Don’t Buy The Cheapest Car Insurance Policy, Here’s Why?

The best part about being able to purchase your car insurance online is being able to compare. With just a few clicks you can weigh up the different car insurance companies, the quotes they offer and their network of cashless garages. In such cases, it is also easy to see the premium price and immediately jump for the lowest priced policy.  Who can blame you, all of us are looking for the best deal and save some money in the process. However, this may not be the best idea. Here is why:

Why the Cheapest Policy is Not the Best Policy For You?

Following are some of the reasons why you should avoid jumping for the lowest priced policy:

• Policy Coverage

  The lower premium amount is often indicative of an equally low coverage offered by the insurance policy. Before just buying the cheapest insurance policy, make sure to check the terms and conditions of the policy to see the exclusions and inclusions mentioned in it. In case of a mishap, having such a policy may turn out to cost you more in the long run.

• Essential Benefits Excluded

  Most insurance companies who offer very low premium rates will not give you certain key benefits that are present in policies that are relatively higher in price. 

• Higher Deductibles

  Another reason that the insurance premium of the policy is low is the deductibles. With cheaper policies, these are higher and can be a source of great dread in case of a mishap when you require the most financial assistance available.

• Cashless Claims

  One of the biggest advantages of car insurance in recent times is cashless claims offered at network garages. It minimises the insurance holder’s hassle, cuts short the claim settlement procedure and offers high-quality repairs. However, some of the cheaper insurance policies do not offer this feature to their customers.

• Inefficient Customer Service

  Customer service is a crucial part of car insurance. Moreover, most people deal with them when a mishap has occurred. With the cheaper policies, insurance providers cannot provide the most efficient customer service and this can be a harrowing experience for those going through a crisis.

Takeaway

To conclude, when purchasing car insurance it is best to not immediately go for the cheapest insurance policy visible on your screen. There is no single policy that is the best. The best car insurance is one that is most suited to your requirements and price point. Some things to check when selecting your car insurance are the terms and conditions of the policy, customer service reviews, claim settlement ratio and the IDV of your car. 

Read More: 

Guide to Check the Status of Car Insurance Policy

How to Download Car Insurance Policy Copy Online?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.