The best way to buy motor insurance for your new car – Elets BFSI – Elets

Are you purchasing a new vehicle? You must have given due consideration to the colour, engine, features, and price. But have you thought about the motor insurance policy for your new vehicle? If you haven’t, allow us to assist you.
Understand your insurance rights
You have every right, as a new car owner, to know everything about the auto insurance you want to purchase. While car dealers act as sales outlets for insurance companies and provide a good deal, car buyers do not always receive the insurance plan that is most appropriate for their vehicle.
Therefore, one should always compare the products of several insurance companies, including the modern, tech-first insurers, before purchasing a policy. The digital- native businesses offer customised insurance plans that are 20 per cent less expensive and meet all the stipulated requirements. These businesses pass on the savings on agent commissions to customers through reduced prices. If you, as a customer, pay adequate attention to your new car insurance, you may also benefit from lower outflows.
Debunk the common belief
One size fits all is a common belief when purchasing auto 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. Once your needs have been determined,
you can ask your insurer to cover them and make the necessary payments. You won’t be required to pay for features that don’t apply to you.
Examine all options
The majority of car dealers offer fiXed rate cards, which allow their customers to select any insurer from a list while maintaining the same pricing. Car dealers push the insurance provider, which pays them the biggest fee, in an effort to maximise their margins. However, the product that they are promoting may not be the best or cheapest for you.
Despite the fact that insurance is required by law in India before an automobile 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 any insurer. Check out the offerings from digital-native insurance providers. These modern businesses provide customers with improved benefits, including significant premium savings, hassle-free renewal, and speedy settlement.
Also Read | How insurance companies can raise the bar for customer experience in 2022 & beyond
The impact of add-on selection
One should avoid purchasing generic auto insurance when purchasing a new car as these policies are frequently loaded with unnecessary extras. The customer is unable to alter the policy in any way. On the other hand, when you purchase a policy from an insurer directly, you can include customised add-ons like engine protection, zero depreciation coverage, roadside assistance, etc. for a higher premium.
In conclusion, it is safe to say that since the devil is in the details, we should exercise due diligence before purchasing any insurance policy.
Views expressed by Anil Kumar Aggarwal, Managing Director and Chief Executive Officer (CEO) of Shriram General Insurance.
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