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Car Insurance

How to choose the right car insurance company?

15 October 2015
Beyond getting the right coverage for you and your vehicle, it’s equally important you get the right insurer, one who processes claims in a timely manner, answers all your questions and does not inconvenience you as a car owner.
 

Choosing which insurer to purchase a car insurance policy from is a decision that cannot be taken lightly. Even though you can end or renew the policy a year later, theres no telling the extent to which you may need the insurance cover you are paying for.

Here are the factors you must evaluate before deciding upon a particular insurer.

  • Premium: For insurance policies, the lesser premium you pay, the smaller the amount you can claim. There are some inextricable parts of any robust insurance policy you shouldn%u2019t do without, even if they cost a little more.
  • Essential riders: There are 7 major car insurance riders every car owner must consider including in their insurance plan. These riders provide additional yet essential benefits at an additional cost. These include:
    1. The personal accident cover, which financially safeguards you against unforeseen events causing bodily harm, such as Accidental Death or Permanent Total Disability arising due to a road accident;
    2. Rental reimbursement rider, which covers the cost of renting a car when your own vehicle is being repaired;
    3. Road side assistance rider which offers facilities like fuel refilling, battery jumpstarting, lost key replacement, legal advice, etc.
    4. Andmany more
  • Check reputation and financial standing: Motor insurance is a two-way street: you pay for the coverage and your company provides the coverage. You need to make sure your company can pay your damages when required. Going through online reviews, speaking to friends and relatives, and staying abreast with financial news can help you keep track of the motor insurance company's reputation. To check an insurer%u2019s claim settlement ratio history, you can visit IRDAI%u2019s website.
  • Convenience: The insurer you opt for must have a well-established digital presence so that you can file claims online. A mobile app is a huge plus, especially if it lets your renew your car insurance policy instantly. This would also make it easy to get a car insurance plan online as you get a digitally signed policy through their portal.
  • Cashless garage network: One of the worst parts of getting into a car accident is having to find a garage that can fix it efficiently and without delay. Some advanced insurers offer a cashless garage facility wherein, if you get your car serviced at a garage that is part of your insurer%u2019s network, you can get it fixed under a cashless claim.
  • Customer service: Beyond getting yourself an insurance policy, what%u2019s equally important is how responsive your insurer is to any issues or questions you may have. One quick way to check this is to visit the insurers%u2019 websites and contact them via social media or online contact forms and assess how quickly and helpfully they respond.

Is there something else you%u2019d want to know about a car insurance company before deciding to buy an insurance claim from them? Comment below and we%u2019ll help you out.

 
 
 

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