Varun DuaWhether you’re buying your first car or the fourth, the decision will always be special. If you’re as fond as I am about cars, you’d probably have an excel sheet, comparing features, mileage, color details available the list of models you’re considering and the works. This level of obsession might sound exaggerated, but everyone does care a lot, (if not in this manner) about big investments that define our adult life: be it buying a home or a car. However, as much time as you spend in zeroing in on THE CAR, I bet you don’t pay much attention towards the car insurance. When it comes to renewal of an insurance policy, it probably is the same case! But you should care about this as much as India does about cricket! Well I exagerrate again, but you should pay a little bit of attention when choosing a policy as it will go a long way to help protect your beloved car without burning a hole in your pocket. These 7 quick tips will help you make the right decision on your car insurance quickly: 1) Every company rates each brand of cars differently: This is on the basis of their own claim history, statistical analyses and several other factors. They revise this rating frequently so comparing quotes from a few companies will help you fetch a better price. However, a word of caution here: pricing shouldn’t be the only factor you should be considering while choosing a policy.
2) Comparing and buying insurance online is faster, easier and it’s cheaper too. Besides being paperless and hassle-free, you get the policy issued instantly and have access to it in one place wherever you may be.
3) Make sure you choose an insurance company that has a wide network of garages that allow for cashless claims. These are faster and involve less running around and are extremely convenient for you.
4) You should always go with the company with best claim settlement ratio and an easy claims process. It is easy to figure these ones out, if you go online and do a quick search on the companies you are considering.
5) Choose the right add-ons for your car - Add ons are a great way to help provide adequate coverage for your car, as per your individual needs. Popular add ons in the market such as zero dep (helps get reimbursements for car parts replaced as per actuals and not depreciated value), NCB protect (helps you keep the discount on account of no claims, even after making one claim in the year), help add up on savings.
6) Though motor policies are fairly standard make sure you understand all the exclusions applicable to you, so you’re not in for a rude shock at the time of claims. Your broker/agent/insurance company should tell you this clearly.
7) The right advisor is the one that will help you find the best insurance, will help you during claim settlement, provide timely renewal reminders and should guide you on the confusing terms of insurance. So make sure you make this choice wisely! Keep the above in mind and you shouldn’t have to worry! Wish you safe travels in your awesome (and awesomely protected) car!
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