Insurers in India offer a wide range of car insurance plans to cater to your specific needs. But choosing the right policy from the plethora of options can be a challenging task. Each plan has its unique features and benefits offered by the insurer. Hence, doing in-depth research before buying car insurance in India is essential.
The following are a few tips that will help you choose the right car insurance plan for your vehicle.
- Know your insurance needs
It is helpful if you assess your insurance-related needs before you choose the type of plan you want. In India, there are two types of car insurance plans available in the market –
- Third Party Insurance
- Comprehensive Insurance
Third party car insurance is mandatory by law under the Motor Vehicles Act. The plan offers limited coverage as it only covers the third-party liabilities. For extensive coverage, you should consider buying a comprehensive car insurance plan. The policy covers third-party liabilities and damage caused to your vehicle in an unfortunate event as well.
- Compare plans online
Once you have decided the kind of coverage you need, it is wise to compare different plans offered by several insurers. You can compare factors such as premiums charged, coverage of the policy, exclusions, add-on benefits, deductibles, etc.
Some insurers also have a car insurance premium calculator to determine the premiums charged on the respective plans. It is advisable to choose a policy that is cost-effective and offers extensive coverage.
- Opt for add-ons (if necessary)
Add-on covers are additional coverage options that help enhance the scope of your basic car insurance plan. Check with your insurer for the different types of rider benefits they offer and choose only those that best suit your needs.
Know that add-on benefits are usually available on comprehensive car insurance plans only. Also, you have to pay an additional amount over and above your existing premiums to avail these benefits.
- Check the claim settlement process
The insurer you choose needs to provide a hassle-free claim settlement process. We understand that claiming on your car insurance plan can be confusing for many people.
Hence, it is advisable to go through the claim settlement process of the insurer before buying the policy. Choose an insurer that provides cashless claim facilities and have a wide range of network garages across the country.
- Know the claim settlement ratio of the insurer
Many people are unaware of the importance of the claim settlement ratio of the insurers. When buying motor insurance in India, it is recommended to check the claim settlement ratio before finalising the insurer.
The CSR is nothing but the ratio of the number of claims settled by the insurer against the number of claim applications they received in the said year. It is recommended to choose an insurer with a high claim settlement ratio. That way, you stand better chances of getting your claims approved.
The Bottom Line
Buying car insurance in India does not have to be an overwhelming task. Since the policies are available online, you can compare and get your vehicle insured in no time. The Bajaj car insurance buying, renewal, and claim settlement processes are hassle-free and secure. Keeping in mind the tips mentioned above will help you choose the right car insurance plan.