Studies claim that 80% of Indian population is unsuccessful in getting a good insurance deal for their cars. They end up spending a huge amount of money and miss out on opportunities to obtain a good deal on car insurance. Owing to rapidly growing prices of car insurance, you must analyse whether the offered deal is beneficial or not.
You just need to understand that with an active motor insurance, you would be compensated for the damages or the total cost of the car in case of a car-wrecking accident. Hence, owning car insurance is a must. However, you shouldn’t compromise on the quality of a plan. Here’re some tips to get the most beneficial car insurance online.
Play Smart while Choosing Car Insurance
By playing a little smart, you can land the best deal. First, analyse your insurance needs because without understanding your requirements, buying insurance is a waste. You may end up finding that the plan isn’t even relevant for you.
Second, if you think getting a cheap deal is enough then you’re in the wrong. Sometimes, this cheap deal that you buy, in order to save some money, may not even suit your needs. Apart from the insurance premium, there are other things to consider like 24x7 customer service, claim settlement, renewal process etc. Going with a company that offers complete insurance services is as important as choosing an optimum car insurance coverage.
Getting Cheap Car Insurance Shouldn’t be Your Motive
Thinking of cheap car insurance as a saviour is deadly, but most of us do this mistake. Sometimes, you may have to pay extra to insure yourself. A perfect car insurance deal is the one that covers all your insurance need within your budget. This will help you hit the best car insurance policies available in the market.
Checking Financial Status of the Insurer is Essential
It is one of the essential factors that need your attention. While looking for car insurance, compile a list of various insurance plans. Inquire about the financial status of the company, their claim settlement ratio and the customer service. By doing so, you can take a competitive and informed decision about car insurance.
In this regard, claim settlement ratio is another important factor that every insurance seeker should look for. It is nothing but the number of claims an insurer settled against the total number of registered insurance claims. If the company has higher claim settlement ratio, it means it has the capacity to tackle a claim smoothly.
Deductibles are an Important Factor
Your insurance deductibles play an important role in deciding the policy cost. As they say, lower the deductible, the higher the premium rate. Here you need to be a little smart. Just for the sake of saving on premium, you must not go and pick the plan with higher deductibles. Set deductibles that sound reasonable and you won’t have any difficulty in paying. By choosing higher deductibles, you just invite unnecessary expenses during a claim