Car Insurance Tips: Follow These Steps To Get The Best Insurance For Your Car

Buying an insurance policy for your car is very essential in today’s world with prices hiking regularly in the automotive industry.  Also, car insurance is mandated in India as per the Motor Vehicles Act 1988. Every car must have a mandatory third-party liability insurance policy. Numerous insurance companies offer policies with varying prices and features, making the selection process complex.

When purchasing a new or used car, dealerships often help you in finding insurance but they might charge you extra for this assistance. Hence, it's ideal to personally research and purchase an insurance policy. Here are some key steps to follow before buying insurance for your car. 

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Assess Your Needs: There are two main types of car insurance in India: third-party and comprehensive. Third-party insurance is mandated in India and covers damages caused by others, while comprehensive insurance includes damages done by others, self-damage and also if your car gets stolen. So, you need to assess which insurance you need as per your requirements while also considering your financial budget for the insurance. 

Compare Plans: There are various types of insurance plans available in the market as well as online. Research and compare various insurance plans thoroughly to find the most suitable option for you based on your specific requirements.

Explore Add-Ons: Add-Ons are additional services that are provided by insurance companies by paying an extra amount for more premium services. Add-Ons are mostly available in comprehensive plans only for extra services that are mainly focused on self-damage coverage. Check if these align with your needs.

Check Claim Settlement Ratio (CSR): Before proceeding with the insurance plan of your choice, always make sure to review the insurer's Check Claim Settlement Ratio (CSR). The CSR shows the number of claims settled by the insurance company in opposition to how many claims they have received in one year. Also, learn how to file a claim with your shortlisted insurers.

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Read Terms and Conditions: Make sure to carefully read the terms and conditions of your insurance policy and understand them properly. Additionally, be fully aware of the no-claim bonus (NCB) rule, which offers discounts for premium payments if you haven’t made any claims in the previous years.