Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • 7 Important Steps Before Buying Your First Car Insurance

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    Most people buy car insurance after the purchase of the car itself. This is a big mistake that car buyers make inadvertently. This could, in fact, cost them more money than they actually budgeted. It is best to shop for auto insurance once you have an overall idea of the type of car you will be buying.

    The Motor Vehicles Act, 1988, makes it mandatory for all cars to have motor insurance. In this article, we have put together some essential tips to help you get hold of the most appropriate car insurance policy for your needs.

    Step 1 - Understand The Different Types Of Coverage In Car Insurance:

    In India, car insurance is available in two coverage options:

    1. Third-party liability insurance - This insurance plan offers protection from legal liabilities that arise out of accidental injuries, death, or property damage of a third party. The plan does not protect the insured car or its owner/driver.
    2. Comprehensive insurance - This insurance plan includes the following coverage:
      1. Own-damage cover - This protects the insured vehicle from damages due to natural calamities, man-made disasters, and accidents. Theft of the insured vehicle is also offered coverage. Damages to the car while in transit is covered under the insurance as well.
      2. Third-party liability insurance - This coverage is similar to that explained above for the standalone third-party liability insurance plan.
      3. Personal Accident cover - The comprehensive plan protects the owner-driver of the insured vehicle from injuries or death in an accident. However, this cover is not available for the named passengers in the vehicle.

    Apart from the above, the coverage under a comprehensive car insurance policy can be extended by opting for add-on covers that safeguard the vehicle against specific risks. The car owner will have to buy add-on covers separately by paying extra premium.

    It is evident that the comprehensive car insurance plan offers extensive coverage to the policyholder. Hence, if you are a new driver, it makes sense to opt for this policy.

    Step 2 - Understand Your Insurance Requirements:

    How much car insurance coverage you need depends on a host of factors. This includes the amount you owe to the car financer, the worth of your asset, the presence of dependents in your life, and the amount of money you can afford to bear at the unsettling time of an accident. Bear in mind that all car owners will have to be in possession of an auto insurance policy with third-party liability insurance cover. You should think about buying a comprehensive car insurance policy if you have financed the car or if you cannot easily replace it.

    Take into consideration your budget and decide on appropriate add-on insurance coverage. For instance, if you live in an area prone to flooding, you should ideally buy an engine protect add-on cover to safeguard your vehicle’s engine. However, if you are on a tight budget, you can forgo the thought of buying this rider and park your car in an elevated or well-protected area instead.

    Step 3 - Comparison Shop:

    Irrespective of the type of insurance you are buying, it is essential to compare plans online. This facility is offered at several financial websites, free of extra charges. Once you get the estimated costs for different car insurance products, you can weigh out the cost with the coverage offered and decide on the most economical option. You should also consider the reputation of the insurer and its customer service. Look for an insurance company that has a robust incurred claims ratio and a great claim payment history.

    Step 4 - Understand The Coverage Of The Policy You Buy:

    The insurance policy documentation may be filled with legal jargons that may not make much sense to a first-time insurance buyer. But you should read the policy documents and get all your queries clarified with the insurance company. Pay close attention to the exclusions and understand the conditions stated as this will be beneficial to you at the time of a claim.

    Step 5 - Check For Bundling Discounts:

    In case you have purchased other insurance products (health insurance, home insurance, etc.) from an insurance company, you may receive bundling or loyalty discounts on car insurance if you buy it from the same insurer. Check if you are eligible for the same.

    Step 6 - Assess Your Insurance Requirements Regularly:

    As you progress through life, your insurance needs may vary. So, you should evaluate your insurance needs periodically and update the coverage you already have. This is applicable to all types of insurance products. On the subject of car insurance, you may need to buy a bigger car when your family extends beyond you and your spouse. Similarly, when you decide to become self-employed, you may want to cut down on your car insurance coverage for a specific period of time. Increase or decrease in income may also lead to changing insurance needs. In order to have the best possible coverage, it is necessary to review your insurance needs regularly and alter the coverage accordingly.

    Step 7 - Do Not Let Your Insurance Lapse:

    It is illegal to drive without an insurance policy. Hence it is important to ensure that there is no break in your auto insurance coverage. Some insurers may also refuse to insure your vehicle after a break in insurance. So, renew your car insurance policy on time and stay safe on the roads.

    There are several factors that affect your auto insurance rates. This includes the area of registration of the vehicle, your age and gender, your marital status, the purpose of the car, and the make and model of the vehicle. So, the cost of your insurance policy may not be the same as that of your friend’s. Keep this in mind when buying car insurance.

