Car Insurance Policy: If you are planning to take car insurance, then before buying any insurance plan, information about these eight things should be taken.
Car Insurance Policy: There are hundreds of types of car insurance in the country, due to which people face difficulties in getting the right insurance policy. According to the Motor Vehicles Act 1988, it is mandatory for the car owner in India to insure his vehicle. If you have bought a car or your old vehicle’s insurance has expired, here are some ways to choose the right insurance policy.
what is your needÂ
First of all, it is important to know what kind of insurance plan you want to take. Comprehensive insurance plans are offered with third party insurance in India. There are separate plans for vehicle damage, separate plans for engine and fire, and separate insurance plans for vehicle theft. On the other hand, if you want to take all the facilities in a single insurance plan, then you will have to choose a separate insurance plan for that.
How to choose the right car insurance planÂ
Before choosing any car insurance plan one should compare with other plans available in the market. This will narrow down your search. Let us know what you should look for in an insurance policy.
add-on facilityÂ
Add-on additional coverage, which can be purchased by paying an additional premium above Rs. It is available only in comprehensive insurance policy plans.
learn how to claim
It is paramount to understand how to make an insurance claim. Therefore, before buying an insurance policy, one should know about the claims process completely.
Check Claim Settlement Ratio
One should always check the claim settlement ratio of the insurer before buying a policy. This ratio gives information about the number of claims settled by the company against the number of claims received in a year.
do not give false information
If the insurance company finds that the information provided is false, it can cancel the insurance immediately. That’s why always correct information should be given.
Know the terms and conditionsÂ
Know the terms and conditions thoroughly before buying the policy, for this it is necessary to understand each clause and condition.
Beware of No-Claim Bonus
No claim bonus is a discount given by the insurance company on premium payment. In such a situation, customers should be cautious, because many other types of charges can be added. Along with this, the claim money can also get stuck.
