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Aspects to look at when considering a car insurance policy

by wooledge

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Every car owner knows how important it is to have car insurance. You need it right from the time you drive out your brand new car from the show room. The insurance you opt will stay with you for a good amount of time, so it is sensible if you opt for a comprehensive plan rather than selecting a temporary policy. A car insurance policy is not just a law that you need to follow, but it also lends you a number of benefits, missing out which would be a regretful decision. So when you look for a car insurance look for the different benefits and features you can get.

With a huge range of providers present in the market you could get confused when you set out to buy car insurance. So read on to know what aspects should you look for in a car insurance policy before finalizing –

The coverage –
Settle for a car insurance policy that offers you maximum coverage. Ideally, a motor insurance plan gives cover for third-party liability and own damage. As per the 'Motor Vehicles Act' it is mandatory that every vehicle plying on the roads should have a third-party liability insurance cover. Own damage cover is not compulsory, but it good to get a policy with both these features. Providers today move a step ahead to offer cover for fellow passengers and cover in case of accident as well. You can also attach a number of add-ons to the policy to enhance the cover you get.

Claim settlement –
This should be the most important thing to look at when you set out to buy car insurance. The real effectiveness of the insurance can be understood with the promptness of the claim settlement process. To check the claim settlement record of the insurer you can evaluate the process on the parameters of details claim settlement, the time taken to clear the claim, number of claims settled etc. Well known providers are known for their speedy claim settlement process, hence, one should consider comparing policies of well known brands. Also car insurance is portable, so you can shift to another provider without losing the benefits accrued.

Cost of the policy –
Don't ignore your budget to get a comprehensive plan. The premium applicable for a motor insurance is based on its value and the rate multiplier as decided by the insurance company. Also the risk factors faced by the client are taken into consideration when insuring a car. The more the chances of an accident, the higher is the premium amount. The aspects taken in to consideration include age of the vehicle, occupation and daily mileage.

Buying a car insurance policy needs to be a well thought of decision. The policy takes care of one of your most prized possession; hence do not compromise with a basic policy. Research as much as you want and select one that meets all your needs completely.

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