Finding the best car insurance plans may not be the first thing on our mind when we buy ourselves a car. However, instead of going for the default car insurance policy which comes along with the vehicle, search for options that would give you a good cover and would secure you financially in case of any mishaps or accidents.
But how can you determine if the car policy you have shortlisted is the best in terms of features and coverage? Simple, you just compare all the relevant car insurance policies online and buy the best car insurance plan of them all. For the uninitiated, let us go through this process one step at a time
Ways to Find Best Car Insurance Plans
Before you start the process of investing in an insurance plan, you must ensure that you have spent quality time researching on the various features and aspects that are required to make a car insurance plan the best in the industry. After you have researched, you may have brought your search down to a certain number of relevant plans and policies from different car insurance service providers. Now to zero in on the best car insurance plans from the list, you need to do the following:
#1. Compare Features
This must be the first step to get the best car insurance plan for your four-wheeler. After listing down the most relevant car insurance policies online, compare their features on Coverfox.com and analyse which looks more lucrative. Ensure that the policy has all the key inclusions pertaining to a car and gives an adequate cover against damages to you, the car, and to any third party who may get injured during any mishap or accident.
Also look out for policies that have adequate add-on riders that you could buy as and when required. You also need to determine if you want a comprehensive plan or if you are fine with a third-party liability plan.
#2. Check Online Reviews
Checking online reviews eliminates last-minute shocks in terms of service or claim settlement. Check the online reviews for all the relevant policies to shortlist the best car insurance plan out of them. Don’t forget to check with your friends, relatives, and acquaintances who may have bought car insurance recently. This can help you understand their claims settlement time and customer service level.
#3. Compare Premiums
This must be the last step when it comes to buying the best car insurance online. It is important that you don’t fall for a so-called “great deal” that gives an enormous discount in premium but turns out to be fraudulent when it comes to claiming settlements. However, that should not stop you from comparing the premium amounts of various policies and checking for the most lucrative one of them all. Make sure that the premium is computed on basis of the fixed insured declared value or the IDV.
After all this, whichever plan looks the most lucrative to you must definitely be the best car insurance policy. However, if that doesn’t look comprehensive enough for you, here are some tips to determine if your plan is the best.
Is Your Plan Among The Best Car Insurance Plans?
#1. Insured Declared Value
If you want an insurance cover with a lower premium, then you normally have to compromise on the Insured Declared Value of your car. This would mean that your car would be written off in case of an accident or total damage. If your plan offers you the maximum IDV, you have the best car insurance plan even if that means a slightly higher premium pay-out.
#2. CSR Ratio
If your insurance service provider holds a record of a consistent and good claim settlement ratio, you have surely got yourself a good deal with respect to car insurance online.
The best car insurance would give you the best possible coverage and useful features that are relevant to your vehicle. If your insurance service provider has additional riders and add-on covers that you can choose in addition to your base plan, it is definitely the best deal. Check if you can also get additional personal accident insurance coverage for those travelling along with you in your car.
#3. Cashless Settlements across India
Your car insurance service provider must be able to give you cashless settlements across many garages in India.
While there are many good car insurance policies available in the market, it all comes down to your requirements and insurance needs. Always compare your policies on Coverfox.com before purchasing to ensure you have the best possible deal.