Car insurance plans are generally considered a unique purchase as most of us do not want them to be used for claims! Considering the number of accidents is increasing every day, getting your car insured should be your first step to prevent financial losses.
Out of the many kinds/types of car insurance, third party car insurance is mandated by law. Especially if you own a Honda car, opting for a third party car insurance is easier due to the easy availability of the insurance coverage. Its functionalities involve coverages to the third parties for their damages caused due to an accident with the insured car.
However, before opting for one, there are some aspects you must take into consideration to avoid unnecessary hassles. Read on to know!
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Know the coverage requirement for your Honda car – third party or comprehensive?
Before you avail a Honda car insurance plan, make sure to understand all the types and choose one on the basis of your requirements. In India, two types of car insurance policies are available - third-party insurance and comprehensive insurance.
The former one is a mandatory requirement by law, and under this policy, you will get coverage only for the damages to a third-party, not your own car. The latter, on the other hand, covers third-party liability as well as damage to your car.
The basic plans or third-party car insurance generally comes with an affordable premium, so people tend to opt for this one more. However, for luxury car owners, comprehensive car insurance is always an ideal choice as it safeguards them from excessive financial liabilities that arise after an accident.
- Compare Honda car insurance providers online
Once you are done choosing a particular type of insurance policy, consider checking all the popular plans available online. With easy access to technologies, it has become much easier to obtain information about each policy and choose one that suits your requirements.
Compare different insurance providers and check essential factors like claim procedure, exclusions, deductibles, type of add-ons offered, etc., before making a decision. Apart from these aspects, calculating the premium amount is also essential to finally choose a cost-effective plan.
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- Know about the insurer’s claim settlement ratio
CSR or claim settlement ratio is something most of the policyholders remain unaware of before availing of insurance plans. This is basically the time an insurance provider takes to settle down the claims from its clients. Always opt for an insurance provider that has high CSR, as it signifies that you have better chances of getting your claim approved.
- Know about the claim process
Since the main goal is to get financial assistance in case of accidents, understanding the claiming process properly is essential to make it faster. Ideally, you should always choose a car insurance policy that follows a simple and quick claiming process so that you can rely on it during emergency situations.
- Read the policy terms and conditions carefully.
Since people mainly focus on the premium amount and the coverage they will get, they often miss out on all the terms and conditions applied by the insurers. Always go through all the policy documents before signing and check if the terms are in your favour. This way, it also becomes easier to avoid any legal complications that may arise while filing a claim.
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- Include add-ons based on your needs
Most of the insurers offer riders or add-ons, which are basically some additional coverage options that you can avail of by paying an additional premium. Some of these riders might seem cheaper and convenient in the beginning; they also increase the financial liabilities after a point.
However, some of these add-ons provide substantial benefits like coverage against specific damages that were not included in the insurance scheme you have chosen. Before availing, make sure to know everything about these add-ons, the benefits you will get, and then choose one that suits your requirements perfectly. Here, a very important point to note is that these add-ons will be available to only those availing of comprehensive insurance plans.
- Know about network garages toservice your Honda car
Before going ahead and selecting a car insurance plan, go through the list of all the network garages you can take your Honda car for servicing. Most car insurers provide the convenience of getting the car repaired at any authorised garage where the policyholders will get cashless facilities for the settlement of claims.
It is essential to have complete information regarding this entire process, including all the garages that are authorised with your insurance provider to ease the process.
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Now that you have a fair idea of which aspects to check before purchasing a car insurance policy, it will be easier to prevent financial losses in case any accident takes place.
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January 28, 2022
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