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Car Insurance Policy Selection - Different Criteria to Look Out For
Car insurance is done basically for transfer of risk of liabilities and risk of financial loss - arising out of unforeseen act. In case of motor vehicles, risks those are normally transferred can be broadly classified into two groups.
Group: 1 - Transfer of liabilities due to
- Injury or death to person or persons due to vehicle
- Damage to property
Group: II - Transfer of financial loss due to
- Damage to the vehicle
- Theft of the parts of the vehicle or the vehicle itself
In India as per Motor Vehicles Act 1988, any vehicle which can be termed as Motor vehicle per this act, if plies in public places must have a car insurance policy that at least covers Third Party Liabilities. The Group 1 above describes the Third party liabilities and insurance policy covering these liabilities is known as Third Party Liability Policy. It is mandatory for every vehicle to have a valid Third Party Liability Policy as this is the minimum insurance requirement as per the Motor Vehicles Act.
The other type of car insurance policy known as Comprehensive Policy which covers risks of both Group1 and Group II types. For hypothecated vehicles, if not exempted, comprehensive policy is a must. Usually privately owned vehicles are insured with comprehensive policies.
The risk and the extent of liabilities under Group I has been defined in the Motor Vehicles Act 1988 and insurance policies of both the types - both third party and comprehensive policies, issued by the insurance company must comply with provision of this act. This part is taken care of by the car insurance companies and policy holder can check that statutory requirements are met.
The risk of financial loss under Group II and extent of its coverage in comprehensive policies is important point. Car insurance in India is governed by certain rules, so the coverage for the vehicle would be the same for policies of all insurance companies - this what some of the insurance companies claim and which is true to some extent. But still there are certain points to be checked up -
Even if the coverage offered would be the same; the premium charged varies from company to company. One can compare the car insurance quotes online and know which bank or financing company is offering the best deal. However, be wary of the companies that claim 'we offer the cheapest car insurance' as there are possibilities of hidden clauses and charges and at the end you have to shell out extra bucks from your pocket. However, the amount of premium should never be deciding factor for selecting insurance companies for comprehensive policies. Here are different points to be considered as well --
2. Cashless repair and garage tie ups
Facilities for Cashless service in the reputable garage and settlement of claim is one of most important considerations for car insurance. Number of Garages, the insurance company has tie-up with for cashless service, the location of those garages and the reputation of the garages are important consideration. At least one tied garage should preferably be near your residence
3. Procedure for repair in non-tied up garages, preferring claim and claim settlement.
4. Paper work and requirement of document for settlement of claim
5. Requirement of copy of FIR - normally it should not be required except in the case where it is statutory requirement.
6. Reimbursement of towing charges
7. Amount of no claim bonus. Please note that no claim bonus is transferable from one company to other.
8. Insurance of Add-on to the vehicles - cost thereof
9. Cost of additional coverage for driver, owner, and co-passenger - in case of death or partial/full disabilities.
10. Notice for renewal of policies - Car insurances are to be renewed every year. It is not very uncommon to forget renewal date. A car insurance renewal notice from the company in right time is also important.