Driving a car in India is a luxury these days, so thousands of people are buying cars every day with their disposal incomes. If you are buying your first car, then its insurance must be the first thing to hit on your mind. Now it is very important to consider as the Indian Motor Act makes it compulsory to get their cars insured for the next five years in one go for all buyers. However now buying your first car insurance is no more a daunting task. Trustworthy insurers provide all the information related to an insurance plan through their websites or brokerage websites to guide their consumers so that they do not get confused or know everything about what they have to consider during buying a particular plan. Planning to buy your first car from a dealer? Read on smart tips for buying your first car insurance either online or offline from an insurance agent.
Why is It Important to Insure Your Car?
The benefits of having car insurance are abundance as it helps you to protect your car and money in a number of ways. Top reasons to get motor insurance in India are;
- Paying for your car’s repair is costly but a car insurance saves you because it pays for most of the damages.
- As taking Third-party liability car insurance is mandatory in India, it reduces your liability.
- The policy also covers you against the legal implications of an accident caused by you and damaged other person.
- The policy saves you from the legal issues of the case and pay for the treatment expenses of third party.
- Unfortunately, if anytime you suffer an accident, the policy will pay for all costs of hospitalization.
- If you passed away because of a road accident, your car insurance can help your family to sustain its daily life with life coverage.
Tips for Buying Your First Car Insurance
Tips for buying your first car insurance are limitless! We are mentioning some of them below;
Find Trustworthy Resource
For a first-time insurance buyer, it is very important to find out a trustworthy source to know all about the available car insurance plans from insurance companies. Use the online way to find out a right resource as there are several platforms including brokerage websites, information forms, blogs and insurer company’s websites, that try to provide the best information for prospective insurance plan buyers.
Must Do your Homework
Once you succeed to find out a few reliable sources, shortlist the best plans based on different parameters like type of car, premium cost, coverage, benefits, claims, etc. To understand a plan better, you can use the online car insurance calculator so that you can know all about your policy.
Understand Third Party Coverage
As the third party car insurance plan is mandatory in India, it should be included in the main car insurance policy. According to this plan, the primary beneficiary of this policy is neither the original insured nor the insurance company, but it benefits an outsider affected by the vehicle and then the vehicle owner. However, all standard third-party insurances cover accidental damages caused to other person or property by your automobile though you have to understand all the related details and offers covered by the selected plans.
Consider Technical Terms
Your car insurance is a legal document, so you should be very careful about it. Sometimes, it could be a little difficult to understand all the legal terms contained in the legal document. Spend time to read the document to understand it. You can underline the things, which are difficult so, that you can discuss them with your insurance agent or any other experienced source or insurance expert before you sign the document to avoid any confusion in the future.
Go with Top Car Insurance Companies
This is always safer if you choose a trustworthy insurance company for a plan. The HDFC ERGO, Tata AIG Insurance, The New India Assurance and ICICI Lombard are a few names among trustworthy auto insurance companies in India.
Quick Checklist for Those who are buying First Car Insurance
- Who is the insurer
- Who is covered
- What are policy inclusions
- What are policy limitations
- What is the premium
- When the coverage will start and ends
- Denomination coverage
- The process of coverage claim
- What is the legal liability to the third party
- Car Body and accessories coverage
- Personal accident coverage and lots more
- Check out the add-ons in your car policy
Buying Car Insurance Online
It is quite easy to buy a car insurance plan online. You can buy it from brokerage websites as well as from the insurance companies’ website. The best part is that it cost you less because of the availability of a number of plans from different companies and you can compare everything online, which is a hassle-free, faster, easier and cheaper process. In addition, you get everything instantly with no paperwork. Moreover, in festival season, a number of offers with low premiums can be found easily on these websites, thus, it helps in lessening your financial burden too.
Wish you a safe journey in your first car! We hope the above-shared information would be helpful for you to choose the best car insurance plan.