Friday, May 10, 2024

How to determine which car insurance policy is suitable for you


Buying a car is a milestone for most individuals. But what happens once you’ve finally booked your new car? 

A few steps must be taken immediately, such as buying a suitable car insurance policy to enjoy the benefits of a layer of financial protection. With the plethora of policy options available nowadays, choosing an insurance policy that is most suited to your needs and wants can be an arduous task. But before that, the first thing to do is to be sure of your requirements. Only when you’re clear about these can you make a wise decision. Here are some top factors to consider before picking the right policy for your dream car: 

Car ownership usage isometric composition with bubble and protected car icon with sign of paper agreement vector illustration
  • Research & Comparison

There are multiple insurance companies in the market with curated insurance policies. To pick the policy most suitable for you, you must first compare all the available policies online. A thorough comparison is always best to make an informed decision.

  • Insurance type

The two major insurance types available in the market are third-party liability insurance and comprehensive insurance policy. Both offer their own set of benefits, with comprehensive cover offering an all-around damage cover. Ensure to pick the insurance that is best for you!

  • Add-on covers

Policy features of the main plan are not the only things to consider when purchasing an insurance cover. Every insurance company offers additional riders known as add-on covers to choose from that offer benefits over and above the already existing policy features. These include zero depreciation, roadside assistance, personal accident, and so on.

  • 24×7 Assistance

One of the most vital points to review before choosing a policy is to see whether the insurance provider is giving 24×7 customer service. This will help you access crucial assistance from your insurance company during a time of need. 

  • Premium

Affordability is one of the top priorities for any individual to keep in mind while purchasing a car insurance cover. You must compare the coverage amount offered with the money you will be paying as a premium for all your insurance company options and choose the one most suitable for you.

  • Claim settlement ratio

The claim settlement ratio indicates the number of claims settled by an insurance company against the claims raised. The higher the ratio, the better your chances of getting your claims settled by the insurance provider. Additionally, you should check how smooth and easy the claim settlement process is.

  • No claim bonus (NCB)

In case you’re buying insurance from a different insurance provider or getting your policy renewed with the same company, ensure to be mindful of the NCB. This helps in getting extra benefits in terms of premium discounts.

Car insurances are not a burden but rather a necessity and are mandated compulsory by law as well. Based on the factors mentioned above, ensure to make a well-informed decision to get the best out of your insurance policy. 

Chola MS offers an extensive car insurance policy for you to enjoy a simple and hassle-free ride in your dream car!

Asad Chaudary
Asad Chaudary
Asad is an experienced content writer who has dedicated over three years to honing his craft. With a strong passion for writing and a keen eye for detail, he has consistently delivered outstanding content for various companies, businesses, and industries.


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