How to Choose the Right Car Insurance for Your First Car?

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Buying their first car is no less than a milestone unlocked for many. Saving up for the day to doing detailed research and finally buying the first car feels like a dream come true. However, just like buying a new car is essential, it is also important to financially protect it from unforeseen incidents like a road accident. Thus, buying an adequate car insurance policy becomes very important to fully safeguard your new possession from any loss or damage.

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      Importance of Having the Right Car Insurance

      Buying car insurance for your brand new car is not only crucial but also mandatory as per Indian motor laws. It allows you to cover your car financially from unforeseen expenses and save you from being caught by the traffic police.

      There are majorly two types of brand new car insurance policies offered in India. The third-party insurance, being the mandatory one, covers any third-party liability caused by the insured vehicle. On the other hand, comprehensive car insurance offers broader coverage, including third party liabilities and own damages sustained by the insured car.

      Choosing the right motor insurance policy totally depends on your requirements. However, for a brand-new car, it is always advisable to get comprehensive insurance with full coverage.

      Don't Miss These Tips While Choosing the Right Insurance for a New Car

      Now that you have bought a brand new car, we suggest you go through these very simple tips to choose the best car insurance for your new asset. Take a look:

      1. Don't Depend on Dealers

        Many car owners, just to avoid the hassle, blindly trust their dealers and purchase car insurance from them at a higher price. Moreover, it is also not compulsory for you to buy insurance for your first car from the dealer. In fact, it is your choice to decide whether you want to purchase car insurance online or offline.

        Moreover, dealers may also trick you into buying car insurance from them by giving you some “extra benefits” that you won't find elsewhere. However, it's not true; you will get the same benefits if you buy a policy from a trusted insurer online or from Policybazaar.com.

      2. Know your Needs

        Before investing in a four-wheeler insurance plan for your brand new car, know your needs. You must be well aware of your budget and the type of coverage you desire for your new car. For instance, if you only want third-party coverage, you must invest only in a third party coverage. However, if you wish a full cover, you can go with comprehensive car insurance. So, make sure to consider all your requirements before choosing a policy.

        You May Also Read: Types of Motor Insurance

      3. Compare Plans Thoroughly

        This is a very important tip that can help you get the right coverage for your car. When you get car insurance online, you get an option to compare plans with ease from different insurers or from an aggregator website like Policybazaar.com.

        Thus, compare car insurance plans from different insurers based on coverage, inclusions, exclusions, add-ons, deductibles, and discounts before finalising a motor insurance plan.

      4. Choose Add-ons Wisely

        Just because it's your first car doesn't mean you have to get all the additional covers offered by insurance providers. Add-ons enhance the coverage of your policy but also come with an extra cost. So, you must only choose the add-ons that your new car needs.

        Some must-have add-ons for a brand-new car include Zero Depreciation, Roadside Assistance, Engine Protect Cover, and NCB Protect cover. Therefore, make sure to choose add-ons wisely.

      5. Know Your Insurer

        Knowing the credibility of your insurer is a crucial step in choosing the right car insurance for your first car. One of the easiest ways to know the credibility of your insurance provider is by checking their claim settlement ratio. If the insurer has a higher claim settlement ratio, it means they have settled a higher amount of claims in a particular year.

        Usually, a CSR of more than 90% is said to be beneficial. Other factors to consider while choosing an insurer are the Incurred Claim Ratio, discounts offered, cashless facilities, and network garages.

      Ways to Buy Car Insurance for Your First Car

      Buying a four-wheeler insurance is not a rocket science. Once you have decided on the plan or insurer, you have two methods to buy a policy: Offline and Online car insurance. Both these methods have their own pros and cons. However, we recommend you purchase car insurance after comparing prices from various car insurance companies online.

      When you purchase brand new car insurance online, you get the following benefits:

      • Minimal to Zero Paperwork
      • No Insurance Agent Required
      • Instant Policy Issuance
      • Convenient to Compare Plans Online
      • Easy to Check Insurer's Credibility
      • Faster Purchase Process
      • Faster Claim Settlement

      You May Also Read: Buying Car Insurance Online Vs Offline: Which is Better?

      Wrapping Up!

      No matter if you are buying an SUV, sedan, or hatchback as your first car, it's imperative that you protect it from any unanticipated damages. Your first car is your biggest asset, so you should also look after its well-being by covering it with a car insurance policy. The above-mentioned pointers will help you choose the right insurance for your first car so that you don't have to pay for heavy repairs from your pocket.

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.

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