How Can You Choose the Best Plan for Your Car?
According to Indian tradition, buying a new car brings excitement to the whole family. It means a lot of joy, fruitfulness and the start of the journey that you have been planning with your family in your new car. With the joy of a new car, people often overlook the fact that buying a new car is not just a matter of entertainment, it is a huge debt.
If you analyze it carefully, you will know that owning a car or buying a new car is a big responsibility, as we have to make sure we don’t hit anyone in our car while driving. In the event that we do so, we must have the appropriate insurance for our car and third party to ensure compensation.
It is not only our responsibility to have car insurance but also a legal obligation to have third party liability insurance under the Motor Vehicle Act. There are a number of insurance providers available in the market, who offer different types of car insurance policies, but we need to consider the most appropriate strategy. To buy the right car insurance, we have to compare it before deciding which policy to buy. Here are a few things to keep in mind:
Briefly list your requirement:
Before buying car insurance, it is very important that you first decide what you need in your car insurance policy. Just make a list of the type of cover you want in the policy such as TPL, IDV, add-ons and so on.
Comparison of learning:
Once you are done with a short list of your needs, compare the policies online. In addition, the type of coverage offered on a third party loan is different from the full policy. Financial liability only includes losses and injuries caused by a third party, and the comprehensive policy provides you with full coverage including TPL, motor vehicle injuries and personal injury. Therefore, it may be best to carefully weigh the car insurance policies before buying.
Compare IDV:
The premium prices are based on the IDV (declared amount) of the car which means the current value of your car after the setback. The car IDV depends on the age of your car, how old the car will be, the higher the premium.
Premium:
One of the most important factors in choosing the right car insurance policy is the premium policy you have to pay for insurance. You may find that some of the car insurance policies are available at very low prices, but a lower price does not mean a better policy. You should compare the features and benefits of the policy before making any final decision. If you get better coverage by paying extra and it really deserves it, you should choose the same. Keep in mind that car insurance premium is always determined by many factors such as model, age, type of car, volume, type of fuel etc.
Compare CSR for insurance:
Always compare CSR for an insurance company where you plan to purchase your car policy. You must purchase a policy from that provider who has a fair claim (CSR) rate. Don’t buy policy from a company with a low claim rate. Every year, the IRDA publishes a detailed report on the claims fee, which you can easily
find on the IRDA website.
