What factors are to be considered while selecting the Best Car Insurance in India?
Many of you might have searched for the term Best Car insurance in India. Car insurance is very much popular in India and there are almost 27 general insurance companies offering car insurance to the Indian customers. The car insurance premium charged by these insurance companies differs as per the coverage offered by these insurance companies. There are few factors which are to be considered before selecting the best car insurance from the list of available options.
1. Claim Settlement Ratio & Cashless Garages
Insurance is a service industry and the real use of insurance comes at the time of claim settlement. To select the best car insurance it is of utmost importance to find the insurance company with best claim settlement ratio. The claim settlement ratio differs for each insurance company and is calculated as the number of claims settled by the insurance company against the claims registered for a particular period of time.
Higher the claim settlement ratio, higher the chances of settling claim. One more thing to be considered in the claim settlement ratio is the turnaround time (TAT) mentioned by the insurance company for claim settlement process. Some companies take more than 30 days to settle a claim showing different reasons for the delay of claim settlement while few companies settle the claim within 7 days.
It is important to check for the list of Cashless garages available in your area of operation to enable you to go for cashless claim. If there are no cashless garages available in your place of residence then the insurance provider is to be avoided. The best car insurance in India is the one which has more number of cashless garages in your place of residence.
There are many portals online where the reviews of insurance companies are mentioned and before deciding the best car insurance you are advised to refer to the reviews against each insurance company and decide on the car insurance purchase.
2. Insured Declared Value (IDV)
Insured declared value IDV is the value of the car proposed and accepted both by the insurance company and the customer for the purpose of premium calculation. It is important that your car is adequately insured. Higher the IDV, higher would be the premium which also means high claim amount in case of total loss.
In car insurance renewal tips the insured Declared value offered by the insurance company should be higher in the market at an affordable premium . The best car insurance policy would be the one where higher IDV is provided to the customer by the insurance company. It is of utmost importance for the customer to strike a balance between the IDV and the premium to be paid.
3. Riders or Add-ons
Riders or add-ons are the extra benefit provided in the insurance policy with the payment of extra premium. The best car insurance should contain the riders or add-ons which help at the time of accidental damage and claim settlement. Riders or add-ons include extra coverage to the car such as Zero depreciation or bumper to bumper coverage, Consumables, Key protection etc.
Most of the insurance companies offer riders or add-ons only up to 5 years age of the vehicle. In some cases where the car is maintained in good condition the requirement for add-ons might be there even after the vehicles crosses 5 years of age. The best car insurance should contain extra coverage in the form of bumper to bumper insurance with the best price.
The premium to be paid for the best car insurance should be reasonable and competitive with the other insurance companies. Sometimes the sales agents might remove the coverage to match the premium with the competitors. Hence it is the duty of the customer to compare the premium from the insurance companies after considering the coverage provided by each insurance company.
5. After sales service
Insurance is intangible and the need for insurance comes at the time of claims and after sales. There might be endorsements or changes in the policy which might be necessitated. The response and the turnaround time taken by the insurance company for the after sales service is to be taken into consideration before deciding on the purchase. The first party car insurance is not mandatory as per the Indian motor vehicles act and is at the discretion of the customer to purchase it.
The best car insurance service provider should have good after sales service in attending the queries of the customer and taking steps to resolve the queries within reasonable time.
Insurance is a product which is sold mainly through the intermediaries such as Agents, Car showrooms, Banks, Online etc. The levels of service provided by each intermediary are different and it is important to understand the service provided by the intermediary before making a purchase.
The best car insurance in India has the best service offered by the intermediary and it is the responsibility of the customer to identify the best intermediary before making a purchase.
For best car insurance in India please visit www.policybachat.com and get the best car insurance quotes from the top general insurance companies in India at the best price.