Why Should You Check the CSR And Other Key Factors While Buying Car Insurance?
First-time insurance buyers have a plethora of insurance plans to choose from. With the digital age catching up fast, you might look up online for some recommendations. It might not lead you to one definite answer as to which is the best insurance policy, but certainly makes it clear that different insurance plans cater to varying needs. But when you’re looking for car insurance online, there is one factor that needs to be considered by all, the claim settlement ratio (CSR). Here are some reasons why you need to check a few numbers like the claim settlement ratio when buying a car insurance policy.
#1 Better insurance coverage: One of the primary reasons to consider CSR along with other factors is for improved insurance coverage. Comparing the insurance coverage of a reputed insurer will help you shortlist a policy that not only offers adequate coverage, but also a guarantee that your claim will be honoured timely. Being one of your prized possessions, you obviously want the best safety features and it is possible only by availing a car insurance online from one of the reputed insurance companies.
#2 Guarantee of claim settlement: When you purchase a motor insurance online after checking the claim-settlement ratio, it creates a certainty that your insurance claim will be honoured. Claim settlement ratio is that number which denotes the number of applications settled during a financial year vis-a-vis the application received. A higher claim settlement ratio guarantees a higher chance of your claim being settled if made within the policy terms and conditions. Hence, when you compare other insurance features, do not miss on checking the CSR too.
#3 Competitive premiums: Buying an insurance cover for your car does not always require your to either buy the most expensive policy or the cheapest one. Newbies tend to focus on price as the only basis of comparison and land up with a policy with limited insurance cover. At the same time, going overboard with the premium will do no good. Thus, it is recommended you browse policies that suit your need which looking for insurers that offer competitive premiums balancing the premium and the benefit it offers.
#4 Hassle-free settlement process: In case of an accident or theft, the insurance cover is your only safety net that can prevent a financial loss. With leading insurance companies, the settlement process is smooth and hassle-free. There is not just one way, but multiple ways to raise a claim like using the mobile application, making an online claim, or even the traditional offline mode. With a comparative new insurance company, you might not get all these different way through which your application can be initiated and will be a cumbersome process when the time comes. So, remember to check the claim process before purchasing the insurance policy.
#5 Using the facility of add-ons: Reputed insurance companies offer multiple optional features to a comprehensive car insurance policy. Having such optional features will give you the advantage of modifying the policy coverage just the way it fits best for you.
These are some reasons why you should look for not just one but many factors at once when buying a general insurance cover for your car. Get the right insurance policy and ensure optimal protection for your car.