans available at Bajaj MARKETS and also use the ‘car insurance premium calculator’ to get an estimate on the premiums. 

FAQs on How to Choose Best Car Insurance in India

  • ✔️How can I find the best car insurance in India?

    You can choose the best car insurance policy in India by comparing the features and prices of various car insurance plans offered by different companies. 

  • ✔️Can I lower my car insurance premiums?

    You can lower your car insurance premiums by:

    • Using the No Claim Bonus

    • Removing unnecessary add-ons

    • Opting for voluntary deductibles

  • ✔️Can I drive my car without insurance?

    No, it is illegal to drive a car or any other vehicle without valid insurance. At the very least, you will need third-party insurance for your car

  • ✔️Is buying insurance online cheaper?

    Yes, buying insurance online is generally cheaper as there are no commission costs involved. 

  • ✔️Which is the best car insurance in India?

    Every insurance plan has its own benefits. You will need to choose a plan that suits your needs and budget.