The current age is dominated by uncertain times and unforeseen events such as terrorist attacks, accidents, sudden heath emergencies, and economic slowdown. Hence, it is crucial to protect you and your family with an insurance policy. This policy will cover you against an eventuality or a sudden unpleasant turn in your life.
Unfortunately, most of us tend to put off this crucial decision of life for another day. Reason? We believe:
Accidents happen only to others
We are not sure which insurance company to contact
Insurance is waste of time and money
Surprisingly, all the above stated notions are wrong! Firstly, accidents don't happen only to others. Of course, they are escapable, and preventable, but they can occur...to YOU! You can get hurt or hospitalized unless you are not shielded under the ‘invincibility boon'. Second, it is not difficult to choose a specific car insurance company. There are some reputable organizations in India selling insurance policy. Comparing the products offered by these organizations will help you make a decision. Third, insurance is not a waste of time or money, especially with companies offering their products online with quotes.
Now that you have understood the importance of buying an insurance plan, it is time you decide to invest in one. Car insurance is an obligation for every car owner in India. It covers you and your car against various on-road and off-road emergencies. If you are facing confusion regarding this insurance policy, read on. Everything you ever wanted to know about car insurance is right here.
Learn how to choose the right insurance policy:
The Insurer Tendency
First thing first, you must remember that an insurer is most interested in their profits. This is no crime. After all every entrepreneur has a right to think about profits and returns. However, if an insurer tries to swindle the last penny you have without giving benefits in return, you may feel cheated. So make sure you know what the insurer is up to and whether the benefits offered are up to the mark. Also compare the benefits and features with other insurers in the market.
Don't bother about the car insurance benefits really? Forget it. Concentrate on price and reimbursement conditions more. In case, benefits are the base of insurance buying for you, know what they are and how you can actually enjoy them. Also watch out for the red alert. If the insurer shows you a number of benefits but at the same time exposes you to some stringent restrictions to access the same, then this car insurance may be a decoy. Don't hesitate to bombard the insurer with questions to know whether you are dealing with the right company.
Car insurance coverage tends to create a lot of confusion among buyers. Some believe that the basic coverage is adequate while for some the covering numerous risks is important. Hence, you need to jot down your requirements on a piece of paper, especially the risk you want your car insurance to cover. The coverage plan can also be decided according to your driving pattern. If you drive regularly or like to speed your car, the chances for damage are more. Premium amount should also be taken into account. For instance, if you are selecting a high risk covering plan, expect the premiums to be higher than a plan that offers basic cover.
Finding car insurance providers known for offering reliable plans has now become easy. All you need to do is log on to the World Wide Web and start hunting. Make sure you choose companies that offer cover you wish to buy. You may want a full-fledged coverage for your car but not all insurers offer the kind of option you are looking for. It is crucial to keep tabs on minute details. You need to keep tabs on the track record of the company, ratings, premium policy, claim process etc.
Of course, you are not going to buy car insurance from all the companies you have been talking to. Short listing the insurance providers from a huge list offered to you is important. Assess the list carefully and compare various factors before deciding on one. It is crucial to know about special offers, discounts, no claims bonus, and various other extra add-ons offered by the company.
Once you have shortlisted a few insurance providers as per your requirements, decide on a company that is best suited for you. Make a well-informed decision to be on safer side.
Types of Insurance
Did you know your car insurance can be categorized into many divisions and each division has its own purpose, benefits, and significance? Here is what you need to choose from:
- Third Party Liability
This is a type of cover that ensures you protection in the event of damage to the third party, property, or life by your car. This is an ‘obligatory' insurance all vehicles on road in India. You may be denied access to road without this cover.
The coverage protects your car from damages resulting from an accident. It will pay for repairs. In the event of an accident and complete damage to your car, the company will reimburse you for the vehicle's present value.
This cover will protect you against losses incurred:
- accident by external means
- malicious act
- lightning, hurricanes, flooding, etc
- Personal Accident Insurance
Most car insurance plans in India provide a Personal Accident Insurance
cover under the event of an emergency.
- Liability for Property Damage
This plan covers you against damage you or a person driving your car does to someone property of third party. The damages covered include:
- Utility poles
- Businesses/just about any structure your car comes into contact with
The above mentioned approach will help you buy a Car Insurance Plan
that suits your specific requirements and avoid making hasty decisions. Good Luck!