Car Insurance – Car Insurance Comparison Guide - Finserv Markets

1. Car Insurance Comparison Guide Finding an appropriate car insurance policy can be an overwhelming task. Hence, most people skip the researching stage and opt for car insurance that they either come across first or the one offered by their auto dealer. However, if you have just purchased a new car, then make sure that you are safeguarding it with a car insurance policy. As a matter of fact, it is mandatory for every vehicle running on the Indian roads to have motor insurance under the Motor Vehicles Act, 1988. A car insurance policy will financially protect your vehicle against road accidents, theft, and loss incurred due to human-made or natural disasters. Therefore, when purchasing car insurance online, you must choose a policy that not only fulfils your needs but is available at an affordable premium rate. Let this article be your go-to car insurance guide when planning to purchase a car insurance policy in India. Key Factors to Consider When Choosing Car Insurance in India When you buy car insurance online, make sure that you are considering the following key factors – 1.Compare the Policy Features Online: After you have shortlisted the policies, make sure that compare car insurance online. This will allow you to understand each policy features and coverage in-detail. Further, it will help you make a wise decision that is most suitable for you. 2.Review Add-On Riders: When buying car insurance, it is essential that pay equal attention to the add-on riders and their benefits. This way, you can choose only those riders over your underlying policy that fulfils your requirements. Some add-on riders that you need to take into consideration are as follows – a.Engine Cover b.Third-Party Liability Cover c.Roadside Assistance Cover d.Zero Depreciation Cover e.Personal Accidental Cover 3.Choose Appropriate Car Insurance Provider: Apart from an appropriate car insurance policy, you must purchase a policy from a reputed and well- trusted insurance provider. Check online reviews of different insurance providers and the type of coverage they provider before making any decision. Factors That May Affect Your Car Insurance Premiums

2. Different insurance providers offer various car insurance premium rate. The premium rates are calculated based on the risks that the insurance provider underwrites. However, the factors that may affect your car insurance premium amount are as follows –  Car Related Risks: A few parameters like the car model, its cubic capacity, and fuel type, help the insurance providers determine the premium rates. Also, commercial vehicles and SUV (Support Utility Vehicles) tend to have high premium rates as insurers usually get numerous claims on these cars. Moreover, diesel cars tend to have a higher premium rate compared to petrol-based vehicles.  Location Related Risks: This factor is dependent on the registration location. Premium rates are high for people living in urban areas or near highways. Also, if theft and loss probabilities are high in your area, then the car insurance premium rates tend to go up alongside.  Driver Related Risks: The experience and the age of the owner/driver of the vehicle is taken into consideration. If the car has multiple drivers, then you might have to pay high premium rates. So, how can you avail discounts on car insurance premiums will be an obvious next question. In that case, here’s what you can do to reduce your car insurance premium amounts –  Check for No Claim Bonus (NCB): If you have been a responsible driver throughout your policy term and have not made a single claim, then you can benefit from the No Claim Bonus (NCB). The insurance provider offers you (the policyholder) with No Claim Bonus in case they have not claimed on their car insurance during the policy term. Furthermore, you get a discount on premiums when renewing car insurance online.  Check for Claim Settlement Ratio (CSR): Before you buy car insurance online, it is worthy of considering the previous records of your chosen insurance provider. Here, check the Claim Settlement Ratio (CSR), which is the time taken by the insurer to settle a claim from its clients. It is highly advisable to choose a provider that has a good CSR record. You can easily find the Claim Settlement Ratio of different insurance providers on the IRDA website. Benefits of Car Insurance Plan in India  With a car insurance policy, you can financially cover a considerable loss incurred by your vehicle in case of accidents, theft, or loss     It covers lawsuits, including the legal fees It provides financial benefits to the survivors in case of death It covers expenses for car repairs It covers damage caused due to accidents such as theft or fire A Final Thought

3. When looking for car insurance in India, make sure that you choose a policy that does not only fulfil your requirements but also offers affordable premiums. Also, make sure that you consider the above mention pointers when selecting the car insurance policy. Are you looking for car insurance? In that case, you can get in touch with us at Finserv Markets. The Bajaj Allianz Car Insurance policy is made available to you online on Finserv Markets. You can purchase it within minutes and rest assured that it will provide you with comprehensive insurance coverage against accidents, theft, loss incurred due to human-made or natural calamities. So, why wait? Keep your vehicle safe with Bajaj Allianz Car Insurance at attractive and affordable premium rates. Also, Finserv Markets has over 4000 cashless garages across the country. Thus, allowing you to ride dent- free no matter where you decide to travel in India. Take a look at our full range of car insurance plans across different brand and models that you can choose from. And apply for car insurance with us, right away! Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!