Buying the best auto insurance policy can be a daunting task, especially when there are too many options. Below are the parameters we considered to select the best car insurance policies in India.
Type of policy coverage (30% of note): It is very important to understand what type of plan to buy because each plan has its own coverage and benefits. The comprehensive plan gives you enhanced coverage as well as damage and third party coverage. It is highly recommended when you regularly drive your car. However, third-party plans only cover your liability damages and thus offer basic protection. We have already mentioned that a third party plan is mandatory for every car owner in India.
Additional benefits (20% of the mark): We have carefully observed the number of additional benefits associated with the basic plan. One must be practical enough before choosing the additional blankets. Coverages such as zero depreciation, claim bonus benefits, consumables coverage and others can significantly reduce your car repair expenses. Note that additional features cannot be purchased with the third-party plan.
Cashless network garages (20% of the score): We have listed the number of ties these car insurance companies have with garages for cashless car repair expenses. Some companies, including HDFC Ergo and TATA AIG, have up to 8,000 networked garages.
Customization of IDV (20% of the note): IDV refers to the insured dealer value of your car, which is close to the current market value of the car. The insurance company allows you to select or customize the car’s IDV from a selected range. And, if one chooses a lower IDV, he will have to pay a relatively lower premium to insure the car and vice versa. It simply means that the higher the value of the car, the higher the premium to be paid to insure it. However, it is highly recommended to select a high IDV for maximum coverage.
Online insurance (10% of the score): With the advent of online and digital technology, purchasing an insurance policy is only a matter of minutes. We have listed fonts that can be easily purchased online without any paperwork. Some companies also offer premium discounts if the policy is purchased online.