There is no denial that four-wheelers are expensive. Many of them rely on a loan to get one. Your expenses increase if your car gets damaged or responsible for an accident, increasing your legal and financial troubles. The best way to protect yourself and your vehicle from such incidents is to invest in good car insurance. But with so many insurance companies in the market, it can get overwhelming to select the best that suits your needs.
As such, most new car owners find themselves wondering how to select the ideal car insurance policy? Here is an easy guide.
Table of Contents
Do Research
Four-wheeler insurance, like any other insurance, is an investment. You need to pay policy premiums yearly to continue receiving complete coverage. Therefore, satta matka do your research. Do not opt for the first policy suggested by your insurer. Make a list of your requirements and the coverages you need based on the budget, driving experience and family size, and inform the same insurance agent.
If you are buying a car policy by yourself, you can do online research and select one that offers the best coverage you require.
Decide The Type of Policy and Budget
While considering buying car insurance online, decide the type based on your budget. All vehicle owners must hold the third party limited liability insurance directed by the Motor Vehicle Act of 1988. Such a policy pays the hospitalisation cost and temporary or permanent disabilities suffered by a third party in an accident caused by the policyholder. It also pays for the damage cost endured by the third party’s vehicle or property.
The premium for third party policies is typically low. However, the best is to go for a comprehensive policy that covers more than just third-party liability. Here, you get coverage against car theft, natural and human-made disasters, accidental and self-hospitalisation cover, and so on. Note, comprehensive policies cost higher premiums. So, accordingly, examine your budget.
Consider the Coverages
Avoid the mistake of assuming that you get all the coverages only because you have opted for a comprehensive policy. Every insurer has something different to offer. Therefore, an important tip is to understand what you are investing in. Since the policy document includes plenty of complex legal and technical terms, find out the exact nature of coverage before paying the premium.
Ask questions like who gets covered, inclusions and exclusions, terms and coverage period, compensations you can receive, the premium to pay, and process for filing claims. It is essential to make an informed decision before buying offline or online car insurance.
Consider Insurers Reputation and Claim Settlement Ratios
The purpose of buying 4-wheeler insurance is that your insurance provider should come to your aid when you are in duress, such as theft or accident or vehicle damage, among other things. It does not make sense spending massively on insurance premium if you do not get the necessary help when needed. As such, research your chosen company’s market reputation. It is always nice to select a company that has been around for a longer time and dealing with such stressful situations.
Look up customer reviews and consider the company’s claim settlement ratios – i.e., the number of claims honoured every year, the rejected and pending ones. Select a company that provides 24*7 help whom you can reach out to any time.
Knowing how to choose the best car insurance policy can help get the right coverages based on your needs and budget.