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Buying Car Insurance in India

Things to Consider While Buying Car Insurance in India


Buying Car Insurance in India: A brand new car is one’s all-time dream. One buys it for a long-term purpose. You are scrolling through pages and pages on which to buy. Financial problems have also been resolved. You may want to buy a new or old car. Just buying a car is not everything. But it would be best if you thought of some peripherals also. Before buying a car, many things come into consideration, including insurance which is fruitful at the time of accident, damage, or theft. It’s a wise decision because of the amount of insurance you get after the incident.

Nowadays, it is easier to get car insurance. With the help of the insurer’s website, you get an instant result. Whether you are new to this field or have experience, certain things must be kept in mind. At the time of buying insurance, a small point may be forgotten. This article provides the necessary details on things to consider while buying car insurance in India. One should always be careful before making an insurance policy.

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Let me explain why it is mandatory to buy car insurance in India.

  • It is mandatory to follow the rules for driving on the road.
  • You can pay lower premiums.
  • Insurance protects your vehicle against accident, damage, or theft of any natural consequences. 

Your requirements

It is necessary to understand what is your requirement before buying insurance. Not only its benefit at the time of the incident it gives but some of them overlooking yet essential considerations are also – easy to avail the insurance, affordable cost of the premium, easy claim process and faster processing.

Coverage of the insurance

One must study insurance coverage because different insurance products offer different coverage.

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Buy insurance from a provider who has a massive range of garages.

As they provide faster and easier settlement, you should go for it. They provide repairing and servicing facilities also. You may get an option of cashless claims. So, make sure to check the list of those exact provides who have a huge range of garages.

Add-on cover

With this kind of coverage, you get the protection of your car against any financial damages. Each plan has its own price, which is different from one provider to another. Remember to select which are important to you. There is no necessity to go on buying irrelevant plans, which may give you a shock in the end.

Third-party car insurance

Known as the most basic insurance cover, this insurance helps at the time of mishaps. The policy is compulsory for every car on the road. It helps when your car damages a third-party property.

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Policy terms and conditions

The buyer reads the insurance benefits but doesn’t read its terms and conditions, which provide the points that are not included in the insurance. It is important for one to read it carefully to make an informed decision. Then, you can make a better decision.

Insured Declared Value (IDV)

This point is crucial to be considered. The term is the maximum value of the insurance you can claim in case of any mishaps. IDV decreases as the age of the car increases. A new car has a higher IDV, and a much older car has a lower IDV. The current market value is also termed IDV.  

No Claim Bonus (NCB)

Only new cars can avail of this offer. NCB is a bonus that is calculated at the time of renewal. The used car doesn’t get such benefits. Every claim-free year is applicable. This should be considered by one before buying car insurance. A maximum of 50% of NCB can be accumulated. NCB is linked to the policyholders that are a significant way to reduce the car insurance premium.

Claim procedure or the claim settlement ratio

This is another significant consideration that should be kept in mind while buying car insurance in India. We all need a faster and easier claim settlement. While purchasing an insurance policy, ask the insurer about the procedures. You can check their claim settlement ratio also gives you reliance on the provider as it gives you a glimpse of how many claims have been settled in the previous year.

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An insurance provider with a bad review is not advisable. You should check the online reviews, testimonials, and customer feedback to gauge the reputation of the company.

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Compare insurance quotes on the internet.

Always compare the insurance online as same as you do with shopping. Just put in your requirements, and you will get an instant quote. Comparing quotes helps you to choose the best price as per your requirements. Check the comprehensive plan, add-on, and zero depreciation to take a better and informed decision.

Personal accident cover

It is indeed possible that at any time, you can confront an accident while on the road. So, personal coverage will be a wise decision. This is an add-on cover which you buy, paying an extra amount of money. You can avail personal accident for other passengers also.

Better service from the company

An insurance company is judged by its customer-friendly services. The brand always puts forth a customer’s need first. You can check the brand’s social media accounts keeping in mind their customer support while buying plans, answering questions, transparent claim settlement, etc. They should always take care of their customers.

Buy insurance online

Nowadays, where everything is going online, why not buying insurance online also? This will be the most convenient way to buy car insurance. First of all, you don’t need to go to their office, and second, online buying can reduce the operational cost by a considerable amount. You can expect a lower amount of policy rate as there is no physical office, several employees compared to a traditional company.    

These are some of the important Things to Consider While Buying Car Insurance in India. I hope this article helps you make an informed decision.

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