Factors to Consider Before Buying Comprehensive Car Insurance

When insuring your car, you're likely to miss out on the important factors that can make a big difference at the time of filing the claim. Since every insurance company in India has a different set of rules and regulations guarding their policies, it is a must that you consider a few factors before zeroing down on a particular car insurance plan. Also, many people today opt for a comprehensive car policy as it is a good mix of own damage and third party coverage, so here is a list of factors that you should consider before buying car insurance.

1. Consider the risk exposure:

When insuring your car, you're likely to miss out on the important factors that can make a big difference at the time of filing the claim. Since every insurance company in India has a different set of rules and regulations guarding their policies, it is a must that you consider a few factors before zeroing down on a particular car insurance plan. Also, many people today opt for a comprehensive car policy as it is a good mix of own damage and third party coverage, so here is a list of factors that you should consider before buying car insurance.

When buying a comprehensive policy, assess the risk involved. This means that if you are going to use the car for going on long drives or in risky routes in comparison to park it in a garage most of the time. Identify the risks the vehicle might be exposed to and only then opt for this type of policy. Also, consider that when the car would be parked in garage, it can get damaged due to any man-made or natural calamities. 

2. Add-ons:

You can enhance the coverage of a comprehensive car insurance policy by opting for add-ons such as engine protection cover, roadside assistance, personal accident cover, NCB protector, key replacement, etc. Each add-on has its own share of benefits that can help you get full coverage when you make a claim for covering the damages. For example: with NCB protection add-on, you can make up to two claims in a year and still be eligible to receive the NCB discount.

3. Deductible:

When buying comprehensive car insurance, understand the term deductible as it is an amount that you are eligible to pay at the time of making the claim. This simply means that you share the claim amount with the insurer. There are two types of deductibles offered with comprehensive car policy. Compulsory deductible is pre-defined, whereas you can decide on the percentage of the voluntary deductible. Opting for a high deductible means you will have to pay less premium and opting for a low deductible means you will have to pay high premium. It is important that you be cautious in determining the deductible amount as you will receive less coverage when you claim for the cost of damages.

4. Check the claim settlement ratio:

Checking the claim settlement ratio would give you a fair idea of the number of claims settled by the insurance company in comparison to the total number of claims received on a yearly basis. It will help you understand how the company goes about its claims process. You can also read reviews to get more information about the services and top car insurance plans offered by the company.

5. Compare online:

Different car insurance companies offer you different premium quotes and coverage. Hence, it is always a good idea to compare car plans online. Today there are many online insurance brokers in India that allow you to compare benefits, features, premium quotes and coverage offered by various insurers in India. Comparing online is a good way to insure your car with the best car insurance  plan in India. Also, always opt to buy car insurance policy online as insurers save on the offline operational costs due to which you become eligible to receive heavy discounts.