While it is mandatory for cars to have a third party insurance policy, these policies offer coverage from damages caused to a third-party person or property only. They do not offer coverage for damages caused to the insured vehicle. Hence, many car owners opt for a comprehensive car insurance policy that includes coverage for third-party damages as well as damages to the insured vehicle.
There are many insurance providers offering comprehensive car insurance plans in India. Moreover, with most insurers offering insurance policies online, you can compare providers and plans before buying. In this article, we will share four points that you must consider while comparing comprehensive four-wheeler insurance plans.
4 Points to Consider When Comparing Four-Wheeler Insurance Plans
Here are four points that you must consider while comparing comprehensive car insurance plans:
- Look at different insurance providers
Most car insurance providers offer comprehensive car insurance in India. However, it is important to remember that not all providers offer good service. Hence, it is important to compare insurance providers and read reviews. Existing customers are the best sources of information about the quality of services offered by the insurer.
Another important aspect you must consider is the claim settlement ratio of the insurer. Renowned insurers have a strong claim settlement ratio. This indicates a better chance of getting your claim settled within time. For example, the Tata AIG car insurance claim settlement ratio is more than 96%. This means that the insurer settles more than 96% of its claim requests within the agreed time. Therefore, make sure that you assess the insurance providers carefully before buying the policy.
- Analyse your risk exposure
Every car owner is exposed to unique risks based on their usage of the car. Hence, as a car owner, it is important to analyse the kinds of risks you and your car are exposed to. For example, where do you park your car? How often do you go out for long drives? Is your regular route risky? What is the theft rate in your area? Think about questions like these before choosing the coverage and add-ons.
- Look at deductibles
Insurance providers have a compulsory deductible that is calculated based on the age of your car. Most insurance companies also offer voluntary deductibles to allow car owners to reduce the premium amount by agreeing to pay a certain portion of the claim amount. Make sure that you look at the compulsory deductible offered by different insurers and choose your voluntary deductible carefully.
- Compare add-on covers
When you opt for a comprehensive car insurance policy, you can choose from a range of add-on covers that can help you customise the policy as per your needs. Make sure that you go through the list of add-ons offered and think about the risks you are exposed to before making a decision. Remember, add-on covers have a premium associated with them. Hence, make sure that you choose the add-ons that are needed to help you get optimum coverage.
A comprehensive car insurance plan is designed to help car owners get maximum protection on their vehicles. A car is exposed to different types of risks, and a comprehensive plan offers coverage from damages to third-party persons and property due to accidents caused by the insured car.
It also offers protection to the insured vehicle from damages due to accidents, theft, natural disasters, and man-made disasters. However, it is important to remember that insurance providers offer different features with their comprehensive car insurance plans. Therefore, make sure that you compare providers and plans carefully before buying.
Summing Up
With most insurance providers offering insurance policies online, it has become easier to compare plans before buying. Therefore, use the information provided by insurers on their websites and compare all aspects before choosing a plan for your car. A comprehensive car insurance policy must offer complete protection at an affordable price. You might have to choose add-on covers to customise the policy to your needs. Once you know the list of features you want from the policy, use the online car insurance calculators to determine the premium and purchase the best and most cost-efficient policy for your car. Good Luck!
