Whether you are buying a car for the first time or not, the joy of owning a vehicle will always remain unparalleled. However, the first-time buyer of a bike or car must be extremely careful as they must take care of many things. They need to buy a bike or new car insurance immediately to avoid landing in financial trouble if there is any damage to the vehicle. To help you, we have curated a list of ways to buy the best motor insurance plan even if you are a first-time buyer.
Types of Motor Insurance
There are two basic types of motor insurance as listed below:
· Third-party Liability Coverage: Third-party liability coverage provides financial assistance to policyholders if they injure a third party. This type of coverage is compulsory for all vehicle owners as per the Motor Vehicles Act of 1988.
· Comprehensive Coverage: This provides coverage if there is any damage to the vehicle and third party property. It basically provides all-round financial coverage to vehicle owners.
Tips to Buy the Right Motor Insurance Plan for First-time Buyers
If you are buying a car or two wheeler insurance online for the first time, then you need to be aware of certain things as listed below:
· The Different Types: As already mentioned, when you plan to buy a car or bike insurance, you will be given an option to choose amongst the different types available. The available types include Comprehensive, Third party, and Standalone Own-damage plans. The coverage and the premium will vary depending on the type chosen, so be wise when choosing.
· Deductibles: Deductibles in motor insurance refers to the amount that is paid from the policyholder’s pocket. When you include deductible components in your insurance policy, you agree to pay a specific amount during the claim procedure. Opting for higher deductibles also translates to lower premiums.
· Claim Settlement Ratio: It is the ratio between the number of claims raised and the number of claims settled in a given year. The Claim Settlement Ratio or CSR indicates how efficient the insurance company is when it comes to claim settlement. Thus, it is advisable to choose an insurer that has a higher Claim Settlement Ratio so that you don’t have to face any problems during the claim settlement process.
· Cashless Garages: Another important thing that you as a first-time buyer need to be aware of is the availability of cashless garages. The cashless garages are tied up with insurance companies and provides cashless repairs in case your car/bike is damaged. It is advisable to choose a company that has tie-ups with a higher number of cashless garages. The more the number of cashless garages, the easier it becomes to get cashless repair facilities.
· Customer Support: The customer service plays another important role in choosing a motor insurance plan. You should thus check the online reviews of previous customers and go for an insurer that offers 24*7 support. This way you will get assistance from the team whenever you need it.
How to Buy Acko Car/Bike Insurance Plan?
Listed below are the steps in which you can buy car or bike insurance plan with Acko:
· Download Acko mobile app or go to its official website
· Navigate to car/bike insurance option
· Enter vehicle registration number and select whether you are buying insurance for a new or old vehicle
· Next, provide vehicle make and model details
· A list of plans will then pop-up
· Next, you can choose add-ons if required. Then, provide personal information like email address, mobile number, etc
· Then, make the premium payment and you will get policy details on your registered email id
Summing Up
So, adhere to all the above-mentioned points if buying a motor insurance policy for the first time. You must also periodically review your policy so that you can get a better understanding of the coverage that is offered.
