What To Know When Purchasing Car Insurance?

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The-Right-Rules-you-Need-to-Know-Before-Buying-a-Car

Owning a car nowadays is more of a need than a want. However, buying a car for the first time brings a lot of confusion. It needs proper research to be done in relation to the budget, technical aspects, brand reputation and many other things. Buying a car insurance policy is one such decision where one needs to be careful and review a variety of car insurance quotes.

esides the third-party car insurance policy, there are two more types of car insurance policies namely comprehensive car insurance policy and standalone own-damage car insurance policy. While the comprehensive car insurance policy covers all types of damages including third-party losses and own damage, the standalone OD policy covers only damages incurred by the insured’s car.

An accident can result in the loss of property and life. Having a car insurance plan at least covers you against the financial side of it. This checklist of Dos and Don’ts is generic but it should not be ignored. Ignorance may lead to higher premium cost and lesser coverage.

People often get confused about the factors which they should consider while choosing a car insurance plan. This article will give them a clear idea of the aspects they should keep in mind to buy a suitable insurance plan for their car.

The following are some pointers that will help you make the right choice when selecting a car insurance policy for yourself:

  • Insurance Provider’s Reputation: There is a wealth of material online that will help you understand your insurance providers reputation. Another marker that help you understand this is their claim settlement ratio.
  • Customer Care Reviews: When you make a claim you will primarily be interacting with their customer service/ helpline. Check to ensure that the review about the service is good as inefficient customer service and delays and claim process can be extremely frustrating especially in times of crisis.
  • Insured Declared Value: The IDV is the maximum compensation that your insurance provider will give you in case of a mishap. It is a good marker to understand the coverage the policy will provide you and will help you select a good deal.
  • Network Garages: Or cashless garages have tie-ups with insurance providers and can settle the cost of repairs with them directly meaning you will have no out of pocket costs in such cases. Ensure the insurance company you pick has a large and efficient network of such garages.
  • Purchase Online: The best way to purchase insurance is to do it online. You can compare the different car insurance companies, check the quotes they offer and their network of cashless garages with a few clicks.

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