Car insurance policy: Choosing a car insurance policy isn’t easy for new car buyers, but purchasing a policy online directly from an insurer can save up to 10-15%. Let’s find out where it’s safe to buy a car insurance policy.
Bought a new car and want to buy an insurance policy? There are many insurance options available, but choosing the right policy is crucial to ensure you get both protection and good benefits. Car dealers often offer insurance along with their policies, but this isn’t necessarily the cheapest or best option.
Buy a policy directly from an insurer, not a dealer
As per IRDAI regulations, you can purchase car insurance from any reputable insurer. Purchasing a policy from a dealer is convenient, but it often involves commissions or higher premiums. By purchasing a policy directly from the insurer’s website or online adjusters, you can quickly compare multiple options and save up to 10-15%. For example, the dealer quoted a premium of ₹27,000 for a car, while the same policy was available online for ₹19,500.
Comprehensive vs. Third-Party Policy
There are two types of car insurance: third-party insurance, which is legally mandatory and covers only third-party damage, and comprehensive policies, which also insure your car. Comprehensive insurance is better for new or mid-life vehicles, while third-party policies offer limited cost protection for older vehicles.
Benefits of a Long-Term Policy
Interested customers can choose a one-, two-, or three-year long-term policy, which eliminates the hassle of annual renewals and offers overall savings of up to 10-15%. Purchasing a three-year policy can save thousands of rupees compared to standard annual renewals.
Customization and Add-On Options
Direct purchase allows you to choose coverages tailored to your needs, including add-ons like zero depreciation cover, return to invoice, and breakdown assistance. This creates a package that suits both your budget and needs.
Selecting an insurance policy wisely when purchasing a car is essential for every car owner. Compare options online, focusing on comprehensive coverage and long-term policies to ensure both protection and affordability. This smart decision will strengthen your financial security and prevent later hassles.
