August 14, 2022
  • August 14, 2022

A Complete Guide to Buying Car Insurance Policy in India

By on December 28, 2021 0


Buying a new car is a dream that most people realize through savings, investments, a car loan, etc. And then you take great care that no harm comes to your car. Well, while there are several steps you can take to keep your car safe, an auto insurance policy tops the list.

But it’s not enough to get just any auto insurance policy that you find online; Buying auto insurance online is serious business. According to a World Bank report, nearly 10% of all traffic fatalities occur in India, despite the country owning only 1% of the vehicles in the world.

This shows quite clearly that knowing the safety of your car is of the utmost importance and that you should only look at the best car insurance companies in India.

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What Kind of Auto Insurance Policy Should You Have?

Obtaining insurance for your car in India is compulsory under the Motor Vehicle Act 1988. There are three types of auto insurance policies in India, but there is no hard and fast rule on which you must to have. Rather, you should let your needs decide it for you!

For example, the minimum you need to have is a liability insurance policy. This policy helps you cover financial and legal losses caused by your insured car to another vehicle, person or property, but cannot cover the insured car’s own damage or loss to your car. Alternatively, a brand new car deserves 360 degree protection, and therefore, a comprehensive auto insurance plan is your best bet here.

When you buy Tata AIG auto insurance online, you can compare all of your plan choices with their online auto insurance premium calculator and find a policy that meets your needs. You can not only purchase their comprehensive auto insurance policies which provide extensive coverage against various damages, but also renew your auto insurance online quickly and hassle-free.

It may be advisable to get a comprehensive auto insurance policy that not only provides liability protection but also protects your car from damage. Alternatively, if you already have a basic third-party auto insurance policy, you can simply opt for stand-alone damage coverage. In this way, you can get complete protection against damage caused by third parties as well as against personal damage.

How To Get Comprehensive Car Insurance In India: A Guide

According to an industry report, the demand for auto insurance is expected to increase due to the growth of the auto industry. In fact, gross premiums between April 2021 and September 2021 in non-life insurance reached 108,705.3 crore ($ 14.47 billion), an increase of 12.8% over the same period of the year. FY 21. Although these numbers show that the auto insurance industry is growing rapidly, to understand how to find a good auto insurance policy in India, it would be wise to buy auto insurance online.

However, this does not just involve the buying process, but all the parameters that you need to consider before finalizing the purchase.

So here are some tips to watch out for before choosing from the best auto insurance companies that can provide you with a good auto insurance policy.

● Compare plans before buying:

When looking for auto insurance online, there will be many plans listed. However, the key to finding one that is suitable is to compare them all. Comparing plans not only helps you consider all of your options and make an informed decision, but also saves you money on your premiums by selecting sufficient insurance coverage for your valuable four-wheeler and nothing excess. or inadequate.

● Choose a reputable insurance provider:

There are many car insurance companies in India, but not all of them are likely to meet your expectations. While it’s okay to look at recommendations from friends and other people, it’s best to also look at reviews and ratings online and research which auto insurance company is about to provide the best of. its products and services!

By choosing a reliable insurance company such as Tata AIG auto insurance, your chances of finding suitable auto insurance increase.

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The number of garages in the network:

Remember that there is always a risk that your car will be damaged as little as possible when you are on the road. While you can choose to ignore minor damage, larger ones need to be treated. And your insurer with an extensive network of repair garages across the country can only make it easier for you.

For example, Tata AIG offers an extensive network of over 5,400 cashless garages across India. You can book a few network garages near your home, office, and regular travel areas to get reliable repairs after any major damage is easy and accessible.

One of the main advantages of having your car repaired at garages in your insurer’s network is that you can benefit from cashless claims and not worry about the money; your insurer and the garage will take care of it.

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Keep an eye on the claims settlement ratio:

Your insurer’s claims settlement rate will be a determining factor in finding the right auto insurance policy. This ratio is an indication of the number of claims an insurance company has settled relative to the number of claims it has received during that fiscal year. For example, Tata AIG has a 98% claims settlement rate for fiscal year 2020-21. This means that out of 100 complaints received, the company settled 98 complaints and rejected 2.

And so, if you are careful about choosing a good insurance company, this is the factor you might want to keep your eyes peeled for!

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Check the quality of customer service:

It wouldn’t be a stretch to call an insurance company’s customer service team its most crucial part; they are, after all, the reason why clients are more familiar with their insurer’s products and services! And that’s why you should educate yourself about the quality of customer service from all reputable insurance companies.

The team’s willingness to help you, their speed in answering your policy questions, etc., should determine whether you want to go ahead with the insurance company.

Buying insurance for your car is not a difficult task in itself, but without a solid guide it is difficult to get there. Therefore, always keep the above points in mind when you need to purchase auto insurance for your four-wheeled vehicle. Even if you might not have thought about getting an auto insurance policy yet, it is best to get one as soon as possible so that you don’t risk leaving your car unprotected and your wallet vulnerable to fines. the circulation !

Disclaimer: This article was produced on behalf of Tata AIG by the Times Internet Spotlight Team