Having a vehicle of your own is something very special today. Specially if it is a car, choosing a best car insurance is must. Don't worry I'm here to guide you how to pick the premium car insurance considering the top companies, policies, types of insurance coverage, claims, benefits and many more.
As we know a car makes things much convenient and comfortable. You can travel in peace and maintain yourself in the society as a well off person. It is not only about the status but also about the necessity of owning a car.
Have you ever wondered what would happen if ever you loose your most precious asset: car? What if you meet with an unexpected accident or an untimely incident such as flood hit up? It can be disastrous and unfortunate but such situations are unpredictable and out of our hand. What happens is we end up being ruined with no car. The best thing to be safe at any moment is to have a backup plan and that is to get a car insurance.
A car insurance which is an insurance policy which will cover up your finances when the vehicle is met up with some damages, theft, any harms caused to the vehicle or even the third party liability. That is the motor insurance which is one of the essentials every vehicle should have and in India if you drive without a motor insurance you can be charged penalties. Therefore you have to have an insurance but what’s the point in having a normal insurance that doesn’t coverup in most places? So you have to choose the best and premium insurance policy that fits you and your car.
Factors to consider when choosing a car insurance
Market Research
It is indeed a challenging factor to find and select the best car insurance for your car as there are plenty of them with so many options and thereby it can be confusing. You have to analyze carefully with the insurers and get a thorough understanding. You also have to make sure that the auto insurance offer an inclusive coverage with a reasonable amount.
Have you ever wondered what would happen if ever you loose your most precious asset: car? What if you meet with an unexpected accident or an untimely incident such as flood hit up? It can be disastrous and unfortunate but such situations are unpredictable and out of our hand. What happens is we end up being ruined with no car. The best thing to be safe at any moment is to have a backup plan and that is to get a car insurance.
Factors to consider when choosing a car insurance
Market Research
It is indeed a challenging factor to find and select the best car insurance for your car as there are plenty of them with so many options and thereby it can be confusing. You have to analyze carefully with the insurers and get a thorough understanding. You also have to make sure that the auto insurance offer an inclusive coverage with a reasonable amount.
Choose a reputable insurer with a better claim settlement ratio and also with an comprehensive network of garages. Thereby you will be able to get hold of the cashless claim facility
Fuel to be used
Fuel to be used
If your car is a diesel engine then it is also better to go for a premium car insurance. Because the diesel vehicles are expensive and their IDV costs more too when compared to the other like gasoline or compressed natural gas engines.
Types of coverages
Types of coverages
The car insurance worth will be decided by the coverage you select. If you select low priced policy then the coverage will definitely be impacted.
Third party insurance
As for the law of the Indian Road Safety Act and the Indian Motor Vehicle Act choosing a third party insurance is essential. That is why it is important to get a third party insurance before you start driving your car anywhere. What normally happens is the car dealers would add the cost of the third party insurance to the price of the car and provide it to the buyers.
Estimation and quotes
Do not go an accept a single estimate that provides a great deal with a premium and matching benefits. It is always better to get quotes from at-least 3 trustworthy business companies.
Benefits of having a car insurance
1. With a right car insurance the owner will be able to cover the financial expenses when the car meets with an accident , in case of a theft or damages caused by any natural disasters, riots, fire or any such unpredictable occurrences.
2. Car insurance will also offer the required coverage for an unexpected injury, death or even damages caused for property. This will benefit the survivors after an accident that caused any deaths.
3. It would also cover the financial liability of law suits which includes any legal fee that is issued to you due an accident caused.
4. The best benefit of having a car insurance is having no claim bonus. The car owner will be able to benefit this every year without a claim. This can also be a discount on the premium and it will lower the insurance cost further.
5. If you drive without an insurance policy you will be charged as it is illegal. So it is a must to have an insurance policy to avoid from getting penalty. Always obey the rules.
Important factors that can affect the premium of a car insurance
1. Type of car - The premium would be influenced by the make year of the car, model and engine capacity.
2. Age of the car - normally older cars have a lower premium when compared to the new cars.
3. Insured Declared Value or IDV - This is the current market value of the car, if your car have a higher IDV then it will draw a higher premium.
4. Geographical location - In India the car insurance premium will differ from city city depending on the average amount of thefts, accidents and natural disasters.
5. Driving history - A driver with a good driving record will have a much lower premium when comparing to a driver who have faced accidents and such.
6. No-claim bonus - Accumulated over time, no claim bonus will result in a lower premium for the policy holders.
7. Coverage- Comprehensive policy that have a higher coverage will also have a high premium when compared to third party car insurance.
8. Add-ons - Another factor that can increase the higher premiums is the additional coverage like the passenger cover, zero depreciation and etc.
Benefits of having a car insurance
1. With a right car insurance the owner will be able to cover the financial expenses when the car meets with an accident , in case of a theft or damages caused by any natural disasters, riots, fire or any such unpredictable occurrences.
2. Car insurance will also offer the required coverage for an unexpected injury, death or even damages caused for property. This will benefit the survivors after an accident that caused any deaths.
3. It would also cover the financial liability of law suits which includes any legal fee that is issued to you due an accident caused.
4. The best benefit of having a car insurance is having no claim bonus. The car owner will be able to benefit this every year without a claim. This can also be a discount on the premium and it will lower the insurance cost further.
5. If you drive without an insurance policy you will be charged as it is illegal. So it is a must to have an insurance policy to avoid from getting penalty. Always obey the rules.
Important factors that can affect the premium of a car insurance
1. Type of car - The premium would be influenced by the make year of the car, model and engine capacity.
2. Age of the car - normally older cars have a lower premium when compared to the new cars.
3. Insured Declared Value or IDV - This is the current market value of the car, if your car have a higher IDV then it will draw a higher premium.
4. Geographical location - In India the car insurance premium will differ from city city depending on the average amount of thefts, accidents and natural disasters.
5. Driving history - A driver with a good driving record will have a much lower premium when comparing to a driver who have faced accidents and such.
6. No-claim bonus - Accumulated over time, no claim bonus will result in a lower premium for the policy holders.
7. Coverage- Comprehensive policy that have a higher coverage will also have a high premium when compared to third party car insurance.
8. Add-ons - Another factor that can increase the higher premiums is the additional coverage like the passenger cover, zero depreciation and etc.
We saw how a complete car insurance can cover up the medical cost, property damages and third party liability. This will save you from any losses that can result in untimely accidents or any other damages. It is very important to have a car insurance policy to your car.
