Are you planning to purchase a new vehicle? You must have considered the colour, engine, features, and price. But have you thought about the car insurance you must get with your new vehicle?
It is a popular belief that one can or should get car insurance from a car supplier at the same time as doing so. Although it is not always the case, car purchasers often believe the dealer can assist them in finding a good bargain when obtaining insurance. You should exercise the same caution while purchasing car insurance as when purchasing the vehicle.
Here is a simple reminder list for when you get new car insurance.
Understand Your Insurance Rights
You have every right, as a brand-new car owner, to learn everything you can about the car insurance you want to purchase. Car dealers sell insurance plans from various companies but may not always offer the most suitable plan for the vehicle.*
Therefore, one should always compare car insurance online with several insurance companies, including modern, tech-first insurers, before purchasing a policy from a car dealer.
This is achievable because modern businesses don’t pay commissions to their agents and instead pass those savings on to their customers.
One Size Fits All Is A False Belief
One size fits all is a common belief when purchasing car insurance. Those who want to avoid falling into this trap should always know what they are seeking and customise their insurance coverage to meet those needs. After identifying your needs, you can seek coverage from your insurer accordingly and pay only for relevant features.^
Two Ways To Purchase Car Insurance
Either through a car retailer or directly from an insurance company, you can purchase insurance. Contrary to popular belief, car dealers are not legally permitted to sell insurance. The traditional insurers that are enrolled with them are recommended by car dealers. This strategy prevents clients from considering other modern insurers that provide customised insurance at a lesser charge. Before selecting a new car insurance coverage, one should carefully weigh all available options.
Even though insurance is required by law in India before a car can be driven, purchasing it from a car dealership is not required. According to India’s Insurance Regulatory and Development Authority (IRDAI), customers are allowed to choose an insurer of their choosing. The customer can choose a policy from a digital-native insurance provider if they choose . These modern businesses provide customers with improved advantages like significant premium savings, hassle-free renewal, and speedy settlement. # ^
A car insurance calculator is a tool you may utilise online to find out the amount of coverage required based on your needs.
Purchasing your new car insurance directly from the insurer offers several advantages, including cost savings by eliminating intermediaries, greater customisation options, and direct access to the insurer’s services. This approach allows you to tailor your policy to your specific needs, simplifies the claims process, and often results in more competitive premiums. However, it’s essential to thoroughly research and compare offers to ensure you choose an insurer that aligns with your requirements and budget.
^ Claims are subject to terms and conditions set forth under comprehensive car insurance policy .
*Standard T&C Apply
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
