Points to Consider Before Selecting Long-term Comprehensive Car Insurance Policy

Cars are highly valuable possessions for every owner. Maintaining it requires a lot of expenditure. Having car insurance will protect the owner from financial liability in case of a misfortunate incident. Comprehensive insurance policies are designed to provide financial cover for the repairs to your car caused by things other than collision.

Comprehensive car insurance covers both own damages such as damages incurred by your car in road accidents, natural disasters, fire, riots, theft, etc as well as third party liabilities such as death, bodily injury, disability as well as property damage (up to RS. 7.5 Lakh) of a third party. Third-party car insurance is compulsory for every vehicle owner, but purchasing a comprehensive insurance policy is optional. 

Points To Consider Before Selecting Long-Term Comprehensive Car Insurance

A long-term comprehensive car insurance policy relieves the policyholder of annual renewal. Purchasing a long-term policy also implies that you will be paying the premium amount of the year of purchase which will save you from an obvious price hike. The fact that this insurance plan is long-term, it is highly important that you select the plan that best suits your requirements. This article will tell you the points that you should consider before picking out your long-term comprehensive car insurance policy.

You may also like to read:- Complete Guide For Comprehensive Car Insurance

Mandatory Requirement

As per the Indian Motor Tariff, all new car owners are mandatorily required to have a long-term third party car insurance policy for their vehicle which is valid for at least 3 years. Rest all car owners are free to choose between long-term and short-term car insurance plans. You can meet this mandatory requirement by either opting for a 3-year third party car insurance plan or a 3-year comprehensive car insurance policy.

Choose Appropriate Car Insurance Add-Ons 

While picking add-ons to your long-term comprehensive car insurance plan, it is crucial to carefully evaluate your needs. Riders increase the cost of the premium which is why every policyholder must make sure that their rider is worth the added cost. Picking out an add-on that you will not use after a certain point of time will not be prolific.

Comparing Different Insurance Policies Online

While selecting your long-term comprehensive car insurance policy, it is always advised to compare different plans before you finalize one. This is mainly because different plans offer different coverage. Comparing these plans will help you get clarity on what you need for your car. Make sure you purchase your policy from a reliable car insurance company after comparing it.

Do Check Credibility of Insurance Provider

While purchasing long-term insurance, it is crucial that you ensure to purchase it from an accountable car insurance provider or company. Claiming insurance is a process that is considered to be complicated. Therefore, it is important to pick a company that makes the insurance claiming process hassle-free and simple.

Also Read

When to Purchase Comprehensive Car Insurance Coverage? 

Take Away

Purchasing a long-term comprehensive car insurance plan should not be done in a hurry. Make sure you take all the time you need and evaluate various policies on your own criteria. In today’s digital world, you can view and compare different policies from the comfort of your homes. The process of purchasing insurance can be done online too. Make sure that you purchase your car insurance from a credible insurance provider and select the appropriate riders. Insurance is not just mandatory, but also a necessity.

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.