The coverage in a car insurance policy can vary from one person to another depending on the vehicle and its usage. However, India’s auto insurance industry has been continuously evolving to meet the different needs of its customers, supported by technology and regulations. Driving without a car insurance policy will attract harsh penalties, including jail time. According to the Motor Vehicles Act, 1988, all drivers must have third-party insurance for their vehicles.

Also Read: 5 Things To Consider Before Purchasing A House After Retirement

However, before buying vehicle insurance coverage, here are a few aspects to consider:

Engine Type: Insurance coverage for electric, hybrid, petrol and diesel engines could differ. So, do research and determine your specific requirements. Additionally, decide whether you need comprehensive insurance coverage to protect against theft and vehicle damage due to accidents, fire, natural calamities, man-made disasters, etc.

Coverage Amount: Determine the coverage amount for your vehicle, depending on its worth, your financial status, and local laws. For many drivers, liability-only or collision coverage may be adequate, although a comprehensive coverage plan may provide greater protection.

Insured Declared Value (IDV): Select an insurer that offers modifiable IDV values to optimise your benefits. This is particularly crucial for used automobiles as, in some situations, the car’s market value may exceed its IDV; in these situations, buyers should maximise their IDV value.

Deductibles and Premiums: To find the right car insurance policy, balance deductibles and premiums with your budget and risk tolerance. A higher deductible typically leads to lower premiums but requires more out-of-pocket expenses in case of a claim. Consider comprehensive car insurance that covers financial losses for car damage, theft, fire damage, natural calamities, personal injury, or death. Additional parameters should be considered when selecting a policy.

Add-On Covers: These can offer further advantages such as zero depreciation cover, return to invoice cover, tyre protection, breakdown support, engine and gearbox protection, etc. Search for a business that offers a simple online claim settlement process with a high claim settlement ratio.

24/7 Support: For convenience, choose insurers that provide around-the-clock customer support.

Also Read: Is Hyperthermia A Cause Of Worry As Mercury Rises? How Can Older People Cope With The Risk Of Heat Stroke?

Network Garages: Verify the insurer’s list of network garages to ensure you can easily use cashless facilities.

Simplified Claim Procedure: To make filing a claim easier, look for insurers that provide simplified procedures, such as smartphone-enabled self-inspection, etc.