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How to select Car Insurance provider?

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select Car Insurance

To own a vehicle nowadays is everyone’s dream and is easily made possible with the help of banks and auto companies and their various tempting offers. After you succeed in buying a car the next big thing is to choose an insurance agent and adopt the right kind of insurance policy for your car thereby securing yourself and your vehicle.

Important Points while selecting an insurance provider?

Always aim at those insurance providers that offer the best coverage at affordable prices along with various benefits tagged on to it. Also get various quotes from different insurance providers and patiently sit and compare all of them before choosing on that sounds beneficial for you.

Methods to select Car Insurance

Type of insurance

Basically there are two types of vehicle insurance offered by any provider; third party liability insurance and comprehensive plan. Choose one wisely.

Third party liability

Third party liability insurance covers property damage, accidental death and any injury to third party. Most vehicles that travel through the public roads in India must opt for this insurance type.

Comprehensive plan

Comprehensive plan covers own damage and legal liability of third party along with theft or damage caused by natural calamities or any unexpected threats.

Premium amount

The premium amount for your car depends on Insured Declared Value (IDV) of the vehicle. If the IDV is higher the premium will also be high and if IDV is lower, the premium will also be low. So always get quotes from different agents on premium amounts, compare them and choose one that gives you monetary benefits and other add-ons.

Recommended Read : How to find Cheapest Car Insurance?

Finding the right provider

Choosing between three types of insurers; captive agents, brokers and direct providers.

Captive agent

Captive agent exclusively represents one insurance company and recommends specific policies that fit your need.

Brokers

Brokers are representatives for multiple insurance companies hence they are not biased and offer policies that serve most efficient for you from various providers.

Direct providers

Direct providers sell insurance policies to you by phone, post, online or through a customer service representative. Here you can save the money given to a broker, agent or middleman. You can easily check online for a convenient quote offering affordable prices, quotes, easier payment schemes, flexible policies and more.

Check for license

Make sure that you buy a policy from an insurance provider that is licensed by the state.

Check for customer feedback

Find out from the state’s department of insurance on various providers and the complaints and feedback raised on each of them by the customers. Having a detailed scan on the same will help you choose a good insurance provider that has very less complaints raised in a short time.

Once you look into these aspects, you will be able to find the right insurance provider that fits your vehicle’s specific needs as well as your financial needs. So make the right choice.

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4 COMMENTS

  1. integrated communication availability is very helpful for covering different customers with different preferences. It turns out that few prefer broker who have in-depth idea over the facilites offered by a particular plan and which plan might work best for a particular car owner over other. Whereas some might be more comfortable going directly online and selecting their own plan after due research and reviews. So no one method can be generalised.

  2. There is insurance for almost everything it provides a back up plan for your belongings.There was an incident in Chennai due to flood the car was drowned and could have damaged, but there is a policy, even for that it is included in the car insurance that even for natural disasters, it is valid. the only thing is that it’s the car must be reported and the particular policy man will come make sure you don’t start the engine.

  3. There is so much research to do when selecting an insurance policy for anything.
    The easiest is to go online, or buy directly from the dealer – but always check for licensing. That is the main aspect of insurers that many people forget to check. Getting into some trouble and then finding your insurance agent is not even licensed is the worst experience. You just end up paying through the nose.

  4. As insurance is becoming important in various aspects of life. So a car insurance is equally recomended. The type of insurance choosen depends open individual prefernces and needs. So does getting the insurance from the broker, online or direct from the company depends upon preference. With such a variety of options available it is always better to compare the pros and cons and choose the one that suits the individual.

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