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How to Choose a Car Insurance Policy? 8 Things to Know Before You Decide

Many types of auto insurance coverage may be purchased nowadays. It’s challenging to choose the insurance policy most suited for your vehicle. The Motor Vehicles Act of 1988 says that all motorists in India must have a third-party liability policy to operate a motor vehicle legally.

The following list of advice can help you choose an ideal insurance policy for your vehicle:

Understand Your Requirement

It is essential to evaluate your requirements in this regard honestly. Two distinct categories of insurance policies may be purchased in India: a comprehensive insurance plan and a third-party liability policy. Find out what the plans are.

The legislation requires all drivers to carry third-party liability insurance. It only compensates for losses that are directly associated with the third party. It compensates the other party for the losses they incurred due to the incident.

At the same time, the comprehensive policy protects the policyholder from responsibility to third parties and damage to their vehicle. In addition, if a car is stolen, comprehensive insurance coverage should compensate the policyholder for any damages.*

Look Into the Various Options and Make Comparisons

After ascertaining what kind of plan you want, you should always go on to compare several policies. This will aid you in narrowing your search, especially when you want to do a car insurance renewal online.*

Ask For Add-Ons

Add-ons are the additional coverage components that can be obtained by paying an additional premium in addition to the initially quoted amount. Only comprehensive insurance plans offer them as options for coverage.*

Find Out How to Make a Claim

Being familiar with filing an insurance claim is of the utmost importance. Before purchasing an insurance policy from the Bajaj Allianz car insurance app, it is essential to have a complete understanding of the claims procedure.*

Know the Claim Settlement Ratio (CSR)

Before purchasing a policy, you should research the insurer’s history of successfully resolving claims. This ratio represents the number of claims the company successfully resolved compared to the total number of claims received in a given year. *

Avoid Giving Inaccurate Information

If the insurance company determines the information it was given is inaccurate, it has the right to terminate coverage promptly. Therefore, you should always state accurate facts.

Take Your Time to Read & Understand the Terms and Conditions

Before agreeing to the policy terms, you should give the terms and conditions your full and undivided attention. It is crucial to understand all of the clauses and circumstances thoroughly.

Understand the No-Claim Bonus

The “No Claim Bonus,” often known as “NCB,” is a concession on premium payments that a car insurance company provides to a policyholder who has not filed any claims during the policy’s preceding year. This bonus is a reward given by the insurance providers to the policyholder for using the car in the right manner. *

Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.

*Standard T&C Apply

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

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