When it comes to buying a car insurance policy, you should always choose the suitable plan that will meet all your individual requirements. There are many factors you need to consider for this task and you can get complete information about them in this article. The features of the policy also change by a huge margin and every policy is targeted at some section of consumers. You should always compare car insurance plans from online brokers as this will help you to understand the features of the policy and you can pick the best option suited for your car. Depending on your budget and other requirements, you can choose either the third party cover or the comprehensive cover. While both have their own advantages, one of them may be the best option for your requirement. In this regard, you should first understand your own requirement so that you can filter the plans based on those factors.
Factors to consider while buying car insurance plans
Make sure to consider the below mentioned factors while buying insurance for your car. In this way, you can get full value for your money and this will also provide the best benefits for your car in future. The age of your car and its market value are primary deciding factors when it comes to buying insurance and you can choose between third party and comprehensive cover. After this, you should also take your budget and your individual requirements into consideration while buying insurance for the car. When you take care of these factors, you can get good coverage at nominal rates.
- How old is your car?
- The market value of your car depends on its age. Your car will depreciate at the rate of 10% every year for the first few years and thereafter it will start losing value at the rate of 5% for few more years. In this way, the coverage offered for your car by the insurance company will also change and they will provide the maximum sum assured coverage based on the market value of the car. You can check the online portals and get to know the third party car insurance price for your car. Once you input the basic details about the model and year of manufacture of the vehicle, the online calculator will provide the details about the premium charged for such policies. If you are having an old vehicle, it would have lost most of its value and it makes sense to buy the inexpensive third party insurance plan. On the other hand, when your vehicle is still new, the market value will be still high and it makes sense to get the comprehensive coverage plan.
- How expensive is your car?
- It is always a good idea to get comprehensive coverage for expensive vehicles irrespective of the age. When you are having a high end sports vehicle or SUV, it will still have good market value even after few years and you should always provide the best coverage at all times. On the other hand, when you have a small vehicle that does not cost too much, you can manage with a third party cover when the age of the car is more than 5 years.
- Your budget for the car insurance policy
- Every person has different requirements with regards to car insurance plans and you should also consider your budget for this task. Some people do not have enough money for comprehensive plans when they have taken the car on loan. In that situation, you can consider buying a third party cover even if the vehicle is still new. On the other hand, when you have a high budget for the insurance policy, you can take a comprehensive coverage even for an old vehicle. In this way, you can use the car insurance calculator and get to know the rates of various plans before you buy them from the market.
- Your specific requirements
- Some people may have specific requirements with regards to getting insurance coverage due to their vehicle usage. If you travel out of town frequently, you will need roadside assistance cover as this will come to your rescue when you are stuck somewhere and have to move your car to the nearest garage. In the same manner, when your car is very expensive or still new, it makes sense to get theft cover so that you will not be in loss when your vehicle is stolen in future. Similarly, you can get zero depreciation cover and protect the market value of your car for the initial few years. Make sure to use the car insurance calculator whenever you want to know the difference in rates between various options.
- Multi-year policy or single year policy
- For old vehicles, there is an option to get a single year coverage or multi-year coverage for nearly 3 years. However, for all new cars, you need to take three years mandatory cover and thereafter you can renew as per your convenience. The advantage of choosing multi-year cover is that you can lock the premium for that duration and this will help you in the event you have to make a claim in the first year. As the premium is locked, there will be no increase in rates for the next few years.
Top car insurance policies for your car
The New India Assurance car insurance policy
- The company has a good claim settlement ratio and it offers third party as well as comprehensive coverage for cars and two wheelers.
- You can get your claims settled within 2 weeks as per the information provided by the company.
- There are many network garages of this company and you can easily get cashless services at such places without any hassles.
- The company provides excellent discount for no claim status and it can go as high as 50% when you have not made claims for the past few years.
- By paying additional premium, you can even choose coverage for various accessories that are installed in your vehicle.
- It is also possible to get personal accident cover for the passengers along with the driver of the vehicle.
- The company even offers theft cover when you choose the comprehensive insurance plan and the compensation will be based on the IDV of the vehicle.
HDFC Ergo car insurance policy
- The company has a good track record with regards to settling claims and you can get good services at more than 5000 network garages all over the country.
- The best part about the company is that it provides good assistance in times of emergency and you can always rely on their customer support team in the long run.
- This is the best plan when you are having an old car as the company offers special plans for such vehicles. If your car is more than 5 years old, you need not spend lot of money on the insurance plan as you can get up to 50% discount on this insurance package.
- Not only that, you can even get personal accident cover along with comprehensive plan and include different add-ons to enhance the security for your car.
- When you compare car insurance offered by this company with others, you will notice a lot of difference as this company offers some unique features that are not found in other plans in the market.
Tata AIG car insurance policy
- The company has excellent reputation of settling claims within a week and it is also having a good network of garages all over the country.
- You can choose various add-ons as per your individual requirement and this is another important feature of the policy. If you need a simple solution, you can even choose a third party cover from the company.
- You can even choose add-on cover for electrical accessories and this is a good option when you are having a high end expensive vehicle.
- You can even choose roadside assistance cover if you travel out of town frequently. The company has a good track record with regards to offering quick service and you can use the services of their customer support team in times of emergency.
- The company offers long term as well as annual covers and you can choose anything that fits your needs in the possible manner.
Bajaj Allianz Car Insurance Company
- The company has more than 4000 network garages all over the country and you can easily find many of them in your city.
- You can get cashless claims at these network garages and also get road side assistance during a breakdown situation.
- The company offers the best inspection services for free and you need not worry about visiting the office of the service provider for this process.
- You can even get good discounts when you have no claim status for few years and the discount can go as high as 50% when you have a good track record.
- The company has round the clock customer support team and you can even renew the policy online without any hassles.
- You can even get amazing gifts like vehicle tracking and monitoring device when you choose some of their top car insurance plans.
These are few of the top companies that provide very good policies for cars and you can even consider other companies based on your individual needs. Some of these companies offer coverage for both passenger as well as commercial cars. You can get in touch with the company executives to know more about the suitable plans for your car.