Buy your favorite car in Diwali but don't be cheated, know which variant is worth the money, keep these 5 things in mind

Buy your favorite car in Diwali but don't be cheated, know which variant is worth the money, keep these 5 things in mind

by with No Comment Car Review

New Delhi. Buying a new car is considered auspicious during the festive season, and if you are planning to buy a car on this occasion, it is important to keep some important things in mind. Here we are telling you 5 important tips to choose a 'value for money' car, which will help you in buying the right and affordable car.

1. First decide the budget
According to Pankaj Mathpal, personal finance expert and CEO of Optima Money Managers, the cost of a car should not exceed 50% of your annual income. For example, if your annual income is Rs 10 lakh, you should consider a car up to Rs 5 lakh. This ensures that you take a right decision as per your financial situation.

2. Choose models with only essential features
Many times car companies add such features in expensive variants, which you do not need. This increases the price of the car, but it does not prove to be 'value for money'. Therefore, it is better to choose the features as per your requirement.

3. Avoid dealership accessories
When buying a car, the accessories available from the dealership can be expensive. By purchasing them from outside, you can get a cheaper option and money will also be saved. Therefore, consider buying accessories from the market instead of the dealership.

4. Check After Sales Service
Before buying a car, it is important to pay attention to the after sales service of that brand. Car service is required from time to time and if the service of the company or dealership is not good then you may have to spend more on maintenance. Therefore, investigate this aspect thoroughly.

5. Pay attention to insurance
According to the Motor Vehicles Act, 1988, it is necessary to have car insurance. Driving a car without insurance is not only illegal, but there is also a risk of fine or the car being confiscated. Additionally, considering the increasing number of accidents on the roads, a proper insurance policy is also essential for your safety. Many companies offer attractive policies, so choose the best policy by comparing all the options.

Keeping these 5 important aspects in mind, you can choose the right 'value for money' car as per your budget.

Tags: auto news

FIRST PUBLISHED: October 19, 2024, 19:30 IST

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Understanding First-Party Car Insurance: Benefits, Types, and Choosing an Indian Insurance Company

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Understanding First-Party Car Insurance

When it comes to insuring your car, one of the options you have is first-party car insurance. This type of insurance provides coverage for damages to your own vehicle in the event of an accident, theft, or any other covered event. In this article, we will explore first-party car insurance and provide details on how it works with Indian insurance companies.

Benefits of First-Party Car Insurance

First-party car insurance offers several benefits to vehicle owners. Here are some key advantages:

1. Coverage for Own Vehicle

With first-party car insurance, you can rest assured that your own vehicle is protected in case of damage or loss. This coverage can be particularly helpful if you have a high-value car or if you rely heavily on your vehicle for daily commuting.

2. Protection against Unforeseen Events

Accidents and unforeseen events can happen at any time. First-party car insurance provides coverage for damages caused by accidents, natural disasters, theft, fire, or vandalism. This coverage can give you peace of mind knowing that you are financially protected in such situations.

3. Customizable Coverage Options

Indian insurance companies offer various types of first-party car insurance policies, allowing you to choose the coverage options that best suit your needs. You can opt for basic coverage or enhance it with additional features such as roadside assistance, zero depreciation cover, or engine protection.

 

Understanding First-Party Car Insurance

Types of First-Party Car Insurance Policies

Indian insurance companies offer different types of first-party car insurance policies to cater to the diverse needs of vehicle owners. Here are some common types:

1. Comprehensive Car Insurance

Comprehensive car insurance provides coverage for both third-party liability and damages to your own vehicle. It offers the most extensive coverage and is highly recommended if you want maximum protection for your car.

2. Third-Party Car Insurance

Third-party car insurance is the minimum legal requirement in India. It covers damages caused to third-party property or individuals due to an accident involving your vehicle. However, it does not cover damages to your vehicle.

3. Zero Depreciation Car Insurance

Zero depreciation car insurance, also known as bumper-to-bumper insurance, provides coverage for the full value of your vehicle without factoring in depreciation. This means that in case of a claim, you will receive the entire cost of repairing or replacing damaged parts without any deduction for depreciation.

Choosing an Indian Insurance Company for First Party Car Insurance

When selecting an Indian insurance company for your first-party car insurance, it is important to consider the following factors:

1. Reputation and Financial Stability

Choose an insurance company with a good reputation and a strong financial standing. This ensures that they will be able to fulfill their obligations in case of a claim.

2. Claim Settlement Ratio

Check the claim settlement ratio of the insurance company. This ratio indicates the percentage of claims settled by the company. A higher claim settlement ratio indicates a better track record of settling claims promptly.

3. Network of Cashless Garages

Find out if the insurance company has a wide network of cashless garages. This will allow you to avail of cashless repairs in case of an accident, making the claim process smoother and more convenient.

4. Premium and Coverage Options

Compare the premiums and coverage options offered by different insurance companies. Look for a policy that provides adequate coverage at a competitive premium.

Conclusion

First-party car insurance is an essential investment for car owners in India. It provides coverage for damages to your own vehicle and offers protection against various unforeseen events. When choosing an Indian insurance company for first-party car insurance, consider factors such as reputation, claim settlement ratio, network of cashless garages, and premium and coverage options. By selecting the right policy from a reliable insurance company, you can ensure that your car is well-protected.

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Bajaj Allianz General Insurance Policy- Buy General Insurance Online

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Bajaj Allianz General Insurance Policy-

Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. The Company received the certificate of registration from IRDA on 2nd May 2001 to conduct general insurance business in India. Bajaj Allianz General Insurance, today, is one of the largest private insurers in the industry, with offices in over 1100 towns and cities. The Company has continuously been expanding its operations to reach out to its customers.

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On May 2nd, 2021, we completed 20 years of care. In our two-decades-long journey, we rose from a humble start-up to an industry leader. We have gained the trust of close to 11 crore customers with the help of over 9000 employees, a robust distribution network of more than 80,000 agents, almost 9,000 motor dealer partners, and over 240 bank partners. We are also associated with most brokers, web aggregators, and major e-commerce platforms. We have formed meaningful relationships with our partners, customers and employees in the course of our journey so far.

Bajaj Allianz General Insurance Policy
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The Company recently changed its brand identity to ‘Caringly Yours’ to reposition itself in the minds of Indian consumers as a brand that protects and cares about customers’ financial worries around their most prized possessions – their health, home & content, vehicles, businesses, etc. With this, the Company not just aims to take its service to the next level but also seeks to provide the best customer experience at every touchpoint and make insurance a pull rather than a push product. 

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Bajaj Allianz General Insurance caters to individuals across demographics of the country and the corporate sector with its wide range of products and services that go beyond insurance. The Company is not only bringing insurance solutions to the customers’ doorstep but also improving insurance penetration, with its advanced digital and mobile applications. Today, through its digital offices, it has reached out to over 1000 new Tier 2 and 3 towns across India. The Company has a strong focus on customer centricity and aims at delivering superior value with an excellent and caring experience for the customer. Today, the Company is taking its relationships with the customers beyond insurance, by offering them a plethora of digitized customer-centric initiatives. 

The Company registered strong financial results by posting revenue of ₹ 13,788 crores in FY 2021-22. The company recorded a net profit of ₹ 1,339 crores. Bajaj Allianz General Insurance also reported a healthy Combined Ratio of 99.6% and a solvency ratio of 344% for the period.

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