Best Insurance Guide for the Future | Step by Step Advice for Taking Insurence

By | September 25, 2022

Insurance companies in India offer many car insurance schemes to meet the specific needs of the customers, but choosing the right policy can be quite a challenge. Insurance companies in India offer different plans with different features and these schemes come at different price points. Therefore, it is important that you do thorough research before choosing the right insurance policy that suits your needs. Today we are going to mention some important things here, which will help you a lot.

1. Know your needs

Before you start looking for the best car insurance and the best insurance company, assess your needs and know what type of policy you need. There are two types of car insurance policies in India. Third-party insurance and comprehensive insurance.

2. Compare Plans

Once you are sure about the type of car insurance policy, it is a good practice to compare plans from different insurance companies before making a purchase decision. You should compare the plans in terms of sum assured, policy inclusions and exclusions, type of add-ons offered, claim process, deductibles, etc. Choose a plan that is cost-effective for the premium you pay.

3. Know the claim settlement ratio of the insurer

Many car insurance buyers do not understand the importance of the Claim Settlement Ratio (CSR). You should 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 higher CSR, as it will also give you better chances.

4. never give any wrong 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 canceled. Hence, it is extremely important, to be honest, and provide accurate details in the application form.

5. Know the policy terms and conditions

Before signing the policy documents you should take your time to read the terms and conditions carefully and check whether the terms are favorable and meet your requirements. This is an important step to avoid any legal hassle while filing a claim.