Buying a comprehensive car insurance policy is the best decision you can make as a driver in India. It goes well beyond simply complying with the rule of having insurance while you drive. While there is a well thought out traffic system in place in the country, it often happens that people ignore traffic rules. Whether it is to increase their convenience or whether they are in a rush, there is always a whole bunch of people that don’t stop for a red light or don’t follow lane discipline. In such a situation, you can never be sure that an accident won’t happen.
While following traffic rules is the ideal solution to your problems, what happens when you do end up in an accident. That is where a comprehensive car insurance policy helps you. It covers all the costs of your repairs and offers a whole host of other benefits. However, a car insurance policy is only useful if it is compatible with your needs. To make sure of that, it is advised that you should compare policies before buying one.
Here are the points of comparison you need to look at:
Types of policies
At the first glance, car insurance may seem like a simple enough product that helps you in the case of a car accident. However, there are many aspects that you need to understand of car insurance. One of them is that there are 2 types of car insurance policies. These types differ based on their work and function. These 2 types are:
- Third-party car insurance
A third-party car insurance plan is focused on the damage that would be caused to another person in an accident. Known as the third party, they receive compensation from the insurance company on your behalf for the property damage or physical harm caused by your vehicle. In this type of plan, damages to your own vehicle are not covered.
- Comprehensive car insurance
As the name suggests, a comprehensive car insurance policy offers a more complete coverage to your car. In addition to the third-party liability coverage, it also coverage for own damages. Moreover, a comprehensive policy allows you to buy add-ons and refine your coverage further.
Once you are aware of all the policies available for you to buy, you need to figure out what you need to buy. This means chalking out your coverage needs. Using this list of coverage needs, you can then look for policies that can fulfill them. While traffic regulations say that you only need third-party liability cover, you are the only one that knows what your car needs. Hence, you should look for a comprehensive policy that fits the needs of your car.
While the function of the car insurance policy is the same everywhere, the company that offers it can play a huge factor in whether you should buy a particular policy or not. Hence, you should make sure you research about how the company works before buying a car insurance policy from them. To do so, you can read the reviews and testimonials given by existing customers about the company. These reviews are often available online. If a company that has a good reputation among its customers, it is worth buying a policy from.
Inclusions and exclusions
Many people believe that because car insurance plans offer coverage for your vehicle, they are all the same. However, that is not true. While you may find similar policies across different insurance providers, there will always be some difference between one plan and another. There will be some pieces of coverage that a policy offers and some pieces that it doesn’t. These are known as inclusions and exclusions. Hence, it is important that you read the fine print of the policies available to you and compare their inclusions and exclusions. Doing so will also give you an insight in how the policy works. This way, there won’t be any surprises at the time of making a claim.