The moment a person buys a car, he/she makes a promise to safeguard it. Every little scratch affects the car owner. Perhaps that’s why car insurance plans exist in today’s world. Not one, not two, but we have hundreds of such car insurance plans available to us. There are different types for different requirements. There are even some odd types of insurance that a person wouldn’t generally know about.
A good example would be low mileage car insurance. So, if you have a car and you are looking for an insurance plan for the same, you’ll likely find it sooner than you think. Going through this little handbook might help you find the best car insurance.
Figure out what you need
You know your car and your needs best. So, a smart move would be to figure out what you need from the insurance company.
If you are going for a third-party insurance plan, you must know that it won’t pay for the damage done to your car in an accident.
However, it will be cheaper than a comprehensive car insurance policy, which pays for the damage to both parties. So, you can make your pick.
Compare the available plans
You can’t afford not to compare the available plans. Here are a few pointers that you need to compare before signing up for a car insurance policy.
- Sum insured
- Claim process
- Add one
- Inclusions and exclusions
Only after going over these pointers must you consider buying a particular insurance plan. It must be cost-effective.
Know about the add ons
While you are out shopping for car insurance plans, it’s not mandatory that you look only at the particular policy. You must also know about the add ons. They are also called Riders in the market. They are the additional benefits you get out of your insurance plan.
They mainly provide additional coverage and come with extra premium money, of course. These coverage benefits vary from plan to plan, which is why you need to pay attention to the person who is explaining to you about add ons.
Also, you will only be able to get add ons if you are a comprehensive policyholder.
Go over the claim process
The primary reason why people get car insurance plans is financial assistance. It has to be immediate. You should be able to get your insurance money right at the moment of your need.
This whole process of claiming your money from the insurance company is called the claim process. Stick to a company that offers a quick claim process.
Have a look at the claim settlement ratio
The claim settlement ratio or the CSR displays the number of settled claims against the number of settlement requests received by the insurer during a year.
The CSR should ideally be high if the insurance company is reliable. So, have a look at the claim settlement ratio if you want to have your claim approved when you need it.
Don’t feed your false information
Most people innocently provide wrong information about their driving history and their age to their insurer.
They think it is going to benefit them in the future. However, if you are caught by the insurer, you might have to face serious financial consequences. So, don’t feed your false information.
Observe the terms and conditions of the policy strictly
It’s an easy thing to ignore the terms and conditions of the policy.
However, you might have to pay a hefty price for it. So, don’t do that. Observe the terms and conditions of the policy strictly.