Things to be Considered While Buying Motor Insurance in India
Since there are plenty of vehicle insurance policies to choose from, it does not make the choice an easy one, especially for people who are not familiar with insurance features and policies. However, here are a few aspects that all vehicle owners must consider while selecting, which are as follows:
Decide on the type of motor insurance plan to buy.
Evaluate the claim track record of the insurer.
Understand how vehicle premium is calculated.
- Flexibility and convenience.
Decide the Type of Motor Insurance Plan to Select
As stated before, there are two types of motor insurance plans available in India, including comprehensive insurance and third-party liability insurance.
Comprehensive motor insurance plans in India protect policyholders financially if the insured vehicle gets stolen or damaged due to an accident or unexpected circumstances like earthquakes and floods.
Third-party liability plans are mandatory in India and cover the policyholders from accidental injury or death due to accident or damage to the vehicle.
For expensive vehicles, it is best to select comprehensive motor insurance plans as those cover more bases and extend more protection to you and your vehicle. However, for those who have specific needs, a third-party vehicle insurance plan can suffice.
Evaluate the Claim Track Record of the Insurer
Another aspect that one should look into before purchasing a motor vehicle insurance plan online is the claim track record of the insurer. Always select insurers that have a low rate of grievances with a settlement rate of at least 90%.
The track record is an indicator of the type of customer care support and transparency from the insurer’s side. It will also help to read reviews about the insurer, clear queries that one has about the policy, and only then finalize the deal for the vehicle insurance cover.
Understand How Vehicle Premium is Calculated
It is important that potential policyholders must learn how to calculate the premium for the policy that they want to purchase especially while buying motor vehicle insurance online. Online vehicle insurance premium calculators are available free of cost on our website that can help one ascertain how much premium they have to pay.
Flexibility and Convenience
Another important aspect that one needs to keep in mind is flexibility and convenience extended to the policyholder. For one, online motor insurance policies are widely available these days and can be purchased online from the comfort of one’s home.
The paperwork involved in online motor insurance policies is streamlined and hardly takes any time to complete the registration process. Also, policyholders can pay their premiums online and need to worry about visiting the insurer’s office to get all the paperwork done.
Besides these, make it a point to read motor insurance reviews of the company you are planning to choose, as that too plays a huge role while buying motor insurance online.