Buying a car insurance policy can be very confusing at first. Your question – what are the best methods to buy an insurance policy? Should you go for an offline or online insurance policy?
What is car insurance?
Car insurance is a necessary tool for the protection of cars. It provides financial protection to the vehicles for the loss or damage caused by accidents or collisions in traffic. It is an agreement or contract between the individual and the insurance company wherein the company protects the individual from financial loss during accidents. The individual has to pay a premium amount of money to the insurance company monthly.
It provides for
- Medical coverage
- Property coverage
- Liability coverage
Which Car insurance policy to buy?
So, while choosing the insurance policy, take care of the following factors-
- Which agent do you want to buy from – Independent, Captive, or Online?
- Types of coverage for car insurance.
- Benefits it provides.
- Compare different plans to find the suitable one.
- Which agent to choose-
- Captive agent- These agents are dedicated to only one company. So, if the company is trustworthy and you are well aware of the company then go for captive agents. They will help you to build an insurance package based on your needs. There only setback is that they take more time than the individual agents.
- Independent agent- These agents work independently for different insurance companies. They will help you to compare various policies provided by the various companies. They can better assist you to select the best insurance plan.
- Online policy- Online method provides you with the benefit of contacting the insurance company directly. This method is based solely on yourself. You have to rummage through various online insurance companies, compare them and choose the best one for yourself.
- Types of coverage for car insurance-
- Coverage for personal accident- You need to look for the medical expenses service provided to the owner or driver.
- Liability cover- It is a third-party coverage policy. It included covers such as the cost of damaged parts of the vehicle and repairing or replacement of the damaged part. It also includes liabilities related to the death of the party and the treatment and hospital expenses.
- Collision damage covers- This coverage insurance covers only the repairing cost of the vehicles after a collision. All the factors such as age and the insured declared value (IDV) are taken into account while determining the cost of the repair.
When selecting suitable insurance for your car, you should be aware of all the methods and types of the insurance policy. You should make sure to do proper research through an online platform before choosing. It will help you to find the best suitable policy for yourself.