Five commandments to choose the best car insurance plan - PowerPoint PPT Presentation

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Five commandments to choose the best car insurance plan

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The most important point to look for when choosing car insurance is what all it covers in case of an accident or damage. A regular car insurance policy, known as the Comprehensive Cover, includes the ‘third-party liability’ cover and an ‘own damage’ cover. – PowerPoint PPT presentation

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Title: Five commandments to choose the best car insurance plan


1
CAR INSURANCE
2
Five commandments to choose the best car
insurance plan
Car insurance is an essential component whether
you are buying a new car or are renewing an
expired insurance policy. Recently, a friend of
mine undermined the importance of car insurance.
Being a coder, he loved playing with numbers
and probability. He calculated that the odds of
something happening to his car were very low and
thought of saving insurance money. So, after a
couple of months, and a huge money blow, he
realized the wise words of Murphy. So here is
what went wrong. He wanted to sell his car, and
when the person came for evaluation, he turned on
the air-conditioning to check.
3
Performance of the Insurance Company For any
insurance company, the true colors come out when
it is the time to make a claim on the insurance
policy previously bought. For this, you need to
check the claim settlement ratio of the company
that is out of the number of claims made by the
customers, how many of them were settled. Also,
it is important to check the average claim
settlement time. Customer Service Reviews With
the technology and emergence of aggregators
adapting fast to it, policies can be issued
immediately. With this, customer service has
also seen improvements by leaps and bounds. Make
sure you go for a company where they can send
agents for car inspection for damage.
Executives should be present on call and on
chats if possible to assist you with claims. The
company should have good service not only while
purchase, but majorly during claim settlement.
4
Policy should have good Coverage The most
important point to look for when choosing car
insurance is what all it covers in case of an
accident or damage. A regular car insurance
policy, known as the Comprehensive Cover,
includes the third-party liability cover and
an own damage cover. However, opting
for own damage is important as it covers both
accidental damages and losses to your vehicle.
Remember my coder friend? In case you do not
claim your cover for a year, make sure your
insurance company provides you a No Claim Bonus
reward for every unclaimed year.
As per the Motor Vehicles Act, It is compulsory
to have a third-party liability insurance cover
when the vehicle is on the road. It covers damage
to the other party which can be hurt by your car
in case of an accident.
5
Engine Protect Cover If your engine is damaged
due to water entering it or leakage of lubricant,
the insurance company may not cover it. So if you
live in an area susceptible to waterlogging like
Mumbai, or more recently Chennai, then you may
want to get this add-on. Accident Shield- If you
carpool often or have a driver, then in the
unfortunate event where your car meets with an
accident, the insurer will cover you and the
other passengers/driver of your car in the event
of death and/or permanent total disability caused
by an accident when they are riding in your
car. So, now that you are aware of what to look
for before buying car insurance, it will be wise
to go ahead and buy the car insurance to
safeguard your car from any calamity. Check
Turtle mint for comparison, purchase and claim
procedure for all the best car insurance policies
in India.
6
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