Demystifying Car Insurance: The 5 ‘C’s to check before making the right choice
Choosing the right car insurance can be a tedious task. So many technical jargons and ambiguous policies make it even more difficult.
Thus, here are a few factors which you must always keep in mind before opting for your car insurance. Here are the five ‘C’s that would help you demystify car insurance policies.
- Claim Settlement Policy: Quite rightly, the claim settlement policy is the ‘moment of truth’ for any insurance company towards the policy holder. You must look into the previous record of the company and how they had dealt with previous claim settlements. Focus on the ‘minimum processing time’ undertaken. Always look for companies that can customize your car insurance as per your needs, thereby endowing you with superior protection. Be very specific while dealing with customized recommendations for motor add-ons, especially dealing with make and model of your vehicle along with your car’s age.
- Coverage: Most of the car insurance companies under comprehensive car insurance coverage include cases of loss caused due to fire explosion self-ignition or lightning, earthquake, malicious act, landslide, burglary housebreaking or theft, strike and riot, accidental external means and even damages caused whilst in transit by road rail inland-waterway lift elevator or air. Other add-ons include Depreciation cover, No Claims Bonus Protector, Hydrostatic Lock Cover as well as Roadside assistance.
- Communication Access: Several insurance companies provide online advantage through which you can buy the policy through web instantly and hence, save time and save money. In most of the cases, you get a free quote. Then you can calculate your car insurance premium and buy with the same quote within seven days. Also, be specific to know what will happen to your car insurance if you sell it to another buyer. Check out the number of days within which the buyer (transferee) has to apply for transfer of insurance. In certain cases, the buyer (transferee) has to buy a fresh insurance.
- Cost: Well, the price or premium is perhaps the most necessary detail to look out for, while buying the right car insurance. The premium is based on “insured declared value” and the rate multiplier, which depends on the car model, your car’s age, daily mileage and the terrain of the location. Even if you have to incur a slightly costlier premium, do ensure that you get maximum IDV. These days, car insurance companies provide 24×7 roadside* assistance at no extra cost, Optional Personal Accident cover upto Rs. 10 lakhs as well as cashless facilities at their network’s garages.
- Customer Service: Thanks to online access, car insurance policies can now be instantly issued. Also, changes in policy as well as cancellation are also easily processed without much hassle. Cashless settlement is also available in the context of a claim, so that post-repair delivery is quick without incurring burgeoning amount of bills at the workshop. Always opt for a well known and reliable brand, after all, the bigger the network, the better are your options.
Thus, here is your one stop solution to know anything and everything about car insurance, designed to help you make customized policy choices and instant insurance purchases.