Deciding which car insurance plan to buy is not a decision that can be taken lightly, and can turn out to be quite a daunting task for some car owners. Here are a few tips and tricks to help you navigate your way through and pick an insurance plan that fits all your requirements perfectly:
Step 1: Research, Research, and More Research!
It is important for you to take your time and find out all the insurance plan options available based on the various coverage levels, pricing, discounts, and after-sales services. You can either do this research yourself or reach out to an insurance agent to do the legwork for you.
Step 2: Know What Your Needs Are
Before deciding on which insurance provider you’re going ahead with, consider asking yourself these questions:
– How long have you been driving for?
– What is your driving record like?
– What is your net worth?
– How much is your vehicle worth?
– Do you need anti-theft devices?
This will help you determine the amount and type of coverage you need to protect your assets well.
Step 3: Shop Around for Insurance Quotes
Once you establish the kind of coverage you need, it is a good idea to get quotes from multiple insurance providers for the same plan. This helps you do a cost comparison and pick one that fits your budget. Make sure the quotes you receive are for the same type of policy and coverage
It is a good practice to have all your paperwork ready, including your active policy, to save time while comparing the options!
Step 4: Look Beyond the Price
While the cost of the insurance policy is a big factor, it isn’t the only one you should be considering. Make sure you look at the claim handling time/process, customer service, and more. Ask around, do your research, reach out to friends and family to find out their experiences with certain insurance providers.
Step 5: Check out The Payment Options
Insurance companies offer multiple payment plans and options for you to choose from. Experts recommend paying the insurance premium in full, upfront. This helps in keeping your costs low and makes you eligible for discounts!
If you decide to go with installments, you can set up recurring payments that automatically deducts the money from your bank account. This helps avoid any late payment fees.