If you are a car owner residing in India, you should know that according to the Motor Vehicle Act, 1988, you must purchase a minimum of a 3rd party car insurance policy. But with many car insurance providers in India, you may find it challenging to choose the right insurance company. This post will teach you what you should consider before choosing a car insurance provider.
Considerations when choosing a car insurance provider
Before considering a car insurance cover from an insurance company. If you must consider some essential factors that can significantly influence your buying decision. These factors include:
The pricing of the premium is one factor worth considering, especially if you are running on a tight budget. Typically, third-party car insurance policies attract a lower premium than comprehensive car insurance policies. However, insurers provide a quote based on several factors, including the brand, make, date of manufacture and age of your car. The quotes offered by insurance companies can vary, so before you choose an insurer, you should compare them carefully before choosing a policy.
Ease of premium renewal:
Another thing you should consider before choosing an insurer is the availability of easy premium renewal methods. For the sake of convenience, it is advisable to select an insurer that offers you a chance to renew car insurance online.
Although many insurance companies now offer car insurance renewal online, this is one consideration you should never compromise because it is a time-saving and cost-effective way to renew your car insurance policy. You can compare the online premium renewal process of several insurers to see which one requires less documentation while at the same time offering a fast policy renewal.
Coverage and add-ons:
The car insurance scope you intend to buy is essential. If you own a luxurious car, for example, then it would be wise to purchase comprehensive car insurance. Alternatively, if your vehicle is five years old and above, then it may be worthwhile to purchase a third-party car insurance policy. However, while a third-party car insurance policy has limited coverage, the coverage for comprehensive car insurance is more extensive with possible riders or add-ons available.
You should check and compare the add-ons offered by insurers. These riders could include roadside assistance cover, engine cover, third-party liability cover, personal accident cover, zero depreciation, and so on. If you would like to have riders to your car insurance policy, you should compare the number and type of add-ons offered by insurers by looking at their pricing and other added costs.
Track record of meeting claims:
It is also essential to know the track record of performance of insurance companies and their claim settlement ratio. You can check out third-party review sites and watch out for the feedback of their customers to know whether the insurance company has an impressive track record of compensating either first or third parties under a comprehensive or third party car insurance policy.
The best insurers will not delay compensating you in case of a mishap. Also, most renowned insurance providers offer a simplistic process for claiming benefits under your car insurance policy.
One thing that can cause friction between the insurer and the insured is the quality of customer support. You should always check out reviews from unbiased third-party review websites to know the customer service rating of insurers. Reading customers’ feedback also helps a lot, as you can know a lot about an insurer from their comments. Avoid insurers with a high number of negative comments, reviews and feedback.
There are many insurance companies in India, and many offer similar car insurance products. It, therefore, goes without saying that if you want to choose the best insurer, you need to consider their track record, customer service, premium renewal payment options, the type of riders available, premium pricing, customer feedback and reviews, amongst other considerations.