What Should You Look For In A Car Insurance Company

While buying a new car, the first and the foremost thing that you have to think about will be your car insurance! As you are quite aware of the current statistics of road accidents and the casualties occurring every day in India, it is quite natural for you to opt for insurance. Car Insurance forms a protective cover over your vehicle and helps you to by protecting you from accidents that might cause your life to come to a screeching halt

Once you have decided to get insurance, the next question would be how to make a choice. What should you look for while making a choice? Now with different companies growing in the insurance market, you will get different policy claims, with different coverage terms. The need for car insurance isn’t just because of the growing accidents, and it’s susceptibility. Any mishap caused to you or by you while driving will be covered by the insurance company, thus standing by your side as a financial aid you can always rely on. This is perhaps the primal reason why almost every single car owner opts for a car insurance policy.

But the main problem lies in the fact that you need to be careful while picking out the company. Judging between the various options available in the market is difficult. But as the popular saying goes,  all that glitters is not gold! Hence, we will have to search and find the gold among the multitude of options available.

To get a proper and feasible insurance claim, you need to take a look at certain matters before finalizing on the one you would like to deal with. And these things include the interest rates provided by the company and even what type insurer you are dealing with. For more convenience, here is a detailed list of the facts that matters while choosing an insurance company for your car.

What type of insurer are you dealing with?

According to the Indian insurance laws, you will be dealing mainly with three types of insurers. And while you are looking for a car insurance company, make sure you have an idea about what type of insurer the company is. This is because the type of the insurer will vary the way of working and also the types of coverage plans they will give you.

  •        Captive agents

The captive agents are actually the personal guidance you need to get knowledge about everything, starting from the types of coverage the company can offer you to the date when you will have to evaluate your policy claim. They will adhere to your needs and will make you thoroughly aware if everything is going with your policy.

  •        Direct insurance providers

The direct insurance provider is the newest classification, and they actually operate through the digital media. They will give you a 24×7 service, never failing to attend your query. They usually respond through calls, emails, and other systems. You will be in the direct assistance of the company’s staff. The main advantages of choosing a direct insurance provider are affordable interest rates, versatile working knowledge, and easy communication.

  •        Brokers

Brokers are what can be said as the third party insurer. They will give you the judgment on any insurance company in the market and also on any coverage in an unbiased way. So, in times when the insurance market is facing a crisis, it’s better to rely on the choices of a broker.

Which coverage plan should you be taking?

Car insurance has quite many coverage plans. As many types of casualties can occur on the road, it is safe to presume that you will have a difficulty to choose the coverage plan for yourself. For starters, if you think you should take coverage for collisions, then the collision coverage will be ideal for you. Liability coverage and medical coverage are also there.

Is the company charging the compulsory deductibles?

According to the Insurance Regulatory and Development Authority in India, every four-wheeler will have to pay a particular amount of money as a compulsory deductible. Now, sometimes, this amount can vary from company to company, especially if the insurance firm is a private one.

Is the company financially stable?

If the company’s financial status is not compliable to the amount you want to claim in your policy as insurance coverage, then it’s better to rule out the company even if it is quite prestigious. So, do a little research and find out whether the company you are choosing has sufficient financial background to approve your claim.

Are the legal registration and the license valid and accredited by Indian government?

This part is for ensuring whether you are dealing with a fraud insurance firm or not. Before signing on any document or finalizing on your policy claim, ensure that the company is authorized and legalized to issue such claims. This will help you a lot in developing trust over the firms and also avoid unnecessary law pursuits.