Among the several things that one must consider when buying a motor insurance cover, the right policy is at its very basic. A motor insurance plan is mandatory by law, the Motor Vehicles Act of 1988. It is an agreement between the insurance company and the insured, that guarantees the insured compensation for the repairs. A suitable insurance plan will ensure to keep you protected from the various repair costs that may be required for your vehicle in addition to coverage for third-party liabilities.
When you are out in the market shopping for the right motor insurance policy, there are myriad alternatives to choose from. There are various combinations in which a motor insurance policy can be purchased. But as a prudent buyer, you need to compare the available alternatives and then only make a final choice of policy.
A comprehensive study of motor insurance plans can help you avoid ending with a policy that isn’t right for you. For starters, you can decide between buying motor insurance online, or offline. Offline is the traditional way of buying one and you need to visit an insurance company’s branch or reach out to an insurance agent. On the other hand, online motor insurance plans help to choose a policy as per your convenience even in your busy work life.
When selecting a plan, make sure to purchase a policy with the minimum third-party coverage. Since it is a legal requirement, all vehicles registered in the country need to at least have this insurance cover. This insurance cover only protects against the damages that are caused to a third person, which can be due to accidents or collisions. But, it does not protect against the damages to your vehicle. That’s when you can choose a comprehensive insurance policy that includes third-party cover and own damage cover under the policy’s scope. *
Further, knowing the fundamentals of the insurance policy is essential before you make a vehicle insurance online payment. There are several technical terms that are used in an insurance document and being informed of what each of them means will help to make a smart choice of policy. You can also reach out to the insurance company’s toll-free number for more information about any product or terminology.
Next, make sure you select an insurance company that has a good reputation. This can be done by looking at some of the metrics like the claim settlement ratio. It is that ratio which denotes the percentage of claims settled in comparison to the total claims received by the insurer. In addition to this, you can also have a look at the customer reviews on forums that discuss the positives and negatives of any insurance company. *
When choosing any plan, make sure to use a vehicle insurance calculator. This is a handy tool that helps compare the several options that are available against each other. The premium of these plans isn’t the only thing that is compared, but also its features.
To conclude, the above consideration will help in selecting a plan that checks all the important aspects that are critical to you, as a policyholder. Hence, make sure to compare them well before zeroing down on one policy.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.