Things to Consider Before Purchasing a Long-Term Comprehensive Car Insurance Plan

If you are a car owner, then it is mandatory to get it insured. While, as per the Indian Motor Tariff Act, it is mandatory at least to purchase a third-party liability plan, however, most of the time it is advised to go for a comprehensive car insurance plan for an all-encompassing coverage. A policy buyer can purchase both these plans for the long term. Read ahead to know about things to remember prior to opting for a long term comprehensive car insurance plan.

Things to Consider prior to Buying a Long-Term Comprehensive Car Insurance Plan

You need to keep various things in consideration prior to buying a long-term car insurance plan. You can go through the below-mentioned points to know if it is suggested for you to buy a long term comprehensive car insurance plan:

• Add-Ons

You are required to consider whether the opted add-on covers will be serving you for the long term. For instance, you may consider buying a passenger add-on cover as you daily travel along with your spouse to the workplace. However, this situation is subject to change in case either of you decides to go for a job change and you both no longer would travel in the same direction. Thus, it is advised to buy only appropriate add-ons considering the long term nature of the plan.

• Ownership

You are allowed to buy or renew your comprehensive car insurance plan for a long term (3 years).  However, the question arises whether you will keep your car with yourself till that period? Suppose if your car is 9 years old and you purchase a long term plan. For a reason, you have to sell the plan that year only. Now, considering it from the insurance perspective, this won’t be fruitful. However, if you are planning upon owning your car for a long term period of time, then you must consider going for a long-term insurance plan.

You may also like to read:- Best Car Insurance Add-on Covers And Their Significance 

• Additional Features

The motor insurance industry has become quite competitive owing to the advent of the digital insurance purchasing process. A majority of car insurance companies have adopted the digital route for their operations. Due to this, the policyholders are receiving extra benefits in the form of new features. Therefore, keep a check on these features at the time of considering buying a long term plan.

Must Check:- Third Party Car Insurance

• Credibility of Insurance Company

The credibility of your insurance company is much needed when we talk about buying the policy. This is due to the fact your insurance company is the one who is going to help you during the time of claim and during the hour of need. Therefore, do standard research prior concerning the credibility of your insurance company prior to purchasing an insurance plan.

Also Read:- Importance Of Add-On Covers In Car Insurance 

Final Words

While purchasing a car insurance plan, keep the above-mentioned points in mind in order to make a well-informed decision. Moreover, with the onset of digitalization, it has become easier for policy buyers to compare different plans online. Therefore, by considering the above points, you can easily purchase a long term comprehensive insurance plan for yourself without much hassle.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.