How to choose Car Insurance policy and which policy is best for you? The Indian insurance market is huge and offers a wide range of car insurance at affordable rates. Currently there are 25 insurance companies that provide reliable car insurance.
A good car insurance helps you financially in case of damages caused to your car due to road accident, fire, theft, natural calamities etc. While buying a car, you must think about the best insurance. However, often people are confused that what kind of car insurance policy should we buy while buying a car, so that it can help at the time of an accident.
Therefore, you should always buy the best insurance policy. That is why, today we have brought for you the 5 best car insurance policies, but before that we will tell you what are the important things to keep in mind while taking a car insurance policy.
Read and assess the terms of the policy
You must take your time to read the terms and conditions carefully before signing the policy documents. You should check whether the terms are favorable and meet your requirements. Before you start looking for the best car insurance and the best insurance company, you must assess your needs.
Compare Plans
There are two types of car insurance policies in India. A third party insurance and comprehensive insurance. Once you are sure about the type of car insurance policy, it is a good practice to compare the plans of different insurance companies before making a purchase decision. You should compare the plans in terms of sum assured, inclusion and exclusion of the policy, type of add-ons offered, claim process, deductibles etc. Choose a plan that is cost-effective for the premium you pay.
Know about the claim settlement ratio of the insurer
Many car insurance buyers do not understand the importance of Claim Settlement Ratio (CSR). You must check the claim settlement ratio before finalizing the insurer. CSR indicates the number of claims that the insurer has successfully settled against the number of claim applications received in a year. It is better to buy a policy from a company with high CSR, as you will also have better prospects.
Never give false information
Many first time car insurance buyers provide false information about their age and driving history to reduce the premium amount. But these can prove to be a big mistake while filing a claim. If the insurer finds the information misleading, your insurance will be cancelled. Hence, it is extremely important to be honest and provide accurate details in the application form.
List of 5 best car insurance companies in India with Claim Settlement Ratio (CSR) and Network Garages.
Car Insurance Company-Â Â Â Â Â Â Â Â Â Â Motor OD Claim Settlement Ratio FY20Â
- IFFCO Tokio General Insurance- 95.30%
- Royal Sundaram General Insurance- 92.66%
- The Oriental Insurance Company-Â Â Â 91.76%
- HDFC ERGO General Insurance-Â Â Â Â 91.23%
- Universal Sompo General Insurance- 90.78%
