How to Buy the Right Car Insurance Deal?

How to Buy the Right Car Insurance Deal?

For ages, the global market has been selling false goods. Such artists have not limited their work to only commodities but also extended it to services, especially in the financial industry.

Although financial service providers and authorities keep informing people about being cautious while conducting online transactions, some people fall for cleverly disguises. The car insurance industry is also vulnerable to such platforms. Read ahead to know how to land with the best and right deal.

Why is car insurance mandatory?

Insuring your car is a perfect way to prevent financial losses in case of accidents. Four-wheeler insurance policy is mandatory because you are responsible for paying for the injuries caused to other people and their property if they get damaged by your vehicle. The law makes it compulsory for owners to insure their vehicle with at least a Third-party Liability insurance policy before driving on Indian roads.

Ways and whom to get the right deal from?

Buy from an agent

Usually, new owners buy a car insurance policy recommended by their dealer. If not from a dealer, they can buy it directly from an agent. Here, the probability of bogus deals occurs if the agent is not authentic. Thus, you must confirm the agent’s licenses before buying the insurance policy.

You should go through the documentation carefully for avoiding manipulation. The vehicle dealers might also be unaware of these as selling insurance is not their primary territory. You can ask for a license to verify the genuineness of the agent.

From the motor insurance provider

These artists upgrade their skill sets and surface stronger than ever in today’s digital age. People in India have started buying products and services online. They are easily accessible to numerous threats.

You can buy car insurance online directly from your favoured insurance company’s website or offline from their branch office. Buying the policy from their branch office is probably hassle-free. Buying motor insurance online is extremely convenient, as well. However, make sure you buy it from the official website or app such as the LGI LivMobile App. Always check for the reviews and ratings. You can call the company’s official customer care number to make sure you are buying the policy from an official website.

From online web intermediaries

You can buy a car policy from an online web intermediary as well. Such websites assist you to compare motor insurance. Visiting such websites gives you an overview of numerous policies that meet your needs. However, ensure to compare motor insurance not only based on price factor but also coverage. While buying these policies, ensure you do not get forwarded to bogus websites. 

Sign proposal form yourself

This is the best option as you are aware of the information concerning the vehicle such as engine capacity, fuel type, and existing policy details. Suppose your car is fitted with CNG and the agent mentions the vehicle runs on petrol or diesel, it gets difficult while making a claim.

Use QR Code

Another way to verify the genuineness is by using the QR code. The Insurance Regulatory and Development of Authority of India have made it compulsory for insurance companies to print the QR code on the insurance policy. Once you scan the code, you receive the information about the policy real-time.

Know the Insured Declared Value

Always make a note of the IDV offered by the car policy company. If your vehicle gets stolen or damaged, the IDV is the maximum amount of claim the insurer offers. This gets calculated depending on the market value of the car. While comparing insurance companies, if you get tempted to opt for a policy with lower premiums, be watchful as it may include lower IDV. In such scenarios, you end up paying from your pocket during a theft or accident.

Network garages The whole purpose of the car insurance policy is protecting your vehicle from contingency if there is any loss or damage to the vehicle. One of the best ways to avoid such circumstances is by availing the cashless services. However, you claim these only if the car gets repaired in the concerned network garage. Therefore, look for companies with maximum network garages available in the list. Best to go for workshops closer to your residence.