If you are looking for the best car insurance in India, then you must do your research. You can visit the websites of various insurance companies, and compare policies and quotes to find the best car insurance. Or, you may visit one of the several quotes comparison websites where you can find and compare plans and premiums of many insurers. You can filter results based on policy features, benefits, discounts etc. This will help you in finding the best car insurance according to your requirement and budget.
However, do not go blindly for the cheapest plan in the search result without looking closely into the inclusions and exclusions under the policy. While you may feel it unnecessary to invest a lot of money in the best car insurance in India for an uncertain situation in the future, and that too without any money-back guarantee, it is still advised to have your back covered at all times.
So, while choosing car insurance online, keep these things in mind:
- High premium policies usually provide extensive coverage
Before purchasing car insurance online, go through the features carefully. You will find that policies with low premiums usually have certain limitations in their coverage. Initially, you may save on your premium but in case of damage, you will have to pay the major part of the expenses out of your own pocket. The insurer will be paying only a part of the compensation amount. Before finalising what you think is the best car insurance, go through the exclusions and terms and conditions to know what the insurer will cover. This would help you in selecting a policy that would provide maximum coverage even if the premium is high.
- A third-party liability policy provides limited coverage
A third-party liability policy is mandatory for any four-wheeler owner. Most of you may think that it is the best car insurance in India as it is affordable and sufficient because it would take care of the legal and financial expenses if an accident happens. However, you need to reconsider your decision if you have a car that is not too old. The third-party policy premium is fixed by the IRDAI (Insurance Regulatory and Development Authority of India) in such a way that it is not heavy on the pocket and provides only basic coverage. This is fine as long as your car is not damaged in an accident. If your car is badly hit, you will not get any cover under this policy. The entire repairing or replacement cost would be on you. A third-party policy covers losses related only to the third-party property damage, physical injury and damage to their vehicle.
- Own damage policy is better but not adequate
If you buy own damage car insurance online by paying an extra premium you may be satisfied thinking that it will cover both accidental and non-accidental damages. However, there would be certain exclusions such as depreciation, regular wear and tear, certain non-accidental damages etc. You can find them on the policy document.
The extent of coverage can be increased by buying the suitable add-on covers at an additional premium. Add-on covers cannot be combined with standalone third-party policy.
- Should you buy comprehensive car insurance online?
A comprehensive policy contains the features of both a third-party and own damage policy. Besides, you can buy add-on covers based on your requirements. For imported or expensive cars brands such as Mercedes, BMW, Audi, or even a brand-new sedan or SUV, the cost of replacement or repairing would be quite high. In certain cases, the car parts have to be imported. So, investing in comprehensive car insurance online with suitable add-ons would be a good option. It would save your future expenses. For damage beyond repair or car theft, your insurer would pay the entire sum insured which is equal to the IDV (Insured Declared Value) or market value of the car.
The above tips would help you to decide on a suitable policy for your car. While buying car insurance online, you have to keep in mind that extensive coverage is more important than a low premium. So, select a policy that fulfils this condition besides taking care of your need and budget.