The
reality is that affordable plans are not usually the best policies and vice
versa, so much so that I want to highlight policy and characterize it as the
cheapest and best insurance policy.
Why is the lowest price policy different from the best policy?
If
you are looking for value and don't want the added protection of a
comprehensive plan, then third party car insurance is the cheapest and best
option for you. Besides, IRDAI strictly regulates the rates of third-party
insurance plans, which ensures that the prices of such policies will be
substantially the same with insurance companies. However, since they are the
most vanilla form of car insurance, there is nothing to compare per se - you
can choose any IRDAI approved insurance company.
On
the other hand, if you want more coverage, you have to look at the
comprehensive plans. What happens when it gets a bit tricky — so many policies
and actions can be compared to find the best package? Let me try to simplify
the best plan by exposing some functionality that will only be presented by the
best comprehensive policy.
Network garage: The higher the number of garages in the network,
the better. Here guarantees that your car repair is easy and hassle-free.
Sound rating: The cheapest car insurance policy will always have
a useful review.
Claim Settlement Ratio: Look out for car insurance providers that have a
good claim settlement ratio. It will ensure a higher chance of your claim being
accepted.
Selection of Add-ons: The more add-ons available, the better and easier
it is for you to customize the plan to fit your needs.
There is less exclusion: Each car insurance policy will have its list of
exclusions, which is why you should look for a package that offers more
coverage for your money.
Convenient procedure: Some plans include applications where you can buy,
upgrade and claim with just a few taps. That makes policy operations extremely
comfortable to manage.
How to get the best policy at the lowest possible cost?
Now that you have compared the plans based on the
above features, you should have a few options worthy of you. The following tips
can be used to obtain them at a low cost.
Buy online: Online car insurance is generally far cheaper than
offline policies. The insurance company sells you the plans directly and
subtracts intermediaries' costs & other overheads.
Buy long-term plans: Long-term versions of these plans can be chosen.
They protect you from annual third-party premium price increases that make
annual renewals more expensive.
Voluntary deductible option and low IDV:
If you pay a percentage of the claim amount, it is allowable. Pay more amounts
and reduce your premium. In the event of a total loss, IDV will benefit you the
most from a car insurance policy, lower IDV and you will get a lower premium.
Maximize your NCB discount: Drive carefully
and stay away from small claims once you buy a package - this will help you
reduce your car insurance premium by up to 50 percent.
I hope this helps you in finding the best plan at
the lowest cost. Good luck and safe driving!
This comment has been removed by a blog administrator.
ReplyDeletehi
ReplyDelete