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Posted by Royal Sundaram on 08 Sep 2017
You can buy a second hand Maruti Alto or a brand new Mercedes Benz, buying a car will always remain a special occasion. Most of us put in hours to finalise the car and its specifications. It has to be the best and nothing else.
While we put in such efforts to buy a car, the same effort does not go into insuring it. Many just buy car insurance because the Motor Insurance Act warrants it. However, there are more reasons to it. We should buy a car plan because it is the best safety cover we can provide for our car.
If you are buying a car plan, here is a handy checklist to refer.
- 1. Type of Insurance
There are two types of car insurance plans- third-party insurance and comprehensive insurance. The former covers the policy holder against legal liability arising from third party death/injury/property damage. The latter covers the insured vehicle against a variety of man-made and natural scenarios and includes the third-party cover as well.
- 2. Premium calculation
The amount you pay at the beginning of the insurance period to insure your car is premium. The vehicle being insured, location, and IDV are among the factors which go into the calculation of the premium.
- 3. Add-ons
These are covers designed to protect the insured vehicle and owner from certain scenarios. Examples of add-ons include NCB protector, voluntary deductible cover, loss of baggage cover. You can buy them for a fee over and above the original insurance policy. While these add-ons will increase your premium, the right one can provide a lot of benefits.
- 4. Network Garages
If your vehicle is damaged in an accident, you can tow it to a garage for repairs. While buying insurance, ask for the garages in the insurer’s network. If you take your damaged car/vehicles to any of the garages listed in the network, you are eligible for cashless insurance.
- 5. Claim Settlement Ratio
It is a ratio of the number of claims accepted by an insurance firm divided by the total number of claims made in a financial year. If the ratio is high, it means the insurance firm accepts most of the claims it receives.
Buying a car insurance is an important act. Make sure you buy the right one using the checklist above.
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