Comparing third-party insurance: Tips for choosing the right policy for you

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23 Jan 2024

Insights and Tips for a Smoother Journey

With the booming auto industry, the car insurance sector is also reaching new heights each day. This is because every Indian vehicle needs to maintain at least a third-party car insurance to meet the legal standards. It only caters to the losses and damages that occur to the third party during any accidents involving your vehicle. There is no self-coverage provision here.

This boost has loaded the market with innumerable car insurance products, each different from the other in some aspects or the other. This has made the choice quite too overwhelming and challenging. In this context, Kotak General Insurance must be mentioned as a respectable competent.

Insurance comparison tips for choosing the right insurance

Choosing car insurance is an overwhelming task under the current circumstances. However, exercising these tips will ease the journey:

Assess your necessities well

You must critically analyse your requirements. If basic third-party insurance seems to be satisfying for you, research those plans and then grab the most suitable one at the most affordable price.

Claim settlement procedure

This is a very significant factor. Even before purchasing the plan, you must ensure that the concerned insurance provider’s claim settlement procedure is fast, smooth, and hassle-free. You can even consider the customer reviews to get a clearer picture of the scenario and then proceed.

Claim settlement ratio

Always check the claim settlement ratio of your chosen insurance provider and compare among others too. This indicates the overall count of claims filed and the number of claims resolved by the insurer. The higher this ratio is the better as it ensures that the concerned company rejects a lesser number of claims.

No misinformation

You must always remain true on your part and never misinform your insurer. If the insurance authorities detect any game here, they will simply reject your claim straight away leading to more serious troubles and legal obligations.

Be aware of the terms and conditions

You must be clearly aware of all the terms and conditions of your chosen policy to avoid any misunderstandings during claim settlement. It includes your coverage span, inclusions, and exclusions. If there is any ambiguity regarding any clause, clarify it before signing the contract. You can always approach the customer care cell.

Conclusion

These user-friendly tips tend to guide you along the right track. Since third party car insurance is mandatory as per the Motor Vehicles Act of 1988, you must exercise these tips and tactics to enjoy a smooth journey meeting the requisite legal standards and avoid any issues in this regard during any unfortunate circumstances.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.