    Car Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • Royal Sundaram Car Insurance
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken my car insurance with Royal Sundaram. The policy coverage is good. The premium is on the costlier side when compared to TATA AIG and ICICI Lombard. Likewise the benefits are also not up to the mark. They are not covering electric and non electric parts and plastic as well.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO for 1 year, i am happy with the policy benefits and plan coverage of this insurance policy. A insurance premium of Rs 18000 has to be paid for this insurance policy. This policy includes full coverage.
      Was this review helpful? 1
      , gulbarga
      Reviewed on Sep 12, 2018
    • Oriental Insurance Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance with Oriental insurance for 1 year, i am happy with the coverage value of this insurance policy. I have to pay an insurance premium of Rs 5000 for this insurance. Customer service was good and they explained everything about the policy terms and conditions.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • Tata AIG Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      My car insurance is with TATA AIG and i have taken this policy for 1 year. I have to pay an insurance premium of Rs 9000 for this insurance. They cover bumper to bumper damages and i am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 12, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a car insurance with Reliance general insurance for 1 year, a premium of Rs 7600 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy. This policy has a basic coverage and i am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car insurance is with Reliance general for 1 year and it is a good insurance policy to use. I pay a premium of Rs 25000 for this insurance policy and it has full coverage. I am satisfied with the terms and conditions explained by the customer service of this insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 12, 2018
    • National Insurance Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance with National insurance for 1 year, I have to pay a premium of Rs 10000 for this health insurance policy. The benefits of this car insurance is, it is 0% depreciation and it has a full coverage. Customer service was very good and their response was on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Iffco Tokio Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with IFFCO TOKYO and i have taken this insurance for 1 year, it is a zero depreciation and it has a full coverage. A premium of Rs 21808 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , palanpur
      Reviewed on Sep 12, 2018
    • National Insurance Car Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      My Car insured with the National Insurance. I am paying a premium of 3000, I do not have any claim experience with the policy and it offers features as cashless garage and roadside assistance. So far it has been an hassle free experience with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • National Insurance Car Insurance
      "Fraud on insurance"
      0.5 1.0/5 "Really Bad"
      Loan Acc No : 5002098252 TN22 DD 7996 Based on the guidance of the officials who works at T nagar branch, Chennai, i did the insurance. They told me hereafter insurance is to be renewed by myself as my insurance alliance with TMF was cancelled so i did insurance myself. But now they are not responding for refund my money. So please pay back my money which i have paid so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 11, 2018
    • review Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a car insurance policy with Bharti AXA for 1 year, a premium of Rs 15000 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy. No claim experience so far and they cover bumper to bumper damage.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 08, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO and i have taken this insurance for 1 year, a premium of Rs 21000 has to be paid for this insurance policy. The benefits of this insurance is, there is full coverage for this insurance and they can cover up to 90%.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 08, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have my car insured with HDFC ERGO and i have taken this insurance for 1 year. I am not aware of the premium amount for this insurance policy. They cover bumper to bumper damage for this insurance policy and the customer service was good with this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 08, 2018
    • review Car Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance policy with Bharti Axa general insurance for 1 year, i am happy with the coverage value of this insurance policy. I have to pay a premium of Rs 12500 for this insurance policy. Customer service was good and they explained about the insurance in detail.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 08, 2018
    • New India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken car insurance policy with New India Assurance for 1 year, a premium of Rs 29000 has to be paid for this insurance policy. This policy covers full coverage and i am happy with the coverage value. Customer service was good as they explained about the insurance terms and conditions.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 08, 2018
    • Shriram Car Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car insurance is with Shriram Finance. The services and response is good. I was able to get the policy on time and with ease. They have also provided a good policy coverage. There are good benefits like road side assistance and the premium is normal.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 07, 2018
    • Bajaj Allianz Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My car is insured with Bajaj Allianz from last 10 years and it is a good policy to use. I pay a premium of Rs 5000 for this insurance policy. I have claimed this insurance 4 years back and they covered 80% and i am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 06, 2018
    • United India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance policy with United India Insurance from last 1 year, i am happy with the coverage value of this insurance policy. A premium of Rs 24000 has to be paid for this car insurance policy. They cover bumper to bumper damages for this car insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 06, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 1 year and it is a good policy to use. I have to pay a premium of Rs 19000 for this insurance policy. I have not claimed anything so far from this insurance policy and they cover bumper to bumper damage.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 06, 2018
    • New India Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      MY car insurance is with NEw India Assurance from last 4 years and it is a good policy to use. I am not sure about the premium amount but they cover bumper to bumper damage. My claim experiecnce was good with this insurance policy. Customer service was good with this insurance and they responded on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 05, 2018
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