1. Compare car insurance quotes before buying. You can easily do
this through Policybazaar.com. Typically you can save up to 55% on you
insurance premium.
2. Compare both prices and features.
3. Watch-outs:
a. IDV : This is the maximum money you can get in case of total loss. To reduce
your premium your agent can reduce this amount.
b. Voluntary excess : Say in case of an accident, you opt to pay for the first 5
thousand rupees. Then this amount can be reduced from your premium. But there can
be a problem, if your agent does this without informing you. Which is what happens
quite a bit, so watch-out.
c. No claims bonus : Please ensure you get the right no-claims bonus. In case you
take more than you are entitled to, your claim if any may not be processed.
4. Your cover note : This is valid for the first 60 days, after that you must
get the final policy document. If you do not receive this, you may not be insured.
Please ensure your broker / agent provides you this.
5. Cashless : Do not get over excited by this. Most companies have a cashless settlement
process with multiple partners in every city. A broker can guide you regarding which
companies have a cashless settlement tie-up with which company, and garage.
6. Always buy insurance from an insurance broker. Ask for the broker’s license number
and cross check it on the IRDA website. These brokers are paid same amount irrespective
of the company’s policy they sell. So they are not biased to any particular insurance
company. An Insurance agent on the other hand can sell policy of just one company
and hence will always push that company and its benefits.
7. You can get additional personal accident Insurance for passengers and driver.
This is a great way to insure people who travel in the vehicle with you.
8. Be truthful in your declarations on the proposal form. This will ensure that
your genuine claims will be paid.
9. There is a lot of mis-information in the market. So get everything in writing
or cross check it on a reputed website like policybazaar.com.
10. Always drive safely. Never drive under the influence of alcohol. Over time this
will reduce your premium while covering the risk.
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