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Contributor
Shinoy Chenatra
Posts: 24
Registered: ‎28-08-2017

What factors should I consider while choosing an insurer for motor insurance?

What factors should I consider while choosing an insurer for motor insurance?

2 REPLIES 2
Contributor
Juned Shaikh
Posts: 23
Registered: ‎12-09-2017

Re: What factors should I consider while choosing an insurer for motor insurance?

Hey Shinoy,

 

There are few basic points which are important while buying Motor Policy.

 

But first Check out from different Insurers all about their products, features, add-ons and exclusions.

 

Points to be considered : 

 

  • Seek comprehensive cover for better protection
  • Third party insurance is mandatory
  • Know what is covered in third party car insurance
  • Seek additional covers based on your risk profile
  • Do not overlook personal accident cover
  • Bundled car insurance can help save money
  • Opt for voluntary deductibles 
Contributor
Upkar Singh
Posts: 38
Registered: ‎03-06-2017

Re: What factors should I consider while choosing an insurer for motor insurance?

Motor insurance has two components: own damage and third party liability. Third party liability premiums and claim settlement processes are similar across insurers, so this section does not influence insurer selection. For the own damage insurance, you may want to consider the following points. First, the add-ons offered by the insurer. You should opt for a plan with maximum number of add-ons. Especially, consider zero depreciation and engine protection cover. Second, you should consider the number of years for which the insurer offers the add-on cover, if the insurance is continuously renewed with it. The longer the better. Some insurers offer add-ons for up to 10 years. Third, evaluate the price differences. The terms and conditions of standard own damage cover are the same across insurers.