Just before you are all set to drive that shiny new car off to your place, there’s one more price tag to consider… yes that’s your car insurance policy. Today, in this cut-throat competitive world, there are number of car insurance service providers and complicated policy features. One should consider a number of things before buying car insurance policy.

In market two types of policies are available third party and comprehensive.

Third party – Any injury/death of third person or damage to third party property on account of any accident caused by vehicle belongs to you, covered under this plan. However, it does not cover any damage to your vehicle. It is a regulatory requirement and mandatory to take third party insurance for every vehicle owner.

Comprehensive : This plan provides both coverage’s third party as well as the vehicle you own. It is always advisable to buy a comprehensive insurance policy for your car.

Chalked down below are few key factors and Riders, which will help you to decide about the best insurance policy.

Premium You may find some of the car insurance policy at aggressive rates. However, lower premium does confirm that it is a better policy. You need to take a view with a holistic approach in terms of features and benefits before purchasing car insurance. If some extra benefits cost more funds and it is really worth for you, you should opt for the same. The insurance premium is determined by multiple factors e.g.: type of vehicle, model, capacity, age, fuel type, and  a modification made

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Customer Support & Convenience Customer support is another factor you should consider before buying car insurance policy. The company should be well established and must have 24×7 robust customer support to solve your query.
In addition to above Insurance Company should have good established and expanded garage network for the repairs. Online facility like mobile application, claim request submission by using a mobile app is an advantage.

Cashless claims You can avail cash less facility if your vehicle is repaired by one of the authorized garage of the insurer. It is advisable to take insurance policy where this type of facility is available.
No Claim Bonus NCB (No claim bonus) a feature, means if you are not making any claim in the previous year you will be given some discount on premium next year. This discount keeps on increasing with a cap up to maximum 50%.

Claim Settlement You should go for an insurer, which is good in settling a claim, review the settlement history of the company. Avoid policy with bad claim settlement ratio. You can get information about claim settlement ratio from IRDA website. IRDA reports out every year which contains detail about claim settlement ratio.

Customer Review You should also look for an opinion from your friends and relatives about customer services offered by an insurance company. Please also verify some online review, which will help you to prove the credibility of the insurer.

Riders available for car insurance plans :

Engine Coverage Rider
 Insurers provide hydrostatic cover, which covers car damages caused due to a substantial loss. The insurance company will cover engine repair in case it is damaged due to leakage of oil, water stalling etc.  Only if you opt for this rider.

Roadside Assistance and Towing Rider
The RSA rider provides car owners a number of exceptionally important services that could be of great help in case you have an accident or even if your car breaks down for some reason in the middle of the road. RSA offers 24×7 many kinds of assistance, such as fuel refilling, flat tyre change, battery jump start, lost key recovery, and some other related assistance.

Zero-Depreciation Cover
When you log an insurance claim, a standard car insurance plan will consider the depreciated value of the damaged parts instead of their present market value. The depreciation rate varies depending on factors like the make, model and age of the car. You, thus, end up paying a substantial portion of the full claim amount from your own pocket.
A zero depreciation cover, however, guarantee full claim amount with zero reduction deduction. Thus, if your car is damaged in a car accident, your insurer will cover the whole cost, rather than just a portion of it.

Personal Accident Cover
This secures your family’s future in the case of a permanent disablement or in the unfortunate circumstance of your death. You may get cover of up to 2 lakhs for damage caused to the driver while travelling, mounting, or dismounting from the car. Some insurers also offer not obligatory accidental covers for co-passengers. This rider applies in case of accidental death, temporary partial disability and/or permanent partial or total disability caused by road accidents.

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Ambulance and Medical Expenses Rider
The most evil scenario with a car accident is that you or another involved party suffers grave injuries and need to be rushed to the hospital for urgent situation or urgency treatment. This rider compensates you for the ambulance charges along with medical expenses of up to about 10,000 INR.

Vehicle Replacement
If your car damaged beyond repair in an accident, or is stolen, managing without a car, even for a couple of days, can be extremely inconvenient. Insurance companies states these cases as a ‘total loss’, which means that the claim amount received under such circumstances is less than the genuine market value of the car and not nearly enough to provide sufficient cover or get a replacement.

Rental Reimbursement:
Once your car has been sent to the garage for repair, managing without car may be extremely cumbersome. Having a policy with rental reimbursement cover, would help you cope with the costs, also helps in paying for your car rental bills during this time.

Disclaimer : Before Purchasing any Policy , Do visit the Website of Insurance company and read all the Terms and Conditions Carefully, before purchasing any Policy