Important numbers to keep in mind when buying a car insurance policy.
There are dozens of insurance providers and they will all have a bunch of USPs and benefits that sets them apart from others. However, since car insurance is a financial product and financial products are all about the numbers, here are five important digits to remember when buying a car insurance policy that will help ease the entire purchase process.
1. Network garages. This is one of the most important numbers to keep in mind when buying a car insurance policy. The more network garages an insurance provider has under its belt, the easier it will be for you to access cashless claim in case of an accident. Don’t settle for a motor insurance plan if has a network garage near your home but fewer network garages in general.
2. Claim settlement ratio. This is the next most important thing you need to look at when buying a car insurance policy. Claim settlement ratio is the number of claims an insurance company settles with respect to the total number of claims it receives. It could be defined as the number of claims settled per 100 claims received by the insurance company.
3. The premium amount. Lastly, but most importantly, you should look at the premium of the different car insurance policies. Of course the premium will be determined by the addons you choose and numerous other factors related to your car. To get a better idea of the premium amount of a car insurance policy, you could try getting instant quotes online.
These were 3 of the most important numbers to keep in mind when buying a car insurance policy. A good suggestion is to first understand your own needs before setting out to buy a plan. This will ensure you are able to shortlist plans better. Hope this has been helpful, good luck and all the best.
Good luck and all the best, ride/drive safe!
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