car insurance plan

A Complete Guide to Buy Suitable Car Insurance policy

With a car, you can stop relying on public transportation for your travelling requirements. With the post-pandemic emphasis on social distancing, along with the dangers of crowded public transport, owning a car can be a wise choice. However, the roads are full of unprecedented dangers, and an unfortunate event can damage our vehicles immensely and/or cause injury/damage to a third party. Therefore, to protect our vehicles from the financial repercussions of such accidents, we must get a car insurance plan.

Car insurance policies are insurance products that offer you insurance coverage if your vehicle is stolen or damaged due to unforeseen events. With insurance for your car, you will get financial coverage to deal with the damage repairs.

Numerous insurers in the country offer great car insurance plans. If you’re looking for reputable car insurance companies, you must research these factors:

  1. Claim settlement ratio
  2. Brand reputation
  3. Insurance coverage
  4. Discount offered
  5. Network garages
  6. Ease of purchase, renewal and claim settlement online

Comparing these factors can help you select a good insurance company for your car. However, the plan you choose for your vehicle will play a crucial role in protecting your vehicle. You can read the steps given below to purchase a decent car insurance plan.

Six-Step Guide You Can Follow To Purchase a New Car Insurance Policy

1.Understand your insurance requirements

You can buy two variants of car insurance policies in India- third-party insurance and comprehensive car insurance.

  • Third-party insurance: Third-party insurance is an insurance policy designed to protect third parties on the road from damages. As per the Motor Vehicles Act, all vehicle-owners must own third-party insurance. The third-party insurance does not offer any coverage for damages to your vehicle.
  • Comprehensive insurance: A comprehensive insurance plan offers you insurance coverage for your vehicle and third parties. A comprehensive insurance plan is optimal for protecting your vehicle from unprecedented dangers.

Therefore, you can look through both these plans and select one based on your insurance requirement.

2.Compare different plans:

Once you have decided the type of insurance policy you wish to purchase, you must begin searching for an optimal insurance policy available for you. If you decide to buy insurance online for your car, comparing the policies becomes quite easy. You can directly visit your preferred insurer’s website, compare the different plans available and select the optimal one for you.

Comparing insurance policies online is quite effective as you have all the information on a single screen. Leading motor insurance companies like Tata AIG also offer a car insurance calculator on their official website to help customers purchase the insurance policy of their choice.

The calculator will help you find a good price for your car insurance. You will get a breakdown of the premium amount, which will help you adjust the plan accordingly. It will also help you get a quote for car insurance and compare different plans.

3.Add-ons:

Insurance companies allow you to enhance a plan’s coverage with the help of add-ons. Add-ons are additions to an insurance plan that help you improve the plan’s coverage. With an add-on, you can get coverage for specific situations. There is a wide range of add-ons available for customers.

You must look through the different add-ons available and purchase only the add-ons you deem important for your insurance plan. This is because including add-ons to your insurance plan can lead to a hike in your insurance premium. 

4.Read through policy documents:

Once you have selected the policy, you must ensure that you check the policy documents before purchasing. Reading through the policy document will help you learn about what the policy offers.

You must be clear about what the policy includes and excludes to understand it thoroughly. Learning about the policy thoroughly before purchasing the plan will help you immensely in the future.

5.Provide all the necessary information:

You will need to provide the basic details about yourself and your car. However, you must ensure you have all the documents like your RC book, driving license, and your car’s original invoice near you.

Along with this, you will also have to provide all the necessary details like your car’s make, model, chassis number, purchase and manufacture date, etc., for buying motor car insurance.

6.Make payment:

Once you have finalised the insurance plan, included the necessary add-ons, read through the policy document, you must finalise the purchase and make the payment. Most insurance companies allow customers to purchase the plan online.

After making the payment through the insurer’s website, you will get the insurance document in your e-mail ID.

Once your purchase is made, your car will be protected from any unprecedented dangers. To ensure your car stays protected, you must renew the plan on time. Go for car insurance renewal online for a time and cost-efficient renewal.

Conclusion

You must purchase suitable insurance for new car purchase from a decent insurance company if you’re a car owner. You can get the perfect plan by following a few simple steps. Following the steps will ensure you get to protect your vehicle based on your insurance requirements.

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