How to buy a good and correct car insurance policy

How to buy a good and correct car insurance policy
How to buy a good and correct car insurance policy – Car insurance is a contract between a car owner and a general insurance company in which the latter agrees to protect the car owner from any financial loss that may occur due to an unfortunate event involving your car.

Depending on the coverage, there are 3 types of car insurance: third-party car insurance, own car insurance, and comprehensive car insurance. To continue taking advantage of these policies, police must process auto insurance renewals in a timely manner.

Choose the type of plan: Evaluate the auto insurance you need and finalize the type of policy you need. Choose third party coverage or comprehensive coverage based on your requirements.

Compare Policies – You should compare different car insurance plans online. The comparison makes it easier to choose the best car insurance plan according to your budget and needs.

Check IDV and Premium-IDV refer to the current market value of your car and the maximum amount the insurer can pay you in the event of a total loss or irreparable damage to the car. A higher IDV can give you more range, but it can also increase your premium. So please check the amount of IDV and choose the one you can afford and need.

How to buy car insurance

Request additional coverages: Additional coverages extend the scope of your policy. You can buy it by paying an additional premium. You have to ask about the accessories and choose the one that suits you best. However, you can have this coverage only with a comprehensive insurance plan.

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Look for a claims process – Look for an insurance company that has a simple and fast claims process. To confirm the quality of insurers’ claims processing, you can check their claims settlement ratio (CSR) before completing it. This refers to the percentage of claims that are settled by insurance in a year. It is better to buy a plan from a company with high CSR.

Helping You Be Legally Compliant Car Insurance Helping You Be Legally Compliant Based on Motor India rates, all car owners are required to have at least one third party car insurance policy. Failure to do so is punishable by a fine of Rs. 2,000 and/or imprisonment for up to 3 months.
Protection Against Third Parties.

An auto insurance policy helps you reduce third-party liabilities such as bodily injury, temporary/permanent disability, death, and property damage. Meanwhile, compensation for third party property damage is limited to Rs. 7.5 lakhs, unlimited compensation in case of bodily injury, disability or death of third parties.
Protection against self-harm.

Car insurance policy benefits

An auto insurance policy helps keep you safe from the costs of damaging your car. Damages that occur in traffic accidents, natural disasters, human disasters, fires, explosions, vandalism, etc. they are covered by independent own damage as well as comprehensive auto insurance plans. Theft Coverage

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Auto insurance policies also provide coverage in case your car is stolen. In the event of your car being stolen, your insurance company provides you with your car insurance guarantee for a declared value (IDV) that matches the market price of your car.

Personal accident coverage With a car insurance policy, you can also get personal accident coverage of Rs. The 15 Lakh offers coverage in case of death, bodily injury and disability of the insured in a car accident.

Convenience: The online auto insurance purchase and renewal process is much more convenient than traditional offline facilities. Previously, people had to visit insurance company branches or meet with their insurance agents, but with the online auto insurance feature, they can now compare and choose policies from the comfort of their home.

Minimal paperwork – When you buy a car insurance plan online, it involves minimal or even zero paperwork with digital proposal forms, scanned document requirements, etc. Additionally, an electronic copy of the policy document is sent to the email ID on file after purchase. In simple terms, buying a car online helps you avoid the paperwork process.

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The cost of the process of buying a car insurance plan online is inexpensive compared to buying a policy offline. Overall operating costs go down when car insurance is sold online because it removes insurance agents and other mediators from the process, which also lowers your commission costs. Therefore, insurers can offer you a reduced rate car insurance plan.

It’s easy to check credibility: It’s much easier to check the credibility of an insurance company online than it is offline.

You can easily find the incurred claims ratio, claims settlement ratio, claims settlement process and reviews to know the real quality of work of an insurance company. Getting all these details offline can be tedious and time consuming.

Makes the process faster: The process of buying or renewing car insurance online is faster than the offline process every day. Buying an auto policy online can take a few minutes just by entering the basic details about you and your car.

Meanwhile, in the offline process, you’ll need to meet with an insurance agent or visit an insurer’s branch and fill out a lengthy form. Therefore, online car insurance makes the process much faster.