Buying a new car brings in excitement. But what follows the excitement is the financial stress of keeping it well maintained as well as protected. The surest way of safeguarding your prized possession is by availing a car insurance policy. But, simply deciding on buying a policy will not work. You have to put in extra effort in deciding the right car insurance policy. And the best way to do that is by comparing different motor insurance policies.
Every individual has different needs and budgets. And every policy caters to a unique set of requirements. Thus, it is vital to compare different policies when it comes to selecting the best policy for yourself. We have listed down a few parameters, based on which you can carry out effective research and select the policy that best suits your needs.
This is the first and most important parameter in deciding the best policy. You have already gone through much hassle while buying your car. Be it selecting the best model to taking care of loan arrangements. You surely do not want the same hassle while buying the policy. Look for a provider that offers convenient online buying as well as claim settlement process.
A low-cost policy does not necessarily mean the best policy. Insurance providers decide on the price of the policy based on various risk factors. The higher the risk, the more you will have to pay for the policy. So, instead of looking for a cheap policy, try to cut down the costs by minimising the associated risks.
A good insurance company is differentiated from others in terms of the service. A website that lets you connect to the experts and a 24/7 helpline number will go a long way in solving all your insurance related queries.
Claim settlement ratio:
This is a vital parameter about the efficiency of any insurance company. According to the rules laid down by Insurance Regulatory Development Authority (IRDAI), a provider is required to settle the claim within 30 days of submission of the application. Look for a provider that offers a quick and convenient settlement of all your claims.