Points to consider while buying a car insurance policy

Many individuals buy car insurance online for the sake of. However, without doing proper research on the available plans and features, you can miss out on the several benefits. 

For getting coverage against third-party claims, buy third-party car insurance online. Get full four-wheeler insurance only after comparing its features, premium, coverage, etc. with other insurance plans available at a similar price point. The things that you can ponder upon while buying car insurance are listed below: 

Comparing the insurance types 

Buying third-party car insurance online is also an option since it offers coverage against legal claims lodged by other parties involved in an accident. It is also available at a lesser premium as compared to a full or comprehensive car insurance policy. However, it will not provide cover for the damages caused to your bike and injuries sustained to self. 

A comprehensive car insurance policy comprises coverage for third-party claims by default. It also allows you to extend the benefits and coverage of your four-wheeler insurance by including add-on cover plans. Therefore, analyze your needs and select a car insurance type that is suitable for you. 

Analyze your driving skills 

Analyzing driving skills is essential to determine the kind of coverage you will be needing in the future. If you drive carelessly or have been involved in accidents due to rash driving, a higher insurance premium will be levied by the insurance company. However, if your driving history has been clean, getting a car insurance policy at a lesser price point is possible. 

Also, if you maintain a clean driving history once you buy car insurance online, you would be eligible for a No-Claim Bonus. NCB will help you to get a car insurance plan at a lesser premium in the subsequent year or policy tenure. However, remember that you will have to avoid raising claims throughout the policy tenure for getting an NCB discount. 

Selecting add-on cover 

Determine the shortcomings of your car insurance before including add-on cover plans in your existing car insurance policy. For instance, if your existing plan is not providing sufficient coverage, get a top-up insurance plan. Also, you can get accessories cover if you have installed expensive accessories on your bike. 

Bumper-to-bumper add-on cover plan, engine protection cover, car key protection add-on cover, etc. are some of the other add-on covers that are popular in the market. Go through the benefits and features of these plans individually before adding them to your existing plan. It is because each plan will enhance the policy premium. 

Deductibles 

A deductible is another factor that you must analyze to  buy car insurance online. A deductible is a set percentage of the insurance cost that you agree to pay by yourself. Some insurers allow you to choose a deductible whereas some of them offer a fixed deductible on their car insurance plans. 

 

Paying a higher deductible will lower the insurance premium. However, it also increases your out-of-pocket expenses. For example, an insurance plan with 20% as deductible will increase the out-of-pocket expenses after an accident as compared to an insurance plan with a 10% deductible. In such a case, your finances can take a major hit if the repair costs are higher. Therefore, you have to be prudent while selecting the deductible percentage. 

 

Check the background of the insurer

 

Checking the background of the insurer is also essential because you won’t want to invest your money in the wrong insurance policy. User reviews, claim settlement ratio, company profile, etc. are some of the points to research before buying a car insurance plan. 

 

To analyze the features of various insurance plans on a single platform, you can check the portal of Bajaj Finserv. The provision of a seamless online application process will make it easy for you to buy a car insurance plan of your choice.