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Here’s How You can Shop for an Affordable Car Insurance Plan
- DetailsWritten by PolicyBazaar -
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Studies claim that 80% of Indian population is unsuccessful in getting a good insurance deal for their cars. They end up spending a huge amount of money and miss out on opportunities to obtain a good deal on car insurance. Owing to rapidly growing prices of car insurance, you must analyse whether the offered deal is beneficial or not.
You just need to understand that with an active motor insurance, you would be compensated for the damages or the total cost of the car in case of a car-wrecking accident. Hence, owning car insurance is a must. However, you shouldn’t compromise on the quality of a plan. Here’re some tips to get the most beneficial car insurance online.
Play Smart while Choosing Car Insurance
By playing a little smart, you can land the best deal. First, analyse your insurance needs because without understanding your requirements, buying insurance is a waste. You may end up finding that the plan isn’t even relevant for you.
Second, if you think getting a cheap deal is enough then you’re in the wrong. Sometimes, this cheap deal that you buy, in order to save some money, may not even suit your needs. Apart from the insurance premium, there are other things to consider like 24x7 customer service, claim settlement, renewal process etc. Going with a company that offers complete insurance services is as important as choosing an optimum car insurance coverage.
Getting Cheap Car Insurance Shouldn’t be Your Motive
Thinking of cheap car insurance as a saviour is deadly, but most of us do this mistake. Sometimes, you may have to pay extra to insure yourself. A perfect car insurance deal is the one that covers all your insurance need within your budget. This will help you hit the best car insurance policies available in the market.
Checking Financial Status of the Insurer is Essential
It is one of the essential factors that need your attention. While looking for car insurance, compile a list of various insurance plans. Inquire about the financial status of the company, their claim settlement ratio and the customer service. By doing so, you can take a competitive and informed decision about car insurance.
In this regard, claim settlement ratio is another important factor that every insurance seeker should look for. It is nothing but the number of claims an insurer settled against the total number of registered insurance claims. If the company has higher claim settlement ratio, it means it has the capacity to tackle a claim smoothly.
Deductibles are an Important Factor
Your insurance deductibles play an important role in deciding the policy cost. As they say, lower the deductible, the higher the premium rate. Here you need to be a little smart. Just for the sake of saving on premium, you must not go and pick the plan with higher deductibles. Set deductibles that sound reasonable and you won’t have any difficulty in paying. By choosing higher deductibles, you just invite unnecessary expenses during a claim.
Agent vs. Broker: Whom to Approach?
Though broker and insurance agent appear similar, but there is a difference between the two.
Aren’t they both financial advisors?
Yes, they are! The only difference, but the one that really matters, is that an insurance agent sells the insurance product of only one insurance company while brokers deal with different companies at the same time. Hence, a broker may offer you a variety of insurance companies, as well as policies, to avail the best deal.
Those who are super busy can opt for a broker for their comfort and get insurance quotes and compare the same. But if you believe in verifying all the aspects and facets of a policy on your own, then consider yourself lucky because you can buy insurance online. You can get suitable insurance quotes that match your requirements and settle for the one that suits you the best.
Choose Add-on Cover Smartly
Adding a cover brings more value to your base plan. Sometimes, you may feel that it is a waste of money. But it is not. By buying an add-on cover, you can save more as well get more. Buy a cover only if the vehicle requires it. Picking a cover as per the requirement is an ideal choice. Zero depreciation, NCB protector, and car engine protector are some of the most beneficial covers that will pay off in the long run.
What about Discount?
What if you haven’t claimed your insurance yet?
If so, then it is good news. If you do not claim the insurance in a given period, you would be rewarded with No Claim Bonus. NCB is offered for every claim-free year as a discount on your insurance premium. The bonus could range from 20% to 50% for five years. By grabbing this opportunity, you can save a lot on premiums.
Moreover, there are other options that can help you trim your car insurance premium, such as fitting an ARAI approved anti-theft device in your car. It will secure you a discount of 2.5% on own-damage premium. Also, you can save on premium by becoming a member of any automobile association.
We hope this article guides you in purchasing the right insurance plan. Hopefully, these tips will make your experience of buying car insurance less confusing. The best way to get a fine deal is an online comparison as you get to compare the plans on the basis of parameters like benefits, features, claim settlement process, premium rate. This way you get an overall idea of various plans and their offerings, enabling you to take an informed decision and landing yourself a good deal.
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