Having a car in India has become synonymous with convenience and comfort. You can take care of yourself by moving up in the social scene and can help out in the family!
Yeah, a pleasure to drive around your car. That nice, long ride could come crashing to a stop if it becomes involved in an accident, disappears off the radar or is washed away, entirely by a raging torrent.
It can be even more terrifying if your car happens to be the culprit in a crash, leaving someone injured or someone else’s property damaged. These situations can be a full-blown nightmare for everyone involved. It will increase stress, drain your wallet and leave you feeling incredibly frustrated.
There is a stop solution for all these issues; getting a Car Insurance plan.
Best Car Insurance Policy:
It should be a safety net for you and your four-wheeler from the financial pressures built into it.
However, with the numerous car insurance plans available in India, how does one select the best one?
Worry not! Here is your comprehensive guide to selecting the perfect insurance plan for your car to help you make the right decision.
How to Choose the Best Car Insurance in India?
The “golden ticket” towards car insurance in India could very well be different for every individual based on individual needs, but you will certainly be able to keep steering yourself in the right direction for an ideal provider while taking into account the following important factors:
Assess Your Car Insurance Needs
From there, make sure that you know how much you would want to have insurance on your car then how much you can afford to have on your car. Do not forget the declared insurance value usually meaning the car’s current market value determines your cost of premium of insurance.
Verify that the company is legitimate.
Check and select the insurance company vetting in IRDAI because IRDAI Insurance Regulatory and Development Authority of India is the governing authority that regulates the Indian providers of insurance. It also provides licenses only to very authentic insurance companies,
Find Out the Company Claim Settlement Percentage.
CSR holding companies should be first considered while getting car insurance, and CSR stands for the number of total insurance claims obtained in one year minus the number of claims settled for which payments are made in that year.
We recommend choosing an insurer that has a CSR of above 90%. This implies that there is a higher probability that your claims will be settled in time when you need it. CarYanams assures you the ease and speed of settlement of claims and has a claim settlement ratio of 99%.
Claim Settlement Speed
Do not forget to consider the claim settlement time frame as well while choosing a car insurance company. Generally speaking, the longer it takes the insurance company to settle your claim, the longer your car will be out of your way. So, the shorter it takes for the claims to be settled, the faster you get your car back on the road.
You can check this from the social media pages of the insurance company and their customer reviews.
Cashless Garage Network
Top auto insurance companies in India will have a lot of garages that are reliable. In fact, at the time of choosing a particular car insurance company, you would have to check how easily the tow and the subsequent repair can take place within an hour or so once your car meets with some mishap by checking if they are a couple of kilometres close or maybe even a lane from you.
Remember that you should consider the add-on covers while opting for the car insurance policy. Indeed, these add-on covers are valuable as they help to enhance the coverage as a whole and bring about peace of mind.
Amongst the add-ons, the most sought-after are Zero Depreciation Cover, Engine Protect Cover and Roadside Assistance Cover. So, these add-ons must be considered to make the insurance policy perfectly suitable to your needs by bringing about maximum protection.
Excellent Customer Service
You should not downplay the importance of a strong customer support team when you choose an auto insurance company. CarYanams has agents who are knowledgeable and reachable 24/7.
This way, you will always have them to turn to when you have questions or need information. Check online reviews or ask friends or family members who have used the services of the insurer about their personal experiences with customer service.
The Financial Capability of the Insurance Company
Any financier would consider the financial health of the insurer. A financially sound company will go a long way in fulfilling its obligations, ensuring that your claim is paid out in time when you most require it. To examine the financial status of an insurer, there is the annual report and the solvency ratio to conclude.
The easy availability of online comparison tools makes your search for the best car insurance company in India a bit easier. You can now get the best car insurance quotes through CarYanams’s online insurance calculator that suits your needs and budget.
It simply means there is a balance between the premium amount and the coverage offered. Thus, you can find how CarYanams delivers the most bangs for your buck.
Types of Car Insurance Policies in India
The car insurance market in India is available in three types of policies that vehicle owners can choose from. Let’s get into the specifics of each:
Comprehensive Car Insurance Policy
This type of car insurance covers your vehicle from all unanticipated events, including accidents, fire, vandalism, theft, acts of nature and even man-made disasters.
This policy also protects you against any legal liability to third parties in the event of accidental damage to someone else. On top of that, it usually includes personal accident cover for the owner-driver of the covered car.
CarYanams’s car insurance is quite wide-reaching and saves you money as well. We offer great discounts online, so your car will not be broken to protect it. In addition, with a massive network of over 6900+ repair garages spread across the country, getting one near you is very easy. And in case your car needs to be repaired, we will directly pay the garage bill, thus ensuring that the claim process will be smooth sailing.
Third-Party Liability Car Insurance Policy
A third-party liability car insurance policy acts as a safety net for any legal obligations you may incur towards a third party during an accident. This covers third-party bodily injuries, disability death or property damage as well as the legal liabilities arising out of it.
However, third-party car insurance does not take responsibility for the repair charges and loss suffered by your car or its passengers.
The road rules in India make it compulsory to hold third-party car insurance. This is the minimum level of coverage that is legally compulsory to drive your four-wheeler on the roads of India.
Single Own Damage Car Insurance
Most car insurance companies in India offer a standalone own-damage car insurance policy, which safeguards your vehicle from financial jolts because of unanticipated events. The coverage pays for repairs or damages to your insured four-wheeler due to fires, natural disasters, accidents, thefts, or even malicious acts of vandalism.
The takeaway should be that an own damage auto insurance normally goes together with previously acquired third-party car insurance for the same automobile. In simple words, it is impossible to obtain it without already having at least basic third-party insurance coverage for that particular vehicle.
Since 2019, Indian insurance companies have also launched bundled car insurance policies, especially for brand-new cars. The bundled policy offers a convenient combination of third-party liability coverage for three years and own damage coverage for the first year of your car’s ownership.