Most people just miss the most crucial step or steps before selecting a car insurance policy. They do not do a thorough research of every aspect of policy, rather they just jump to one point that is premium. Most of the people just check the premium amount. If the premium is comparatively low, for them, that particular plan becomes best car insurance plan. However, this approach is very wrong. Don’t forget that this is hard earned money. You cannot invest or put it somewhere without doing a proper research.
This article consists of guide with the help of which you can spent your money wisely and smartly. Do consider all the points that are mentioned below and choose best car insurance plan for yourself.
How To Choose Best Car Insurance Plan for you?
1. Compare key features of the Insurance Coverage
First of all choose motor insurance policies that you like the most. Now select all those car insurance policies that provides same type of insurance cover benefits. The chosen insurance plan should cover all the important aspects related to car insurance plan. Meaning thereby, it not only includes the insurance coverage for accident but also for the damage done by third party.
2. Properly Tick the add-on riders while taking a Car Insurance policy
While taking a car insurance policy, it is very important that you properly read all the add-on riders available to you. Then make a correct choice. These are the additional benefits that you get along with your car insurance plan. Here are the most important car insurance riders that you are offered –
- Engine Cover: This coverage provides you with additional protection against any damage caused due to damage in the engine of car.
- Road – side assistance cover: You are going somewhere and suddenly you car stops due to engine failure or the tire punctures. If you tick on road side assistance cover, then you get an option of calling your insurer and can request to send a mechanic at the spot.
- Third party liability coverage: This coverage provides you with protection against the financial liability caused due to bodily damage, death or any other injury due to third party motor.
- Personal Accidental Cover: Personal accidental cover provides the protection to the owner of the car against the car accident causing bodily damage, death or permanent disability.
- Zero Depreciation Cover: When you take zero depreciation cover, then while calculating the value of the car, the depreciation is not taken into consideration. This results in increase the value of the car at the time of claim.
3. Review various Car Insurers
Do not ever go for a car insurer without making a proper research. Ask your friends, family members or relatives about the insurers they are attached with. As the reviewers are closely related to you they will provide you with true and fair feedback about the customer support and claim procedure work. This will enable you to choose the best car insurance plan for you.
4. Compare Insurance Premiums
There are lots of attractive deals which are flashed over internet. Always remember, all these are fake and just end you up in loosing your money. However, at the same time you can get a decent deal online. For that you have to invest your time over internet and conduct some serious research.
Point to remember while comparing premiums online –
- Compare insurance plans belonging to various insurance providers.
- Make sure that the website that you are looking provides you with Insured Declared Value (IDV)
- Compare the premiums on more than one online websites.
5. Negotiation is important.
Negotiation always play an important role in any deal so in the case of motor insurance plan. Negotiate with your insurer over claims and your driving skills. You might end up with awesome car insurance deal.
6. Take advantage of No Claim Bonus
You good driving skill leads to this advantage. If you are a good driver, you can avoid filing for the claim. In such case, you get the advantage of No Claim Bonus. If policy holder does not file for claim, insurance company provides this bonus. This amount is subtracted from the premium amount. This results in saving money at the time of Car Insurance policy renewal.
7. Do research over Claim Settlement Ratio of the Insurance company
Before finalizing the car insurance plan, do review about the insurance company’s previous claim settlements. Claim Settlement Ratio is the time taken by the insurer to settle a claim. Select the insurer only if the review is good. Do not do the mistake of buying the car insurance plan when the CSR is not good. Insurance regulator IRDA provides the CSR of all the insurance company in its official website.
So, just quit the habit of choosing the best car insurance plan by just comparing the premiums only. Do a proper research before buying any car insurance plan.
