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Tips For Selecting Your Motor Insurance

By Expert Author: Pranav V Sharma

Motor insurance is mandatory under law in India. It is very easy to compare premiums these days. Online services help us compare multiple price quotes in minutes. First time motor insurance buyers should definitely make this price comparison before clicking the buy button.

How to choose the insurer?

Keep a check on the following points:
Overall Company reputation
Claim paying ability
Tenure in Indian Insurance market
Geographical presence
Network of cashless garages
Price
Capital invested in the business.

How to choose the product
Make sure you opt for the following add-ons in your motor insurance policy for optimal coverage.

Total Add on Cover
Motor insurance is meant to protect your car not only from road accidents, but also against catastrophic losses, such as a major accident or the theft of your car. Total Coverage is an Add on cover which makes sure that if the vehicle gets damaged more than the sum of the expenses paid for the vehicle, Insurance, Registration charges & Road Tax will be reimbursed proportionately.

Total value provided for Registration Charges, Road Tax and current Insurance Premium should not be more than 25% of the Vehicle's current IDV.

Vehicles up to 15 years old can opt for Total Coverage.

Nil Depreciation
Nil or Zero Depreciation cover, as it may be otherwise called adds value to the Basic Cover. This add-on covers all rubber, nylon, plastic parts, fiber glass components and airbags.

Voluntary deduction
Voluntary deductible amount is the minimum amount that you declare to bear at the time of motor insurance claim which is directly proportional with your premium discount. Increase your voluntary excess. Agreeing to pay more towards the cost of any accident repairs will lower the motor insurance premiums. If you are not at fault in an accident, the excess can be recovered.

No Claim Bonus
Ensure you get the right no-claims bonus with your motor insurance policy. This bonus can reduce your motor insurance premium by 50% if you haven’t filed a motor insurance claim.

Cashless
Most motor insurance companies have a cashless settlement process with multiple partners in every city. A broker can guide you regarding the companies have a cashless settlement tie-up with which company, and garage.

Personal Accident Insurance
A good way to insure people travelling with you is by opting for personal accident insurance for passengers and driver. Ensure that only regular drivers are named on the policy. Never add a young, inexperienced driver to your motor insurance policy.

When shopping around for motor insurance policy, it is important to make sure that you are comparing like for like cover. Some policies may seem cheaper, but you may find you don't have the same level of cover when you have to make a claim. Make sure you do your research before you purchase motor insurance.

It is very essential to have a car insurance policy. Author Pranav Sharma is an experienced insurance professional and widely read expert on general insurance based in Mumbai. Pranav helps readers opt for best motor insurance policy in India.

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