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How to find the best car insurance policy in India

Raghav bought a car insurance policy along with his friend Rashmi. But, they bought different insurance policies, Raghav stuck on to the one which offered low premium, Rashmi on the other side, was comfortable in giving a good premium, and she bought a much-expensive premium insurance policy. They both had the same models of car. What difference did it make then?

Rashmi got a much-desired risk cover and was obligated to other personal add-ons compared to Raghav, though the insurance price didn’t make much of a difference.

What are the factors one should consider before buying an insurance policy? What is an insurance policy, and why is it required? These are some of the questions which can pop up while buying a car insurance policy.

We live in an accelerated world filled with both mishaps and good fortune. It is imperative to tackle both of them effectively in unprecedented times. But, the setbacks can come outwardly before warning and be devastating, affecting your family and other third parties. It can also be financially exhausting, leaving you burdened and weary. During these times, insurance acts as a savior lessening the mightly burden and assists in dealing with it much valorously. 

India is a country where there are many alienating issues like rising in population, poverty, economic traffic increase, and several vehicles leading to elevating pollution, which only increases the probability of mishaps happening and worsens the scenario.

Buying a car insurance policy for a protected risk cover can be one of the ways to alleviate the risk of rising traffic.

Why is a car insurance policy required?

  • Four-wheeler insurance (Car insurance) is one of the most effective risk covers offered to save you from unexpected liabilities and unforeseen events. It helps you to recover during any vehicle accidents and aids crucial financial support.
  • In India and many other countries, getting a car insurance policy is compulsorily done by law and not as an option.
  • It acts as a much-needed backup to prepare for the worst. It is pivotal to hold a car insurance policy in India, given the number of accidents every year.
  • Along with risk cover, it also provides lawsuits, bills of repair, and other benefits to the family or survivors of the deceased individual.

Types of car insurance policy.

There are many types of insurance policies offered in India to cover risks, such as

  • Third-party insurance provides financial support to cover the damages and losses incurred due to a third-party person, vehicle, or property.
  • Comprehensive insurance – This is one of the most valuable types of car insurance, which holds the cover of both third-party setbacks and seld occurred damages.

How to find your car insurance policy aiding your benefit, and what factors does it depend on?

Relying on external comfortability such as low premiums cannot be a good enough reason to buy car insurance. 

Having a flair knowledge of the overall benefits and the risk covers an insurance company offers a good approach to find my car insurance policy.

There are certain aspects a customer needs to look at before buying four-wheeler insurance or a car insurance policy like

  • An affordable premium that offers maximum risk cover: A good car insurance policy must be available to provide maximum risk cover to assist the victim’s family and not rely on the low premium factor alone.
  • It should also cover third-party injuries, property damages and should provide personal accident cover up to 15 lakhs.
  • A good saving percentage-Car insurance policy must be designed to aid the customer during his unprecedented times. An ideal policy should provide savings up to 80% on the premium provision.
  • A flexible buying/ renewal process: offering transparency and providing flexibility to the customer if buying or renewing the policy is another good factor to consider.
  • Satisfactory online facility and obtainable customer service-Offering a transparent online facility to avail insurance benefits and holding effective customer care services is a crucial factor to determine a good car insurance policy.
  • There are other factors, too, such as providing a cashless garage option, a good claim settlement ratio, zero depreciation, roadside assistance, engine protection cover, etc.

Obtaining a four-wheeler insurance policy is opened to avail the following benefits such as 

  • Personal accident insurance cover.
  • Add-on benefits like covering the entire family.
  • Provision of cover for accidents or damage incurred to your vehicle due to natural calamities, theft, strikes, or an act of revolt.
  • A financial liability is caused by the death of a third party or property damage.

Accountability of a car insurance policy is not an option anymore, given the number of mishaps occurring in India. It is considered a safety precaution for getting good compensation during unprecedented times and undoubtedly reduces the burden of the victim’s family to a great extent.

Considering the various aspects of the car insurance policy discussed, you can now make an informed decision of buying the best one availing totally to your benefit!

FAQs

What are the non-covered features of a car insurance policy?

Owning a car insurance policy usually does not cover the following features such as
Damage incurred to the person or his vehicle due to his negligence like cases of drink and drive, intoxicated to drugs, etc.
Damage incurred due to not abiding by the car manufacturer's guidelines and portrayal of abusive behaviour.
Gradual damages incurred due to the wear and tear of the vehicle without an external factor.

How to calculate car insurance premium?

The availability of online car insurance calculators has made it a lot easy to calculate insurance premium amounts to benefit the customer before picking on any car insurance policy.
Model, type of car, Insured Declared Value of the vehicle, and Consideration of the engine's cubic capacity are crucial factors the insurance provider considers.

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