You have purchased a new car and are very happy with its glitzy look and super performance. Then one fine evening your car receives a slight scratch and after a few days you notice a small dent on the door. After a few months your car starts showing some more problems which puts you in an uncomfortable position. You get in touch with the insurance company only to be informed that certain services and repairs don’t fall within the ambit of their insurance coverage!
When it comes to purchasing motor insurance in India, buyers are often taken for a ride. Blame it on the ignorance of the buyers or unscrupulousness of the sellers and mostly car insurance deals in India happen in a hurry at the last moment. People seldom inquire about the insurance terms and conditions, before buying a certain plan. They are just informed of the premium amount which they happily pay till the time a claim arises. Then only the policyholder faces some harsh realities!
The general tendency observed among car owners is to search for cheap car insurance in India and quite understandably so. A recent study shows that the cost of car insurance has shot up by almost 9% in the past 12 months and is predicted to soar further in the year 2015, up to as high as 15%. So car insurance buyers must be thinking that this is the right time to check out some low-priced deals. The problem is that in their hurry to close a cheap deal many tend to ignore some crucial factors.
Discussed below are some important points which should be kept in mind while looking for cheap car insurance in India.
Third party insurance might not be cheapest only because it covers the person you bump into and his car! Sometimes comprehensive plans also come with more or less same premium but with better features.
Monthly payment term is not always a great idea. Many insurers charge highest interest when the premium is paid monthly. Check that out before selecting the term.
Think twice before you opt for auto-renewals. Some insurers keep increasing the premium amount exorbitantly every year, knowing inertia and loyalty may stop policyholders from switching.
Be sure to inform your insurer about any modification that you have done with the car; otherwise it might invalidate the policy. Adding safety features to your car can help reduce the premium amount.
Opt for add-ons only if you know the real values. Read the policy terms and conditions well before finalizing any add-on.
To buy cheap car insurance in India do a little bit of research work. Compare features, facilities and rates of multiple companies before finalizing one.
Over the past few years the motor insurance sector in India has expanded remarkably with the entry of several private operators. This has prompted insurance companies in the public sector to improve their products and services. Undoubtedly this healthy competition has benefited the customers and ensured satisfaction. They now find themselves in an advantageous position whereby they can compare insurance plans from different sources to settle for the best at the cheapest rate possible.