When you buy a new car or a car, then know that it is necessary to get a car insurance in India. You cannot escape from this. Car insurance prevents financial losses in the event of damage to your car or in an injury to yourself or others. If you are also buying a car for the first time, then you have to buy a car insurance. You must take care of some important and important things before purchasing the policy. Come, let’s discuss these things here.
Third-party insurance and comprehensive insurance
Third-party insurance is minimal legal requirement. It covers a third party property damage or a third party injury. On the other hand, comprehensive insurance, third party liability and your car damage cover both. It is always appropriate to choose comprehensive insurance options to stay adequately safe.
Assess your coverage needs
When purchasing a car insurance, it is necessary to assess your coverage needs. Your car insurance premium depends on the declared value of your car. The declared value declared is the current market price of your car. According to Bajaj Capital, to get better coverage, you should choose the option of a highly insured value. You should also consider individual accident cover, zero depreciation cover, engine safety cover and other ad-on cover.
Compare insurance policy
Many car insurance policy is available in the market. It is important to compare policies offered by various insurance companies to find the best policy according to your needs. You should compare premiums, facilities and ad-on cover given by various insurance companies before taking a decision.
Find the claim settlement ratio
The claim settlement ratio is the percentage of the claim that an insurance company dealt against the total claims. Before purchasing the policy, know how much the insurance company you are considering, how much is the claim settlement ratio. The high claim settlement ratio indicates that the insurance company is reliable and will quickly settle your claims.
Know what is not involved in insurance coverage
Car insurance policy does not include many things in their coverage. This may be different from one insurance company from another. To understand what is not included in insurance, it is important to read the policy document carefully. The things that are not included include driving under the influence of drugs or alcohol, damage caused by war or nuclear risks, and more. You should understand it well to avoid any surprise at the time of claim disposal.
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