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A Must-Read Guide for Women Planning to Buy Car Insurance

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It may come as a pleasant surprise but when it comes to insurance, men pay more premiums as compared to women. Studies show that men have a higher number of cases of reckless driving, road accidents, or driving without a seatbelt. Women drivers are considered to be safer and thus pay a much lesser premium on car insurance.

Though women may save a little on the premium, other than this there isn’t much that is different in car insurance for men and women. The process of buying car insurance is similar for both genders. What is crucial for both women as well as women insurance buyers is to get the right kind of motor insurance for their cars or bikes. While the market seems to be flooded with car insurance companies, finding the right company and the right plan may be a little trickier than you may have thought.

Here’s every woman’s guide to buying car insurance

1. Understand the Basics:

Just like any other important purchase, for car insurance as well you need to be thorough. It is important that understand its basics before you make a deal. You must know by now that third-party insurance is mandatory as per the Motor Vehicle Act, 1988. However, this is a liability only insurance and your own damages will not be covered. On the other hand, comprehensive insurance not only covers the third-party liability, but also the damages that you or your vehicle may suffer from all possible damages.

Remember: You might have to pay a higher amount for comprehensive car insurance, but it will offer a long list of coverage benefits.

2. Understand Your Requirements:

This is probably the most important part of buying the right insurance policy. Keep in mind that several car insurance plans are available in teg market today, however, the decision has to be based on your insurance needs. For example, if you have a second-hand car or are going to use your car very little, you may think of buying a liability-only policy. However, in case you have a new or an expensive car/ bike, it would be prudent going for a comprehensive policy. For those who use their cars for a few weeks or months only, there are tailor-made plans such as Pay As You Drive or Standalone Own Damage policies that offer wider coverage and yet are pocket-friendly.

3. Do a Little Research:

Doing your share of research goes a long way in getting you the right insurance for your car/ two-wheeler. You no longer have to depend on the men in the family and rely on their opinion alone. Most motor insurance companies allow you to buy car insurance online. You can easily compare the coverage offered by different insurers along with the premium charged. You must also go through the customer reviews and ratings that give a fair idea about the company’s past performance, its approach to its customers and the claim procedures.

Tip: Use an insurance aggregator website to compare the coverage offered by an insurer and the cost that you would have to bear.

4. Pick Your Add-Ons:

When talking/ reading about two-wheeler or car insurance you must have come across the term add-ons. These add-ons are optional insurance features that enhance the coverage of your basic insurance policy. As per your need, you can opt for one or more add-ons. Just keep in mind that you can opt for an add-on feature only when you have a comprehensive car insurance policy or standalone own damage policy. You do not get the feature of add-ons with a third-party liability-only policy. Before opting for add-ons make sure you have an understanding of what the add-on means. Take your time to find out what all it will and will not cover. You also need to chalk out your needs before you finalize the deal.

Tips:

● With a car less than 5 years old, it is suggested that you buy a zero-depreciation cover so that you do not have to bear the loss your vehicle suffers due to everyday wear and tear.

● If you often lose/ misplace your things, try opting for a key replacement add-on.

● Roadside Assistance is a great feature for women who need to move in and out of the city or use their car at odd hours.

● When buying a high-end or costly car, Return to Invoice is a popular option. In case your car is stolen or gets damaged beyond repair, you will be compensated not as pr the IDV but the original invoice price.

● If you live in a flood-prone area, investing in Engine Protect may be a good idea.

5. Why It is important to buy car insurance?

There are still many car owners who consider car insurance to be a burden or simply a legal prerequisite and thus do not like spending too much on it. However, it is not the right approach. Your car insurance does much more than just keep you safe from any legal trouble.

If you accidentally hurt someone or cause damage to someone’s property, your insurance policy will help you deal with the legal as well as the financial liabilities that you would have to bear. Also, despite being a careful and cautious driver, accidents, dents and scratches are bound to happen. Therefore, it makes sense to have appropriate coverage, so that your time behind the wheel can be relaxing and tension-free. When you know that your car insurance will support you, you become a more confident driver.

6. Buying Car Insurance:

Once you have understood the basics of car insurance you would be able to choose the right policy for your car. However, when it comes to buying car insurance you need to make a selection between online and offline. Most customers today prefer buying car insurance online, as it is convenient and easy and often offers discounts. Another advantage of buying car insurance online is that you do not have an insurance agent or salesperson breathing down your neck to make a decision. From the comfort of your home or office, you can view your options, pick a policy and make the payment online. The policy papers will soon reach you via email.

Conclusion

Buying car insurance is an important step. Significantly, you understand what you are signing up for. Try getting as much information on the policy, the coverage and the claim procedure. Read through the policy document and seek professional help in case there is something that you do not understand. Many car insurance companies offer special deals and discounts to women, make sure to explore them all and then come to a well-informed decision.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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