Checklist For First-time Car Insurance Buyers

Since possessing car insurance is mandatory in India, car owners need to purchase a policy alongside their vehicle. However, finding a car insurance policy that perfectly suits one’s needs is difficult and time-consuming, as it requires in-depth research.

Nevertheless, to save time on this front, here is a checklist that one can take note of –

Type of policy

There are different sub-types of vehicle insurance policy, and buyers need to determine the one they plan to opt for. They have the option to go with a standalone car policy paired with a mandatory third-party liability cover. Else, they can always opt for a comprehensive one that includes all the necessary coverage.

Premium amount and coverage extension

Before buying insurance policies, be it motor insurance or any other, it is vital to check the premium amount and the accompanying sum-insured. It will help buyers to know about the cost they need to bear to leverage a particular sum in case of any unfortunate incident.

Eligibility and documents

The eligibility criteria for any insurance policy are lenient. Applicants need to meet the age criteria to qualify for one. However, the documentation list here is extensive, and failure to submit any of them can result in cancellation. Here are some examples –

Vehicle registration number
Car chassis number
Engine details
Owner’s KYC details
Owner’s address proof
Purchase receipt from the dealer

Apart from these, insurance providers may have additional requirements that one needs to comply with to conclude this process successfully.

Additional benefits

When shopping for car insurance, it is essential to look for additional benefits like roadside assistance, zero depreciation cover, etc. Such facilities may drive up the premium cost, but considering the convenience they bring to the table, they are certainly worth the investment in the long run.

These pointers can help car owners select their ideal insurance plan quickly, but individuals should go through the fine print of a policy to make an informed decision.

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