Going
for Car Insurance….Wait!
Here are some points to know before going to talk to an agent or a broker for the car insurance. Never ignore the matter of insurance entirely. It is of great importance to know whether the car insurance covers the car, its driver or owner against a variety of mishaps that they come across as years pass by. It includes theft of car, the damage that happened during accident, third party damage, accident, and other risks associated with driving a particular car.
Buying a car is like getting a new partner in life. So, plan for it and handle with care. Know all the things in detail when it comes to matters of insurance. Do not just fill up the forms or papers provided by the agent/broker. But know what you are doing for the future of yourself and the car.
If driving more than 500km a week, then it would be better to go for the diesel car. The resale value is mostly dependent on the brand and model. The best diesel cars are of huge demand in the market whenever you look for selling them again, after a few years of usage. Only the maintenance cost is higher when compared to a petrol car.
Insurance premium on petrol cars is always less. They are cheaper than the diesel variants. Hence the Insured's Declared Value also known as IDV and interestingly the insurance premium on diesel cars go higher. There is always a slight difference of about 10-20% in the own-damage premium between petrol-run cars and those that run with other fuels.
Non-petrol cars like diesel, CNG, LPG have parts which are more expensive than that of petrol variants. It automatically increases the cost of car insurance. As they are high usage cars, the chances of accidents on road are often more when compared to petrol cars. So, the premium amount is higher for them.
Top tips for cheaper car insurance in India
1.
Do
good research in websites related to auto insurance and get more knowledge
about car insurance and compare the quotes before going for it. Misinformation
and misunderstandings cause great losses. So every time cross check in a good
website to clear all doubts.
2.
If
it is done through an insurance aggregator, the savings on insurance premium
may be well above 50% or more. During comparison do not forget to check for
both the prices and features.
3.
Before
going for the insurance, target the insurance brokers and not agents. Agents
will always be thinking of the company they are connected with. Brokers on the
other hand, have better knowledge of most of the companies. They are always
paid same amount irrespective of the company’s policy they sell. They never try
to push one particular company for the sake of benefits. But check his license
number on IRDA website before going for the deal.
4.
Safe
driving without the consumption of reduces the premium amount while covering
the risk.
5.
The
information provided by broker on cashless settlement process is always useful.
Broker provides all the details of such companies and garage, in a particular
city.
6.
Declaration
on proposal form should be frankly stated for any company to take decision on
payments if it is a genuine claim.
7.
The
best idea for frequent long distance travelers is to get an additional personal
accident Insurance for the chauffeur and the people traveling along with him.
8.
The
cover note is valid for only first 60 days. The final policy document
should replace it after that period. Make sure that Insurance agent/broker
provides the final document or else the person who goes for it may not get
insured at all.
9.
A point to
Remember- Insured's Declared Value is the maximum amount a person gets in case
of a total loss.
To reduce the amount paid for the premium agents should be asked to reduce this
amount.
10. Confirm that you
get the right no-claims bonus. Never take more than what you are entitled
to, or else the claim if any may not get processed.
11. Remember to discuss
with the agent about the reduction in premium when an accident occurs and some
part of amount has been paid first. Many times because of no knowledge about
these matters we lose some part of money even after paying insurance premiums
in time.
The Top Indian companies who provide the best car insurance policies
Survey is done to know more about insurance companies. It truly reflects where the Indian auto insurance companies stand today.
The survey measured policy holders' opinion on six different points –
1. The Premium or price offered for the coverage.
2. Policy or the product offerings.
3. Purchase or renewal of the policy.
4. Claims.
5. Interaction.
6. The billing as well as the payment process.
The Top Ten Companies
1.
Of all the companies in india, ICICI Lombard stands
first in the survey done. It was top rated as it had some good product/policy
purchase experience, product/policy offerings, and premium/price for coverage
offered. It has the quick issuance of digitally signed policy online as well as
accidental cover which is available upto Rs. 2 lakh for the co-traveler.
2.
Oriental Insurance Company comes next in ratings. It
has Car insurance plans that cover third party liability as well as
comprehensive personal liability including damages to the car.
3.
National Insurance Company.
4.
New India Assurance Company.
5.
Bajaj Allianz.
6.
Tata Group and American International Group’s joint
venture, the Tata AIG stands sixth.
7.
United India Insurance Company.
8.
Reliance General Insurance.
9.
HDFC Ergo.
10. Royal
Sundaram.
Policybazaar.com is the leader among websites to provide good information on car insurance.
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