Coast, cruise, or just go for a spin; make it a point to make your car ride safe with adequate motor insurance coverage. With comprehensive coverages and unbelievably low premiums available, securing your car with adequate insurance for indemnifying losses has become a cushy job. With the best insurance companies competing to offer you stellar plans, choosing the most appropriate one among various available car insurance plans can prove to be tricky. If you are in a fix trying to figure out the plan that complements your needs optimally, read on to learn how you can confidently choose the best plan.
Tips to Choose the Best Car Insurance Plans
It is a basic human tendency to judge the suitability of the latest insurance plans for your customized needs based on the premiums payable. Often without research, we cling on to the insurance provider who promises the lowest premium and modifiable IDV (Insured Depreciated Value) of the car. This is not the best approach. If disaster strikes on road, unwisely chosen insurance plans often leave you in the lurch. To steer clear of such a prospect, you need to consciously choose the plan.
This section enlists the steps you should essentially adhere to while selecting an insurance coverage for optimal outcomes.
1. Research Online
Shortlist top insurance providers by researching a bit about them online. Compare the shortlisted policies based on their merits, i.e., the extent of coverage provided, type of coverage extended (bumper to bumper, driver insurance, third party insurance, theft, own damage, accidental death etc.), and claim settlement time.
2. Welcome Feedback
You must infallibly seek feedback from your friends and relatives about the response times and earnestness of settling claims of insurance companies they have subscribed to. Their experiences would count while choosing your ideal insurance partner.
3. Critically Evaluate the Add-ons Offered
Add-ons reinforce your insurance coverage. Choose riders wisely to remain shielded from exorbitant charges levied by workshops for repairing/replacing of expensive components of your car. Often, the workshop estimates to repair the damaged cars may run into five to six figures and limited coverage may constrain you to pay the additional expenses from your pocket. Riders take the monetary burden off your shoulders at minimal cost.
4. Go Through Genuine and Unprejudiced Online Reviews
Most people like to share their experiences with insurance providers through the posting of their feedback on various authority sites. You must go through them to make an informed and conscious choice.
6. Compare Features of Various Motor Insurance Policies
It is recommended not to rely on the first policy you come across. Run a comparison check on websites like Coverfox.com to get quotes of different insurer under one roof. Compare the features, benefits, exclusion lists and much more offered by different insurers and then zero down your search.
7. Watch out for IDV and NCB
Ensure that the IDV (Insured Depreciated Value) of your car is taken as fixed for computation of the premium. Also, stress on increasing the quantum of NCB (No Claim Bonus) if you have not filed any damage claim in previous years.
8. Check Out the CSR (Claim Settlement Ratio) Track Record
The CSR of shortlisted companies is an important consideration to factor in. Most popular insurance plan providers don’t have cryptic clauses and long waiting time for claim settlement.
Drive Stress-Free With the Best Car Insurance Plans
Carefully and judiciously chosen car insurance plans make your rides more enjoyable with a host of advantages. Never forget to check out the claim settlement ratio (CSR) of the insurance companies as you will get a fair idea about the total number of claims settled during a particular year against the total number of claims filed. It will also let you know the time taken to settle claims filed by aggrieved clients. If CSR is not appreciable, just part your ways with the company. The website of IRDA (Insurance Regulatory and Development Authority) carries the CSR of various insurance companies. Always seek third-party liability coverage for remaining financially safeguarded against unforeseen eventualities involving third parties. The onus of monetarily compensating third parties whose properties may have been damaged by your car or who may have sustained injuries due to your driving would lie on the insurance company.
Coverfox.com provides a comprehensive and insightful comparison of the offerings by all car insurance providers’ to assist you in making the best decision about your next car insurance.