Factors to Consider While Buying Car Insurance| Finserv MARKETS

Factors to Consider While Buying Car Insurance

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21 Sept 2021

Factors to Consider While Buying Car Insurance

Opting for a comprehensive car insurance policy is essential to safeguard your four-wheeler in the event of a mishap. With coverage against numerous perils such as third-party liabilities, own damage, theft and calamities, you can have peace of mind when it comes to your vehicle.

However, researching the various insurance policies and comparing them on several aspects is just as important. This not only helps you choose a suitable coverage but also assists with getting a cost-effective premium rate. Before securing your vehicle with an insurance policy, let’s explore some factors that you must consider while buying car insurance.

  • Consider the Insurance Policy Terms

Before buying car insurance, it is crucial to understand the various exclusions and terms and conditions of the policy. Many buyers might pay more attention to the features and benefits of the plan which are equally important to understand the coverage.

However, knowing the exclusions beforehand helps you make an informed decision. Therefore, read the fine print and compare the terms and conditions before purchasing the policy.

  • Insured Declared Value (IDV)

The Insured Declared Value or IDV is the maximum amount you can claim in case your car is damaged beyond repair or is stolen. In other words, IDV is the current market value of your vehicle after accounting for the depreciation rate. Moreover, your car insurance premium is highly dependent on the IDV of your vehicle.

So, understanding this value is vital as it determines the sum insured and the premium rate. While buying insurance, declaring the correct IDV of your four-wheeler is a must, so estimate the Insured Declared Value with our IDV calculator now!

  • Voluntary Deductible

Voluntary Deductible is the portion of the claim amount that you agree to pay during settlement. The benefit of opting for a voluntary deductible is that it helps in reducing your car insurance premium. Thus, it is recommended to select a suitable voluntary deductible that enables you to avail an affordable premium rate. Furthermore, it is advised to opt for an amount you can afford to pay while raising an insurance claim.

  • Claim Settlement Ratio

The Claim Settlement Ratio or CSR denotes the percentage of claims settled by an insurance company. It also tells you the probability of your insurance claim getting cleared. A high CSR indicates that the company has settled a majority of the insurance claims filed by policyholders.

Thus, an insurance provider with a high Claim Settlement Ratio is always preferred. Hence, it’s very important to check and compare an insurance company’s CSR value while buying a car insurance policy.

  • Insurance Claim Procedure

The ease and efficiency of the claim procedure offered by an insurer is one of the most important aspects to consider. You wouldn’t want your claim to be pending and would favour a speedy claim settlement process.

With Finserv MARKETS, you can expect efficient claim services to help you file a claim seamlessly. Moreover, you can also complete this process with our car insurance app for ease and convenience!

  • Add-On Covers

Add-on covers enable you to enhance your car insurance coverage at an affordable price. You can avail additional features that aren’t covered in your policy and make the most of your insurance plan. Moreover, it allows you to customise the policy based on your insurance requirements. So, making sure the insurance provider offers you lucrative add-on covers is a must. Compare various insurers on the basis of such covers to get maximum coverage.

  • Cashless Facility

The most beneficial feature of a comprehensive car insurance plan is the cashless facility. You can get your four-wheeler repaired and serviced at the garage without paying a dime. The insurer shall settle the final bill directly and you only need to clear the applicable deductibles.

However, to enjoy this facility, you must take your vehicle to a network garage associated with the insurer. Hence, a wide range of network garages will help you avail the cashless facility wherever you are!

  • Online Car Insurance

In today’s day and age, everything is online and so are car insurance plans! You don’t have to visit a branch office and physically fill out a form to purchase insurance. As most insurance companies offer online services, you can easily buy car insurance online with just a few clicks.

Some important perks of going online are the cost-effective premiums, ease of purchase, availability of insurance details, etc. Therefore, you can now get car insurance online with Finserv MARKETS without any hassles!

  • Customer Reviews and Ratings

One of the many crucial car insurance buying tips is reading the customer reviews and ratings of an insurance provider. This shall allow you to better understand the services and facilities offered by the company. In case you find common issues faced by many customers, you can take it up with the insurer to know both sides of the story. So, make sure you don’t miss this step while buying car insurance for your new car.

Wrapping it up!

Securing your four-wheeler with comprehensive car insurance is essential for protection against mishaps. Now that you know what to look for when buying car insurance, it is advised to compare various policies before settling with a suitable plan. You can go through our car insurance guide so that you don’t miss out on anything!

Don’t put off getting a car insurance plan anymore and enjoy competitive premium rates with Finserv MARKETS! With 24x7 roadside assistance, quick renewals, hassle-free claims and more, you can always count on us.

FAQs on Buying Car Insurance

  • ✔️How can I maximise my car insurance coverage?

    You can maximise your car insurance coverage with the help of add-on covers. Some popular ones are zero depreciation cover, engine protection cover, roadside assistance cover, NCB protection cover, etc.

  • ✔️Can I switch to a different car insurance provider?

    Yes. You can easily change your insurance provider during car insurance renewal. However, it is recommended to avoid waiting until the due date of your plan to look for a new insurer.

  • ✔️Can I claim a lower IDV for an affordable car insurance premium?

    You must always declare the correct IDV in your car insurance plan. Claiming a lower Insured Declared Value will not cover your vehicle completely in the event of loss or theft.

  • ✔️How can I buy car insurance online at Finserv MARKETS?

    Follow the step-by-step process to buy a car insurance policy at Finserv MARKETS:

    • Go to the ‘Car Insurance’ section on Finserv MARKETS

    • Choose the type of coverage you need to secure your vehicle

    • Input the required details in the application form

    • Upload the necessary documents

    • Pay the car insurance premium amount online

    • The car insurance policy document will be sent to your registered email ID

  • ✔️Will the insurance provider inspect my car before offering me a premium quote?

    If your four-wheeler is brand-new, there is no requirement for an inspection. However, if your previous policy has lapsed or you are switching from third-party insurance to comprehensive insurance, then insurers might inspect your car.