10 MAIN FACTORS TO LOOK FOR IN MOTOR INSURANCE IN INDIA

Motor insurance in India is both mandatory and essential. This is because Third party cover is compulsory by law and comprehensive policy is a choice but important to protect you and your vehicle from any damage.

To understand this, we must know the two types of motor policies in India.

Third party cover: Third Party Insurance: Also known as Liability Only policy and it protects you against losses which arise due to bodily injury/death to a third party or any damage to a third party property caused by your vehicle. It is compulsory by law. It provides personal accident coverage for the owner or the driver but does not include any damage cover for the owner’s vehicle.

Comprehensive: As third Party Policy does not provide cover for damage to your vehicle, you will have to buy a comprehensive policy to cover for the loss/damage to your vehicle. Package policies provide both third party and own damage cover. Evidently, it is not mandatory.

When purchasing motor insurance in India, you must know these important facts. Subsequently, you can choose to look for these factors when purchasing motor policy:

Know the type of policy that is the third-party or the comprehensive cover.

Buy both of them in a package. As third-party cover is compulsory, purchase comprehensive

cover to secure your vehicle from serious damages. Opt for frills and consider some additional features, but

knowing the basic policy is fundamentally important.

TYPE

BRANDBrand determines the reliability and credibility of the company. A good brand is more probable to offer a good service support. For finding an appropriate brand,

Check the previous track records and claim settlement history of the company.

A good brand is always proactive in settling your claims and clearing your doubts.

SPEED OF ISSUANCE AND COVERAGE

The extent of your coverage determines the cost of your policy. But the speed of issuance and coverage must not be overlooked.

In India, customers are now looking for policies that offer covers which are enforced as soon as possible.

Make sure your policy does not take unnecessary time in processing at the time of a cover or a claim.

PRICE Comparison is the best way to have a cheap motor

insurance policy. This is because different companies have different policy

rates that are competitive in nature. Thus, customers can make use of this and look for the

cheapest policy in the market.

CUSTOMER SERVICE As brand reliability is important, so is customer service. A company may be good at settling claims in the past but

this may not be happening in the present. So, determine whether the company is good at providing

customer support, listening to their queries and offering transparency.

A good way to determine that is to take general reviews from existing customers that may be friends, relatives or random individuals.

DISTRIBUTION AND ACCESSSometimes, it is observed that one is not aware of whom to reach out to in case of any difficulty.

Ultimate customer experience must not become negative at an early stage.

Choose the company with a wide network and multiple distribution and communication channels.

VOLUNTARY PAYMENTVoluntary payment is the amount of your contribution when a claim is made.

The more you are willing to pay, the lesser will be your premium.

Decide the right voluntary payment amount or in other words, deductible, to have low premium.

 

VEHICLE SAFETYSafety features of your vehicle determine the cost of policy.

If your vehicle has additional features that add to the

safety of the driver and reduces chances of accident, then it will be beneficial for your insurance policy.

Features like airbags, theft alarms etc. are included.

 

PEOPLE COVERED UNDER POLICY

It is important to know who all the policy will cover.

Your vehicle may be driven by others, like relatives, friends, colleagues etc.

Know whether your policy settles you claim in case someone else is behind the wheel.

NETWORK GARAGESMore the network garages the better and the more they are nearby you its best.

Check the list of network garages and also the reputation and feedback of these garages while choosing a car insurance company in India.

These are the important factors to look into while selecting motor insurance in India.

If you are interested in buying motor insurance, please feel free to reach us from any of the touch points mentioned below and we'll be happy to assist you.

Call us Toll Free No. : 1800-209-5846or SMS 'LTI ' to 56070 58 (56070-LT)

THANK YOU !