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:
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.
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.
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.