Four-wheeler insurance is both mandatory and necessary. Such policies protect you both financially and legally during incidents such as road accidents and vehicle damages, among other things. Vehicle owners need to buy the best car insurance available in the market. But how to find the best one? Following are some tips –
Types of policies offered
Before you select the insurance provider, consider the types of policies they offer and the premiums charged against them. Choosing a plan solely based on the premium charged is a rookie mistake. You should consider a policy that provides maximum coverage while not going too heavy on the premiums.
Investing in comprehensive plans
While the Motor Vehicle Act of 1988 mentions that all vehicle owners must invest in third-party liability, it is best to consider a comprehensive insurance policy. They are regarded as the best car insurance policy since they provide protection to both third-party and self and offers coverage against injuries, hospitalisation, and vehicle damages.
Opt for higher insured declared value
IDV is one of the essential components of auto insurance. IDV represents the current market value of your car based on which you get the insurance coverage. IDV signifies the present value of your asset after the depreciation component gets factored in. The insurance premium you pay yearly on the car insurance renewal depends on your IDV. As the policyholder, you can insurance your vehicle’s IDV by paying higher premiums. This enables you to receive the higher sum assured when you need to file a claim.
Considering add-on riders
The best policy is the one that enables you to add different riders. Some of the best to select include coverage against natural and humanmade calamities, emergency road service, zero depreciation cover, personal accident cover, and more. For example, if you live in a flood-prone area, you must buy comprehensive online car insurance, which provides coverage against natural calamities. Similarly, suppose you live in a theft-prone region, where conflicts are a regular affair. In that case, you need a policy that offers protection against humanmade disasters like riots, terrorism, and so forth.
Insurance provider’s market reputation
The insurer you opt for makes a massive difference. You do not want a company that does not help you out immediately, especially when you are in dire need of them, such as road accidents. The best policy provider is the one to whom you can reach out at any time. Check their years of experience in the industry and see how active they are. Nowadays, most of us buy car insurance online, and it is ideal if there is 24*7 assistance. Read the consumer reviews before selecting your provider.
Consider the claim settlement ratio
Many of them file insurance claims annually. But does the insurance company honour all of them? If not, then why? What causes the insurer to reject the claims? Find answers to these questions before selecting an insurance provider. You can find out how many claims they have settled, pending, and declined on their portal. Ideally, you should opt for the insurance company that has a high claim settlement ratio.
Provides flexible coverage
While seeking the best car insurance, flexible coverage options are essential. Generally, insurance policies are not designed for fitting one size. You need a provider who enables you to customise your insurance plan based on your requirements. Insurers who provide such flexible coverages should be on top of your list.
Consider No-Claim Bonus
Insurance investments might not seem appealing when you do not file any claims. But what if the insurers have discounts for being a good rider? This discount is called as No-Claim Bonus. It is a reward for being a good driver, and you this when you do your car policy renewal. The first-year discount is 10% and increases by up to 50% for five consecutive claim-free years.