Things To Know Before You Decide To Buy Car Insurance Policy

In India, it is compulsory to have third-party car insurance. While many car owners buy car insurance because it is mandatory, a smart decision would be to buy car insurance because you want to protect your car against unforeseen damages. Be it minor damages that need repair or a major unfortunate event like a car accident, car insurance helps to deal with these situations without it being heavy on your pockets.

Before you decide which new car insurance policy you would like to buy, thoroughly understand what you are looking for and the important aspects that you must consider when making this decision. We, at Liberty General Insurance, want you to make an informed decision, and so we have collated essential information in this blog, making it easier for you to buy car insurance policy online.

Know The Different Types Of Car Insurance Policies Available Today

At Liberty General Insurance, we offer three different types of car insurance policies:

• Liability Only: It covers theft or damage caused to your vehicle by any third party.
• Stand-Alone Own Damage: This type of insurance covers the damage that is not caused by a third party. For example, natural disasters, theft, vandalism, etc.
• Comprehensive: At Liberty General Insurance, we offer a comprehensive new car insurance policy that covers benefits of Liability only, own damage covers and the coverage includes the owner’s vehicle.

In case you feel the need for more, you can customise car insurance coverage and get add-on coverage for the specific requirements. This will be based on how old the vehicle is, therefore, check with the provider when you buy a car insurance policy online or offline.

We, at Liberty General Insurance, provide all four types of car insurance policy. Check out each type and understand their benefits to choose one that fits your requirement.

Know What You Need in the Car Insurance Policy

Evaluate the basic needs of your car insurance policy, think of the common risks, environmental threats, and more. Think of the regular travel routes and your driving habits. These factors will help you to understand your specific needs better when it comes to buying a new car insurance policy.

Understand The Basic Coverage and Add-on Covers

Mandatory insurance also known as third-party insurance gives you basic coverage. This type of car insurance policy will help you cover the damages or injuries done by your car to a third-party person or property.

Along with this basic coverage, also evaluate your need for add-on coverages. Select the ones you need and accordingly customise your car insurance policy.

At Liberty General Insurance, we offer a wide range of add-on coverages like depreciation cover, consumable cover, roadside assistance cover, passenger assistance cover, engine safe cover and more. To know more, explore the several add-on coverages for car insurance policy provided by us.

Understand the Relationship Between IDV and Your Insurance Premium

The Insured Declared Value (IDV) of a vehicle is like a car's estimated present value in the market. This is because the value is affected due to natural wear and tear. It’s not the resale value but insurers allow you to select the to-be-insured car’s IDV from a given range. A lower IDV will result in a lower premium for you and similarly, a higher IDV will attract a higher premium for your car insurance.

Check the Claim Settlement Ratio

The Claim Settlement Ratio is the proportion between the number of claims filed and those that were ultimately resolved. It is routinely published on the website of the Insurance Regulatory and Development Authority of India. It can serve as a useful benchmark for determining the insurer's capacity to resolve claims. However, it shouldn't be the only rule since false claims and a lack of supporting evidence may reduce the number of settled claims.

Hassle-Free Claim Settlement Process and Assistance

When you buy car insurance online from Liberty General Insurance, you are assured to receive our best support and assistance with claim settlements, policy renewals, and options for additional protective covers. We aim to make your journey of buying and using a car insurance policy, convenient, hassle-free and efficient for you.

As one of the trusted car insurance companies, Liberty General Insurance, offers a comprehensive car insurance policy online. We provide you with car insurance that includes various benefits and many add-on coverage options for your car insurance policy.

Wait no more, and get comprehensive car insurance online today, with Liberty General Insurance!