Did you know, in 2017, the total motor vehicle insurance market amounted to about US$8.22 billion in India? And, it is expected to rise to approximately US$17.4 billion by 2025, says a report by Statista. This is surely a good sign. Although having a third-party insurance is mandatory in India, a lot car drivers still don’t have see the need for motor vehicle insurance.
There are numerous benefits of having car insurance, such cover against damage, reimbursement of medical bills, cover for legal liabilities and, of course, peace of mind while you are driving. However, choosing the best motor insurance companies can be a daunting task. Here’s a list of things you can do to choose the best policy.
1. Conduct thorough research
Before narrowing down your options, it is important to know the insurance laws in India, how it works and how you can make claims under various situations. You also need to learn about the various element, concepts and coverage offered by these insurance policies. Once you have the knowledge of the terms related to vehicle insurance, you can research about the policy coverage, policy tenure and exclusions provides by various insurers.
2. Compare different policies
Comparing between policies is one of the most effective ways of choosing the best insurance policy for your needs. You can compare the premium rates, cover and add-ons offered by various motor insurance companies. You can ask for motor insurance quotes and then analyse which one suits your needs and financial capabilities the best. Usually, buying insurance online saves you time and money.
3. Check the history of the insurance company
Before committing to a particular insurer, make sure you check their track record and claim settlement ratio. This will tell you whether your claims will be successful in the future. You can study customer reviews and feedback regarding the quality of service provided by the company. This will help you make an informed decision.
4. Consider various add-ons
There are various add-ons offered by different insurers, such as engine cover, personal accidental cover, roadside assistance cover, zero depreciation cover and many more. These add-ons will increase your protection and ensure financial security for you to a great extent. It is advisable to choose these riders carefully, according to needs and affordability.
5. Look for discounts
There is nothing better than getting a good discount on your insurance premiums. You can negotiate with your existing insurer or can look for various discounts and additional benefits provided by motor insurance companies. However, don’t just fall into the trap cheaper premiums. The first priority should be the cover.
Having motor insurance is the first step to being a responsible vehicle owner. You can also buy various safety equipment and anti-theft accessories to reduce chances of damage and theft.