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 Cheapest 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.
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.