A checklist to find the right motor insurance companies in India

Posted on: May 9, 2018, by :


It is mandatory in India for every car owner to have basic motor insurance. It helps ensure the safety and security of the owner as well as the vehicle. Insurance will also provide a cover in case of an accident and loss or damage to the vehicle due to natural or manmade calamities. Buying car insurance could be complicated because a policy with the lowest premium may not always the right choice. With a huge number of options in the market, it is confusing to make a choice. Thus, we have presented a checklist of factors to help you decide the best for you.

Follow the below checklist to find the right motor insurance companies in India.

Reputation and Financial Standing

To begin with, never look at only one or two motor insurance companies. Scout the market and compare atleast four to five companies before you decide. You can speak to your family and friends about their preferred insurance companies in the country. Once you shortlist the company, gain thorough information about its reputation and financial standing in the industry. Choose a company that has a stable financial status and a positive reputation. With quick claim processing, immediate assistance and instant grievance resolution,you can build a positive reputation. With increasing number of insurance companies in the industry, it is difficult to choose on one. Hence, consider your requirements and select a company that meets your expectations in every aspect.

Products Offered by the Company

The second stage of comparison is on the product offerings. Scout the market for car insurance policies and read the more delicate details. You should ideally look for products that meet the specific requirements for your motor vehicle. Compare the products offered by different companies and compare the premium rates for the same. Certain companies will offer benefits or riders on the policy while others could offer a promotional discount. Make a wise choice by selecting the product which meets your requirements. A comprehensive coverage should provide for third party liabilities, accident or a loss to the vehicle due to natural calamities or road accidents.

The Process of Claim

The procedure of filing a claim and its acceptance should be simple and understood before committing to the product. Look at the claim settlement ratio; it provides information about the number of policies that are settled by paying back claims in a year. This ratio will tell you about the reliability of the insurance company. Gain information about the reason for the rejection of claims. Most vehicle insurance companies offer quick claim processing,and acceptance hence compares the companies based on the number of accepted and rejected claims in the past. Check if the company allows online filing of the claim and the procedure for the same. A company that follows quick processing and acceptance of the claim is an ideal choice for you.

Evaluate the coverage

It is essential to evaluate the coverage by the companies at the given premium rateto make a well-informed decision. Consider your requirements and evaluate the amount of premium for the same. Verify if the company is offering any additional features over and above the coverage. Choose a company that providescomprehensive coverage on your insurance.

Nowadays, getting motor insurance is easier with several policies available online.However, the first step is to know your requirements. Before you begin searching for a company, you need to understand your requirements which include determining the type of cover you want to buy and the amount of premium you are willing to pay for the same. However, the focus should be on the cover and not on the amount of premium. Do not decide to go for a company because it offers a lower premium. Make a wise choice and look for comprehensive coverage at an affordable rate, with an easy claim process and faster processing of the claims.

Good Luck with the Purchase

Choose the best company and avail host of benefits with the top motor insurance policy. Look for a motor insurance company that has thousands of network garages and is always happy to assist if your car breaks down. The policyshould offercomprehensive coverage and a hassle-free and transparent claim process and approval.

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