If you have
bought a new car it is mandatory to buy a motor insurance policy. And for
existing motor insurance policyholders it is important to renew it in time.
Motor insurance is portable –you can shift to another insurance company without
losing any benefit you are eligible for.
Most motor
insurance policies that are available in the market are similar hence it
becomes difficult to choose the best for oneself. However, you can base your
decision on certain factors such as brand, policy coverage, customer service,
distribution and access, and price.
Brand: This is one of the most important
parameter that distinguishes one insurer from another. One can easily check the
past record of an insurance company on various parameters such as claim
settlement and time taken for claim settlement on their website.
Coverage: It is important to choose the right
insurance cover that suits your requirement. A standard car
insurance, commonly referred to as motor package policy, consists of a third
party liability cover and an own damage cover. Third party covers is mandatory
by law for every vehicle plying on road and own damage cover is optional.
However, it is advisable to buy both the covers.
Customer
service: Now many
insurance companies have started focusing on Over the Counter (OTC) issuance of
policies. Agents are provided with technology to ensure faster delivery of
motor insurance policies. Apart from this, some companies have been able to
demonstrate significant reduction in turnaround time for other service requests
like endorsements for effecting any change in an existing policy and
cancellation of policies among others.
To make the
claim settlement process fast and stress free for customers, in case a vehicle
meets an accident, many insurance companies have tied-up with garages for
cashless settlement of claims.
Distribution
and access:
Sometimes, it is observed that one is not aware of whom to reach out to in case
of any difficulty. In such a situation, a wide network and multiple distribution
and communication channels have become the need of the hour for insurers.
Price: Premium is also an important criterion
to buy a motor insurance policy. But your decision should not solely depend on
this factor alone. The premium of a car depends on its Insured Declared Value
(IDV) and the rate multiplier which is decided by the insurance company.
Generally, the model of the vehicle and geography are the two most important
factors which decide the premium rate.
[Source: https://www.policymantra.com/blog/basis-to-choose-best-car-insurance-policy/]
Thanks for this helpful blog...but can you please brief me about car insurance
ReplyDeleteNice and informative blog more info on cheap car Insurance .
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