Car insurance is a must for all car buyers, but you must never invest in the car insurance policy without considering the cost, premium, and other important factors. Check the policy of the plan to get a clear idea of the accidents and damages that will be covered in the case of any mishap.
If you are planning to invest in Comprehensive car insurance, check out the coverage policy online and compare different products with their rates. Cost is an important component of the insurance policy, but there are other parameters too. Let’s check a few factors you must consider when buying comprehensive car insurance.
Some car owners buy the insurance just to tick the insurance box, while others get the car insurance policy in order to meet the legal requirements and avoid unnecessary expenses on repairs and maintenance in the case of damages.
A comprehensive insurance plan is always a good option, as it helps you ensure that your car repairs and other costs mentioned in the policy will be covered by the insurance company. You can also get the add-ons for better coverage.
Add-ons are the extra coverage options that can be added to the comprehensive insurance plan. The price of the add-ons can vary depending on the add-on you select for your insurance plan. Pick only the ones that seem important or you’ll end up with surprising insurance bills. If you often drive on off-roads and at late nights, consider getting road assistance insurance for better protection.
3. Go over the Policy
Never settle for the car insurance product until you have read the policy in detail. Gather the details of the insurance plan from the website and mobile apps. Alternatively, you can contact the policyholders to renew your insurance plan. Remember that car insurance is a long-term contract and your claims, premiums, term, and other details will be outlined in the policy online.
Also, as a medical insurance policy has a waiting period under its policy coverage, check if there is a similar waiting period for a car insurance policy.
4. Compare the Quotes
Now that everything has gone digital, it has become a whole lot easier for shoppers to get quotes from different insurance providers online. You can compare these quotes and select the product that fits your preference and budget. While cost is a crucial component of an insurance plan, don’t let it be the only factor that decides the best insurance plan for your vehicle.
5. Install Anti-Theft Device
Not only does it improve the security of your vehicle, but an anti-theft device can reduce your insurance premium. Get an anti-theft device that’s approved by the ARAI and add an additional layer of protection to your car.
6. Voluntary Deductibles
One way to reduce your car insurance premium is by agreeing to share the maintenance and repair cost in the case of accidents and damage. By sharing the repair cost with the insurance company, you can save quite a few bucks on your monthly or annual premiums.
7. Do Not Settle for the Dealer Insurance
Car insurance is mandatory for all buyers, but that doesn’t mean you should settle for the dealer insurance that is offered at the time of purchase. Your car dealer will offer you the cheapest insurance policy that will barely cover anything. The general rule is that you must never invest in any insurance product without comparing the quotes from different insurance companies. Always check the policy and the coverage plan before signing up for the plan.
8. Brand Reputation
Never buy comprehensive car insurance from any random insurer. Conduct thorough background research on the insurance provider to know about their reliability and buy insurance from a secure and authentic company.
9. Claim Settlement Ratio
The claim settlement ratio shows the total percentage of the claims the company has settled to the claims they received. Never buy a car insurance policy from a company that has poor CSR. The last thing you want is to file a claim only to discover that the company refuses to settle your claims.
Exclusions include the events and services that will not be covered in the policy in the case of mishaps. Make sure you check the exclusion section to prevent any unpleasant billing surprises at the time of the accident.