The Motor Vehicles Act mandates every car owner to have a valid insurance policy before plying their cars on the road. The right car insurance policy offers coverage against theft, damages, third-party liabilities and personal accident cover. Therefore, buying the best car insurance policy before taking a vehicle on the road is mandatory and essential.

Criteria to Select the Best Car Insurance Policy

  1. Insurance Service Provider
  2. With a large number of car insurance providers in the market, it is imperative to gauge the reliability and offerings of the insurer before finalising an insurance policy. There are multiple factors that help you in determining which insurer to select for your car insurance policy. However, the three cardinal criteria to check are:
    • Claim settlement ratio – IRDAI publishes the Claim Settlement numbers of the insurance providers in India. It denotes the percentage of claims settled by the insurer as against the claims raised. A higher claim settlement ratio suggests a more reliable insurer.
    • Claim process time – The best car insurance providers have the most seamless and quickest claim settlement processes.
    • Customer support – Dedicated customer support, over multiple platforms like call, chat and mail, points towards an insurer that cares about its policyholders.

  3. Policy Coverage
  4. If observed superficially, most insurance providers offer fairly similar coverages with their policies. However, on closer inspection of the policy document, you can understand the intricacies and differences of the coverage. While all car insurance plans have some basic coverages, the best ones offer comprehensive coverage, competitive features, seamless settlement, host of add-ons, all at affordable rates. It is important to look at the offerings of various providers, analyse their inclusions and exclusions and finalise the one that suits your needs the best.

  5. Add-ons
  6. The majority of car insurance companies offer extra add-on services such as 24*7 spot assistance, zero depreciation, car towing, paid driver cover, engine protection cover, key replacement cover, etc. The person needs to carefully consider all the additional covers offered by the insurer and select the one that offers the most relevant ones.

  7. Online Policy
  8. The best car insurance companies have an interactive website or app that helps the policyholders have easy access to their policies at the click of a button. Ensure that the insurer provides seamless buying and renewing of the policy online, online query resolutions and detailed policy information on their website.
With the right car insurance policy, one can enjoy a safe and secure car ride. While selecting the car insurance policy, the customer should ask all the relevant questions and only after full satisfaction purchase the car insurance policy that meets all the essential criterion.

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DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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