We all are aware about the importance of buying a car insurance policy, aren’t we? And how it can save us from heavy expenses arising out of damages caused to the car in an accident. We also often try searching for something better in a lesser amount. However, when it comes to a car insurance policy, this may not be the right approach.
The premium of a car insurance policy is dependent on various factors like the model of the car, the situation the policyholder is in, or the amount of risk the insurance provider will have to bear in case of an emergency. Hence, by paying too much attention on the cost of the policy and trying to make it a little less, you may lose out on some important coverage benefits of the policy. It is essential that you analyse the cost as well as the importance of the coverage benefits before coming to a decision.
Here, in this article we have curated a list on why you should look beyond premium while buying a car insurance policy.
- Add-on covers
Add-on covers may come with an additional price, however, you must not compromise on the important add-on covers such as engine protection add-on, zero depreciation cover, roadside assistance cover, etc. These can come handy anytime. Also, not buying the important add-on covers will not only put you in a situation of bearing some of the repair cost but may also lead to lower claim amount in future.
- Poor customer support
With the rising competition in the market, various insurance providers try to grab customer’s attention by offeringlower premium amounts. Insurance is a subject matter where it is important to have strong and reliable after-sales support. However, some insurance providers which offer cheap car insurance might not have a strong after-sales support. This can create a problem for you in the settlement process of a claim.
- Higher Deductibles
As statedearlier, the premium priceof car insurance policy depends on various factors. One of these factors is the deductibles you opt to pay. If you choose a higher deductible amount then the amount you are liable to pay as premium decreases. But this also means that you are liable to pay for most of the damages incurred which can be financially draining for some.
- Insufficient coverage
There are two main types of car insurance available- third-party and comprehensive car insurance policies. Third-party insurance is cheaper than comprehensive cover but it also provides less coverage in terms of injury or damages caused to you or your car. This is why it is always advised to opt for comprehensive car insurance, for future savings.
We hope you now have a better insight on why focusing on coverage benefits is important when it comes to buying a car insurance policy. It is advised you compare carefully between the insurance plans and then make an informed decision about it. If you want to explore and compare the plans, you can download our Bajaj Finserv App. We ensure to provide you a hassl-free and quick purchase experience.
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