The biggest drawback in tackling these misconceptions is the lack of awareness. In India, a majority of car insurance buyers are unaware of how the car insurance is calculated by the insurance providers.
The car insurance policyholder pays a fixed amount of premium to the insurance company. In return, the insurance company offers pre-decided coverage. The premium amount depends upon various factors such as the sum assured, age of the car and age of the policyholder, car manufacturer etc.
Since commuting is an important part of our life, owning a car makes our life comfortable. In order to enhance the car’s performance, the car owner must give due importance to its maintenance.
While it is mandatory to buy car insurance in India, it offers an extra layer of financial protection in case of the a road accident. Car insurance safeguards you against the damages that can arise due to accidents, thefts, etc. Buying a car insurance might sound like a costly affair but it’s not. If you compare car insurance benefits with the features, having car insurance is worth it.
For some insurance buyers, understanding the policy and its coverage along with the jargons can be a tough task. Most of them they fall prey to the myths that run around due to the lack of relevant knowledge.
Firstly, it is imperative that you carefully choose the best car insurance company. For this, you will have to put in your thinking cap and do some research. You can read reviews online and, ask your near and dear ones about the insurance policies they have and also read expert advice. The best car insurance company is one that has a good CSR (Claim Settlement Ratio). Ideally, it should offer maximum insurance benefits at minimum insurance premium.
When it comes to buying car insurance, you might be in a dilemma due to the prevalent myths. Due to these myths, selecting a car insurance policy becomes a difficult task. Also, believing in these myths can increase your out-of-the pocket-expenses.
Listed below are the 7 most common car insurance myths that you should never fall prey to. It will help you to come across the best car insurance plan.
Undoubtedly, it is less expensive as the premiums are low. But it will only be helpful in the short term. It is true that a comprehensive cover costs more than a third-party liability cover. But when it comes to quality, features, and benefits; the latter offers comprehensive coverage.
As the name suggests, comprehensive car insurance provides all-around coverage. A Third party car insurance cover may be easy on your pocket. But when you face difficulties, other than any damages to the property or life of the third-party, you will have to bear the expenses all alone. So, just to save a few pennies, you will actually risk your beloved car and your money will go for a toss.
It is recommended by car insurance experts that you carefully analyze the benefits each insurance policy offers and then take a call. Also, consider the add-on riders for enhanced insurance coverage.
These are some of the prevalent common car insurance myths. When decide to buy car insurance in India, keep the points mentioned above in your mind and then take a call. This will help you make an informed and wise choice.
Additionally, it is recommended that you choose the insurance plan after conducting a proper research. Finding the best car insurance plan in this huge insurance market can sometimes be baffling. Make sure you thoroughly read the policy terms and conditions before you seal the deal.
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