Buying the best auto insurance can be a daunting task, especially when there are too many options. Below are the parameters we considered when selecting the best auto insurance policies in India.
Type of policy cover (30% of the score): It is very important to understand what type of plan you should buy as each plan has its own coverage and benefits. Comprehensive plan gives you enhanced coverage along with damage and third party coverage. It is highly recommended if you drive your car regularly. However, third-party plans only cover your damages arising from third-party liability and thus provide basic protection. We have already mentioned that a third party subscription is mandatory for every car owner in India.
Add-ons Benefits (20% of the score): We carefully considered the number of additional benefits labeled with the basic plan. One should be practical enough before choosing the add-on covers. Coverages such as zero depreciation, no-claim bonus benefits, consumables coverage, and others can dramatically reduce your car’s repair costs. It should be noted that one cannot purchase add-on features along with the third-party subscription.
Cashless network garages (20% of the score): We’ve listed the number of tires these auto insurance companies have with cashless auto repair garages. Some companies, including HDFC Ergo and TATA AIG, have as many as 8,000 network garages.
Customization from IDV (20% of the score): IDV refers to the Insured Dealer Value of your car that is close to the car’s current market value. The insurance company allows you to select or adjust the IDV of the car from a selected range. And if you opt for a lower IDV, you will have to pay a relatively lower premium to insure the car and vice versa. This simply means the more the value of the car, the higher the premium that must be paid to insure it. Although it is highly recommended to select a high IDV for maximum coverage.
Online insurance (10% of the score): With the advent of online and digital technology, buying insurance is just a matter of minutes. We have listed the policies that can be easily purchased online without any paperwork. Certain companies also offer premium discounts if the policy is purchased online.