The car insurance industry is wide and offers a huge range of offers to the general public at very reasonable rates so that it may also be affordable to them as well as beneficial for the companies too. At present, there are a total of the top 25 companies that are said to be the best of all based on the service provided and their price plans for the users.
Car insurance helps you to recover from the financial obligations that involved your car such as in a road accident, thrift, fire, or even a natural disaster etc. Indian Motor Tariff ask car owners to have at least one third party car insurance for their car to be on a safer side.
How to choose a reliable Car insurance
The use of car insurance differs from individual to individual and as per their needs. Some people look towards car insurance as a cashless garage while some go with the highest claim settlement ratio.
Several factors make a specific car insurance company best over all others, which a person should consider while choosing between the insurance companies. There are several factors given below, which are the basic requirement you need to check while applying for car insurance.
1. Cashless Garages
Many car insurance companies partner with another number of garages, you may check the strength of the number of cashless garages which a car insurance company has while
selecting a specific insurance company. You must also go through if there are sufficient cashless garages in the locality.
2. Claim Ratio
This is concerned with the ratio of cars settled by a car insurance firm and out of all how
many claims were received by them during a financial year differs from company to company. It’s always suggested to go with the high claim settlement companies.
3. Availability of Extra Coverage
This add-on refers to that extra coverage that can be opted for by a professional as well as
standard car insurance to extend the coverage of the policy. These can opt during the time
of purchasing as well as during the time of renewal of the insurance.
4. Customer Support
The most important factor is to check about the customer support that the car insurance
firm provides to its clients and their feedback to the company. Some companies provide
service 24/7 meanwhile some go for 5 days a week, this differs from company to company.
Types of car insurance offered by companies
There are mainly three types of car insurance provided by the companies based on car vehicle/4 wheeler.
• Third Party
Every car owner must have at least one third party insurance to be on the safe side and it is also told by the Indian Motor Tariff. This type of insurance covers all the losses such as bodily injuries, disability and death as well as damage caused to the car when the car is involved in the mid happening too. An amount of 7.5 lakh property damage is allowed in this type of plan
• Standalone Insurance
This type of insurance is only concerned with the losses caused to the car in a road accident, natural calamities, explosion, fire, riot or theft etc. To file a complaint you must have a third party insurance plan with it for legal requirements. It refers to the flexibility that it offers to its clients and to choose your third-party insurance from different insurance companies.
• Comprehensive Car Insurance
This type of insurance covers both types of third party insurance as well as stand-alone or own damage caused to your car in an accident or mid happening. Among all these insurance, this offers you the maximum coverage. Users may also extend their plan by opting for a zero depreciation policy, engine covers, etc.
So, now we’ve come across all the factors which you need to keep in mind while choosing or selecting a specific insurance company and different types of insurance are now also known to you, now you may choose a specific company for your car according to your requirements and need.
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