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Before you hit the road in your new car, you need to insure it against any possible mishap. Hence, buying a car insurance is important. Most motor policies on offer are similar and, therefore, customers may not be able to select an option that suits them the best. However, some important factors, like brand, policy coverage, customer service, distribution and access price need to be considered before making a final decision.
Brand:
This is the single most important parameter that differentiates one insurance company from another. For the insurance industry, the moment of truth for customer is 'when he makes a claim'. One can easily check the past record of an insurance company on various parameters, including details of claim settled and time taken for claim settlement on its website. A key fact to remember is that motor insurance is portable – you can shift to another insurance company without losing any benefit you are eligible for.
Coverage:
The next important step is to select the right insurance cover that suits your requirement. A standard car insurance, commonly referred to as motor package policy, consists of a 'third-party liability' cover and an 'own damage' cover. As per the 'Motor Vehicles Act', a third-party liability insurance cover is compulsory for all vehicles plying on public roads, whereas an 'own damage' cover is not. However, opting for both these coverages is recommended as they cover both accidental damages and the risk of thirdparty losses to your vehicle. With the advent of de-tariffing in India, insurance companies are now offering attractive add-ons (example: nil depreciation, no-claim bonus protect), along with basic motor package policy.
Customer Service:
Gone are the days when one had to wait for a few months to get the copy of the car's insurance policy. Many insurance companies now focus on over-the-counter (OTC) issuance of policies. 'Agents' are provided state of-the-art technologies to ensure faster delivery of motor policies. Apart from this, some companies have been able to demonstrate significant reduction in turnaround time for other service requests like endorsements for effecting any change in an existing policy and cancellation of policies, among others.
To make the claims settlement process fast and stress free for customers if their vehicle meets with an accident, for instance, many insurance companies have tied up with garages for cashless settlement of claims. This allows customers to take delivery of their vehicle immediately post repairs, that too without paying any money to the garage. What the customer should look out in this case is the quality and number of garages empanelled by the insurance company for the provision of cashless service. A wider cashless network of garages not only provides you multiple options, but will also ensure a faster and standardised claim settlement.
Distribution And Access:
Sometimes, it is observed that one is not aware of whom to reach out to in case of any difficulty. The situation gets worse if a problem does not get resolved even after contacting the insurer – resulting in the ultimate customer experience becoming negative. A wide network and multiple distribution and communication channels have become the need of the hour for companies offering motor insurance.
Price:
The premium charged should be one of the most important criteria for buying a motor insurance policy. But the decision of buying a policy/selecting an insurer should not be solely driven by a low premium quote. The premium of a car insurance depends on its value (IDV – insured declared value) and the rate multiplier which is decided by the insurance company. The rates for all motor insurance products are based on the loss experience of the insurance company. Higher the chance of accidents, higher is the price for an insurance cover. Generally, the model of the car and the geography are the two most critical factors which decide the premium rate. However, many other factors like the age of the vehicle, occupation and daily mileage may also play a vital role in determining the premium amount.
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