If you have never bought a car before, chances are that you feel it’s hard to understand where to begin looking. It requires thorough research in terms of features, specifications, fuel type, and budget. However, it does not end there. After buying a car that matches your needs, the next step is to think about safeguarding it from possible damages. According to research, India accounts for around 6% of the road traffic incidents that happen globally. This is where buying car insurance online or through a local agent comes to play its role.
Just like purchasing a car, research and planning are a must while selecting car insurance online. Each insurance provider has their car insurance policies different from that of others in terms of features and price. Cherry-picking the best car insurance online may seem like a tough task. But you can make it simple by understanding how to select the right car insurance policy.
Here is what you must consider while insuring your new car under the right policy:
Compare Different Policies
Think of comparing car insurance online to be like buying groceries in the local market. If you have five different stores offering the same product at different rates, you will most likely ask them what makes their product different before buying it.
Similarly, you must know what makes different car insurance policies unique. Online comparison of car insurance policies makes it easier for you to understand the policy wordings better. For instance, you will get to know about deductible and the role it plays during the claim settlement instances.
The more you research about car insurance online, the better the decision you can make to protect your car with an insurance policy.
Consider Value for Money
Although most car dealerships have tie-ups with different insurers, it is up to you to decide from whom you should buy the policy. You can find low priced car insurance online that only offers third party coverage in comparison to a policy that costs more.
As per law, buying third-party insurance is mandatory. However, it does not cover the damages to your car in case of an accident. On the other hand, buying comprehensive car insurance online is more advantageous. So, do the required research to move a step closer to buying a policy that gives substantial value for money.
Pick a Renowned Insurance Company
Once you have decided on the insurance coverage, the next big thing is to select the right insurer. Like comparing car insurance online based on different parameters, you must compare insurance companies as well. Check their past record of claim settlement, look at the genuine customer reviews, and ask for the experience of existing policyholders, if possible.
This way, you can decide better on choosing a reliable insurer like Tata AIG General Insurance Company. Their Auto Secure Private Car Package Policy is known to offer complete protection to cars so that you can have peace of mind. Some of the features of this car insurance policy include:
- Coverage for loss or damage to the insured car
- Third-party liability coverage
- Personal accident cover for owner-driver
- Multiple add-ons for all-round car protection
Two Key Areas Where You May Go Wrong While Buying Car Insurance
Choosing Reduced IDV of Your Car
IDV or Insured Declared Value of a car is its current market value. Based on it, an insurer decides on the maximum sum assured under the car insurance policy. Since the IDV of your car has an impact on the insurance premium, some people choose a lower IDV to reduce the premium. Avoid doing this as it may make you lose more money in the long run.
Buying a Policy Based on Low Price Only
The cost of buying car insurance online is one factor that you should consider, but not the only factor that matters. Making the selection of a car insurance policy based only on its price is not a wise decision. Instead, consider other factors like coverage, duration, and network garages alongside.