Know Do’s and Don’ts of Car Insurance

Car Insurances 367 views

Car insurance is a prerequisite for you as the lack of the same can put you in a tight corner in the wake of losses due to accidents and damages to the car. We all hope such incidents do not happen, but such is the destiny which could lead to unforeseen circumstances and make you bear losses on the car. But you can overcome such situations if your car comes with insurance. You can choose from various providers like ICICI Lombard, New India Car Insurance, Tata AIG General Insurance Co.Ltd., Oriental Insurance Co. Ltd., etc. But before going ahead, you must be aware of the things to do and things to avoid in respect of car insurance. Look below the details regarding the same.


 Keep an eye on claim settlement

The primary thing to consider while buying car insurance is the insurer's claim settlement ratio. Take car insurance of the company that has an excellent track record of claim settlement. Also see how quickly they have settled claims. You can visit the website of Insurance Regulatory Development Authority of India (IRDAI) to know everything about the claim settlement of the insurers.

Research on premiums

Do a comparative analysis on the premiums of several companies and the extent of insurance coverage. Insurance companies want you to pay certain deductibles before they reimburse the remaining balance to you. You must check the proportion of deductible and if it is lower, then it is good and you can go with that.

Check for cashless claims

Pick the insurer that provides cashless claims as it will be of a great help during emergencies because you will not have to arrange cash for the car repairs. Your insurance company will bear the cost. So it is a vital factor to consider while taking car insurance. Cashless claims are provided to repair the cars at network garages of the insurer in the event of accident, theft or any other damages covered under the policy.

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Research network garages in advance

It is necessary that you know about the network garages in advance so if any of them is found to be near to your residence or office, you can then repair the car easily and quickly. Also keep an eye on the feedback pertaining to these garages so that you can get a fair idea of their services.

Faster issuance and coverage

You must check for the speedier issuance and coverage of the policy while buying car insurance from the company. Earlier, it was taking around a month for the whole thing to complete. But now-a-days, everything is happening instantly. So pick the insurer that fits the bill in this regard.

After discussing the Dos, now get into the Donts of car insurance.


Avoid driving car with expired insurance

Make a point of not driving your car when the insurance policy gets expired. God forbid, if any accident occurs, then not only your claim can be denied but also you may have to deal with severe injuries. This could prove harmful both financially and physically.

Don't have gaps in policy renewal

There can be gaps between the policy expiration and renewal. And if any accident or damages occur to the car during the period, then the insurer holds the rights to reject your claims.

Avoid lower insured value

There is a tendency among most of the people to insure the car to a lower value so that they will have to pay a lower premium. But at a time when car robberies are hitting the headlines, it is advisable you insure your vehicle to the maximum extent possible so as to indemnify yourself from the losses should the situation arise.

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Don't trust unauthorised sources

Give up the habit of buying car insurance from unauthorised sources as it could lead to fraud. Make sure you directly check the authenticity of the policy from the insurance company.

Don't get stuck to one quote alone

Avoid trusting the quote provided by one source. Search around and find the one that fits your requirements

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Fullerton India 14.00% - 33.00%
HDFC Bank 11.25% - 21.25%
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Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
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