Whether it's your first car or second, a vehicle is an investment that is fueled by utilitarian needs (easy transportation) and passion (aka car lovers).
Depending on the car category and brand, buying a car is a considerable investment; thus, it should be your top priority to safeguard it from harm's way. This leads to, you purchasing car insurance along with buying a car.
Did we mention it? it is also a legal necessity in India. Taking third-party liability (TPL) car insurance coverage is mandatory in India, and it covers you against the legal ramifications of an accident caused by you.
A car is a mammoth piece of intricate machinery, and machines need constant maintenance to keep it moving, but it can be costly too. If your vehicle has met with an accident, the pocket pinch will keep you reeling. Buying car insurance, thus, saves you from coughing up a large amount of money upfront and takes care of most of the expenses.
In an unfortunate case of a car accident that causes the death of the primary policyholder, a car insurance policy will pay the death claim, which can be immensely helpful for the bereaved family.
If you are new in the car insurance market, you can buy your insurance from Generali Central Insurance (GCI)- one of India's leading private insurance providers. We have jotted down a few things that car owners need to consider before buying car insurance.
8 Things to consider before buying car insurance
The kind of insurance you need to buy
In India, there are two kinds of insurance plans- a third party liability insurance plan (covers for damage caused to another person but not to the vehicle) and a comprehensive car insurance plan (covers third party liability along with the personal accident or self-vehicle damage and theft).
1. Cashless facility
A cashless insurance coverage eliminates the need for multiple rounds of follow-ups, e-mails, and visits to the insurance company for reimbursement. The cashless facility is quite helpful during an emergency. In cashless insurance, all that is required is a visit to a garage with whom the insurance firm has a partnership. Generali Central has 2500+ partner workshops across India
2. No claim bonus
NCB refers to the coverage provided to clients who do not file a claim for the full year. Amount granted as a bonus at the renewal of a car insurance policy, usually between five and ten percent of the insured declared value. NCB is sometimes carried forward as well.
3. Ad on benefits
Always ask your insurance provider about additional benefits provided along with your original insurance. Generali Central provides a huge gamut of ad on covers like:
4. Zero depreciation
- Tyre damage
- Return to invoice
- Theft or loss of keys
- NCB protection
- Inconvenience allowance
- Loss of personal belongings
- Engine protector
- Legal liabilities
5. Customer support
The relationship between an insurance provider and an insurer is tested during times of emergency. The right assistance can help forge a long-standing relationship. Generali Central provides 24/7 roadside assistance and even towing service in case of an accident.
6. Easy claim procedure
You should always opt for an insurance provider who assists you in quickly claiming your money and provides a hassle-free and immediate reimbursement. Generali Central through its ' GCI Xpress & Xpress+' solutions provides easy claim settlements. A standard claim at GCI takes only 5-steps: contact them, an inspection of the vehicle, required documentation to be provided, approval of the claim amount, and finally, direct payment.
7. Claim settlement ratio and reviews
India's Insurance Regulatory and Development Authority regularly provides the Claim Settlement Ratio of insurance companies. The ratio between the number of claims filed and the number of claims settled is known as the claim-to-settlement ratio. It's also important to evaluate online reviews, testimonials, and peer opinions regarding the brand.
8. IDV and premium
The vehicle's IDV, or Insured Declared Value, is roughly equivalent to the car's current market value. For instance, if a car was acquired for INR 7 lakhs a year ago, its IDV after two years would be INR 5 lakhs due to natural wear and tear. It's not the resale value that's the issue. This relationship can be summarised: the higher the asset's worth, the higher the premium required to insure it.
Car insurance is pivotal for any unforeseen eventuality, and just as you have life insurance to protect your loved ones, you need car insurance to keep your vehicle safe. Always choose a reputed company with years of experience in claim settlement. They have thrived by maintaining good customer relationships and providing quick and efficient service. They also have partnerships with a wide range of garages country-wide, allowing easy assistance in case of a mishap.
Generali Central is a leading car insurance provider that has dominated the Indian automotive insurance market for many years now and has high customer satisfaction and customer retention rate. If you are a first-time insurer or are looking to switch, visit our website to know more.
