10 Tips to Choose Top Vehicle Insurance Online
A vehicle insurance policy is a mandatory requirement if you buy or own a vehicle, whether it is a four-wheeler or two-wheeler. Vehicle insurance plans are available online making them easy to buy.
When buying bike or car insurance online, you can use the following tips to ensure that you choose the top policy –
Opt for a comprehensive plan
Vehicle insurance plans are offered either as third-party plans or comprehensive plans. The former is the basic requirement as per the Motor Vehicles Act, 1988 but it provides a restricted cover. A comprehensive plan, on the other hand, provides the most inclusive scope of coverage. So, choose a comprehensive policy for the best protection.
Choose a high IDV
The Insured Declared Value (IDV) is the market price of the vehicle after depreciation. It also represents the maximum claim payable in case of theft or total loss. When buy bike insurance online, try and choose an IDV that is closest to the market price, after factoring in depreciation. This would help you get the maximum claim settlements.
Check the coverage offered
Check the coverage benefits offered by the policy to understand the scope of coverage. Also, look for value-added benefits offered by the policy, like free towing facility, inbuilt roadside assistance cover, etc. These benefits would enhance the coverage.
Check the premium
After choosing the IDV and understanding the coverage, look at the premium charged. Try and compare the premium rates of different vehicle insurance plans offering similar coverage benefits and IDV. Choose a policy that offers the maximum coverage at the lowest cost.
Opt for add-ons
Add-ons enhance the scope of coverage of vehicle insurance. So, when buying bike or car insurance online, opt for suitable add-ons like zero depreciation, no claim protection, roadside assistance, etc. to enhance your coverage.
Look for premium discounts
Comprehensive vehicle insurance plans allow different types of discounts that help in bringing down the overall premium cost. So, if you have installed safety devices in the vehicle or are a member of an automobile association, claim the eligible discounts.
Look for the networked garage
Check the network of garages of the insurance company. The more the merrier. Also, look for the garages in your city and choose a policy that offers the largest network of garages for easy cashless claim settlements.
Understand the claim process
Check and understand the claim process of the insurer so that you can get your claims settled easily when an emergency strikes. Choose an insurer that offers the easiest claim process.
Look for a high CSR
The Claim Settlement Ratio shows the percentage of claims settled by the insurance company. Opt for an insurer that has a high CSR so that the company is trustworthy.
Compare insurance online
Always compare insurance online before you buy a policy. There are multiple plans of bike and car insurance online and when you compare you can find the best policy. So, compare insurance online to find the top vehicle insurance policy.
Don’t be hasty when buying insurance for your vehicle. Use these tips and find the best plan.