Important Car Insurance Tips for First-Time Buyers

Buying car insurance for the first time?

Browsing through multiple plans, comparing coverages, and googling technical terms can all feel extremely complicated in the beginning. Due to so many aspects involved in insurance, most first-time buyers often get confused and end up buying a plan that doesn’t work for them.

To make sure you don’t make the same mistake, here is a simple car insurance guide to help you find the right plan.

Compare The Premium Vs Benefits

Every insurance plan provides its own coverage and exclusions. Thoroughly read the policy wording to know what is covered in your policy and what is excluded. It will give you a base to compare different plans and determine if the benefits justify the premium cost. Most comprehensive plans cover accidents, natural disasters, fire, theft and more.

Choose Your Add-Ons Carefully

Also known as riders, these are additional coverage options you can club with your comprehensive or own-damage plan. While some can be really helpful, you don’t necessarily need all of them. Some important add-ons people generally buy include engine protection, tyre protection and zero depreciation. However, it is important to assess your driving needs to decide if you truly need them.

Know How To Choose the Right IDV

The insured declared value in car insurance is the maximum compensation you can get if your car is declared a total loss beyond recorey or repair. A higher IDV means more financial risk for the insurer, meaning a higher premium for you and vice versa. However, if you choose a very low IDV to save money on premiums, it can also mean significant financial loss due to a smaller compensation. So choose an optimum value that doesn’t burn your pocket and is also not too low.

Check Access To Network Garages & Claim Ratio

Any car insurance plan is as good as its claim settlement ratio and access to network garages. These are partner garages of your insurer where you can avail a cashless repair if your claim is approved. Check their availability in your area for easy access. Also, assess the insurer’s history of claim settlement to find out how often they approve and reject claims.

Understand the Deductibles

It is the amount you have to pay during claims, while your insurer settles the rest. A part of it is compulsory and non-negotiable, but it also has a voluntary option. Opting for voluntary deductibles can significantly reduce your premium, but it also means a higher contribution from your end in times of emergency. So, only choose an amount that you can truly afford after considering your other expenses.

Choose Smart Car Insurance With IndusInd General Insurance

Now that you have been through this car insurance guide, you know an insurance policy is not just about creating a backup. It is also a crucial financial commitment that can become too difficult to manage if you lock-in on the wrong plan. That is why it is so important to understand the basic terminology, compare different plans and then choose one that truly fits your budget and needs.

And that is why IndusInd General Insurance offers plans that are affordable, easy to claim and truly transparent, so you never have to second-guess your safety in times of emergency.