We use cars for a variety of reasons. So, there’s really no ‘one-size-fits-all’ type of insurance for cars. What is considered the best car insurance policy by one may not meet your expectations at all. The best way to undertake this research is to generate a comprehensive comparison chart for your make of car from the top five insurers. Then compare the amount they have granted for individual claims such as coverage for different parts of the car, medical expenses, repair of the vehicle, loss or damage, legal liability, injury, or death. This will help you decide who is best suited to be your insurer. Keep the following points in mind when you look for the best car insurance policy. The make of your car, model, and variant are important in determining the base premium. More expensive and luxurious the car, higher the premium. Size of the car matters too. The Insured Declared Value (IDR) depends on the year of manufacture of the car. IDV decides the annual premium for your vehicle. Obviously, newer the car, higher the premium. If you want additional cover for the accessories (both electrical and non-electrical), you have to pay additional premium If you have a CNG fitted car, you have to pay higher premium than a regular petrol or diesel car. You can decrease the premium amount by opting for a higher voluntary deductible. It is the minimum amount of money you agree to pay when you stake a claim. By agreeing to bear the financial burden with the insurance company when there is an accident, you can pay lesser premium. If your car is fitted with an anti-theft device that is approved by ARAI, you can avail of a 2.5% discount. Members of Automobile Association of India (AAI) and special professional such as doctors, government employees, and defense personnel are given additional discounts on their premium.
