5 Factors to Consider While Finding the Best Car Insurance for Toyota

Toyota Motor Corporation, or TMC, is one of the world's largest car manufacturers. If you have you have a Toyota car, you would want to protect it from everything possible that can damage your car. So, to protect your Toyota from any damage, make sure you buy car insurance as well. Also, if you already have vehicle insurance, ensure to renew them every year, or the policy will lapse - which might cost extra money as you need to buy the insurance all over again. 

Factors to consider to find the best car insurance for Toyota?

Many people think buying motor insurance is a burden, which is not true, and expensive because of the premiums. However, it is worth it; all you need to do is find the best car insurance company. It is always recommended to get your vehicle insured by a company of repute like Tata insurance. Nonetheless, here is how you can find the best vehicle insurance company for your Toyota -

• Comparison of the insurance: The insurance market has options with distinctive features that might confuse you. The first and foremost thing to do is assess the budget and the coverage you need. Make a list of the features you require and compare various policies available based on the premium, inclusion, and exclusion. You can compare the insurance companies based on their price-to-coverage ratio. Also, consider the IDV of the car you would want to select, as it affects the insurance premium. 

To assess the insurance companies, you do not have to move around and find the best insurance companies. With technological advancement, you can do it online. You can compare and review car insurance policies online in the comfort of your home. An added benefit of comparing online is - you can select the insurance company based on the reviews and ratings of other customers. 

• CSR (Claim Settlement Ratio): CSR is another factor to check while finding the best car insurance for your Toyota. It is the total number of claims settled in a year to the total number raised in the financial year. The ideal CSR of the company must be above 90%, and anything below that is a red flag. So, pick the insurance company only if the claim settlement ratio is good enough - this increases the chances of getting your claim settled. Whereas a CSR below 90% does not guarantee your claim will be settled. 

You can check the claim settlement ratio on the official website of IRDAI. Also, it is advisable to read and understand the claim settlement process and the terms and conditions of the vehicle insurance before buying the insurance from a particular insurance provider. In addition, consider the record of claim settlements done by the company.

• Customer service: Customer service is one of the major factors you must consider while hunting for the best car insurance company. An insurance company with good customer service will never let you down in your time of need. Always ensure the insurance company has a customer service that offers service 24*7 as you do not know when the need might arise. This way, you can directly connect to them and resolve your problems. You do not want to be stranded in a crisis and panic under financial duress. 

Hence, checking and analysing a company's customer service is important. You can check customer service by reading the reviews and opinions of other customers online on the insurance company's portal. Also, ensure they have a toll-free number you can reach easily.

• In-network garages: A good insurance company will offer in-network garages or a cashless garage facility. Insurance companies have tie-ups with a huge network of garages across the country to provide you assistance in case of breakdowns, even if you are not in your hometown. In cashless garages, you do not have to pay anything from your pocket in case of any breakdown. All you need to do is inform the insurance provider and the claim will be settled between the garage and the insurer. 

Some insurance providers even offer free pick up and drop to the nearby garage if your car is damaged and it is impossible to reach the garage. Hence, while searching for the best insurance company, check how many network garages there are - the more, the better.

• Check the company's authenticity: Analysing the company's credibility based on the years, reviews, reputation in the market, online customer service, etc., is important. Check if the insurance company is registered with the IRDAI - it is a regulating body for all the insurance providers in India and registers only for authentic insurance companies. Also, a good insurance company will offer you the benefit of customising the insurance policy with add-ons. 

Even though you picked a company registered under IRDAI, as a smart insurance buyer, go through their policy document, terms, and conditions, exclusions, inclusions, etc. Also, check the claims and customer testimonials to understand the company's financial health. Understanding the past claims and services provided will help you assess the company's future - how well it will do financially in the next few years. 

Car insurance is mandated by the Indian Government, as per the Motor Vehicle Act. Hence, you must buy the best vehicle insurance from a reputed insurer. To pick the best insurance company, you must look for several factors, like CSR, customer service, etc., to ensure you make an informed decision. A good company like Tata insurance is highly likely to provide discounts and offers while purchasing the insurance. You must also check if the insurance company offers the NCB (No Claim Bonus) - a discount offered by the insurer when renewing the insurance as a goodwill gesture if you do not raise a claim for the entire policy period. 

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