Car insurance buying guide: Types of coverage
Car insurance comes with several coverage options, each serving a distinct purpose. Liability, or third-party coverage pays for damages you cause to others and is essential for legal compliance. Collision coverage protects your vehicle in the event of an accident, while comprehensive coverage offers protection against non-collision incidents such as theft or natural disasters. Majorly, there are two insurance covers in India, a third-party or comprehensive cover. To drive your car legally, you should at least have a third-party insurance cover. On the other hand, the comprehensive covers come with added benefits and safety.
Car insurance buying guide: Understand your needs
Assessing your individual requirements is the first step in selecting the appropriate car insurance. Consider the age and value of your vehicle, your budget, and your driving habits. If you own a new, high-value car, comprehensive coverage is advisable to protect your investment. On the other hand, for older vehicles, third-party liability coverage might suffice.
Tata Altroz Racer Review: Tata’s 2nd attempt at hot hatchback | TOI Auto
Car insurance buying guide: Compare quotes
Shopping around is essential to finding the best insurance policy. Obtain quotes from multiple insurers and compare the prices and coverage options available. While it may be tempting to choose the cheapest policy, it’s important to consider the overall value and reputation of the insurance company. A slightly more expensive policy from a reputable insurer may offer better service and reliability in the long run.
Car insurance buying guide: Investigate the insurer
Research the insurance company’s claim settlement ratio (CSR), which indicates the percentage of claims settled promptly and fairly. Additionally, look into the insurer’s customer service reputation. You want an insurance provider that offers efficient and helpful support, especially when you need to file a claim.
By considering these factors, you can make a well-informed decision and choose the car insurance policy that best suits your needs and budget. Remember, the right car insurance not only ensures legal compliance but also provides financial protection and peace of mind on the road.