Everyone on the earth loves to bargain and save their hard-earned money. Yes! It’s important to get a good value for what you pay. When it comes to car insurance, you will probably be offered with a range of prices, highest and the lowest. There are many people out there who just go for the cheapest one without understanding the significance. One should understandthe fact that we get what you pay for.
Though cheapest car insurance policy can save you few bucks for a short-term, it’s not always the best option. Here are few reasons to justify the point-
- Inadequate Coverage: Sometimes, people just go for cheapest car insurance to save few bucks on the coverage as they feel it’s just a legal mandate. Cheapest insurance may not offer you sufficient coverage. It’s important to understand the repercussions of not being insured adequately. In case of accident, you might have to shell out larger portion from your pocket just because you bought the cheapest thing that could not give you enough protection. Low quotes can get you only a limited coverage. Sometimes, to get a lower quote you might have to go for higher deductibles. That simply means, you have to bear a significant amount of claim in the unfortunate event. To avoid any kind of financial stress, it’s important to have an adequate coverage. It’s possible to get the sufficient coverage at a reasonable cost with little bit of research!
- Fewer Benefits:Cheaper car insurance might not be able to offer all the relevant and valuable features. You might just get a plain vanilla product for the cheapest price. You might not get any must have additional riders like zero depreciation cover and roadside assistance etc at the cheapest price. If you need the quality coverage with all the relevant features as per your need, then you need to shell out little more on the cost front. When you pay a lowest possible price upfront, you might end up paying more at the time of claiming the car insurance!
When you are buying car insurance, it’s important to compare the policies just not on the basis of price. You must consider both cost and the benefits offered by the policy to go for the best plan. Cost-benefit analysis is the best way to choose the right policy at an affordable rate.
- Poor Claim Services: If you just look for the value insurance, you may end up choosing an insurer whose claim services are not comprehensive. It’s essential to understand the whole purpose of car insurance and choose the insurer who provides quality claim services. Hassle-free and quick claim settlement is the key elements that you should look for while insuring your four wheeler. You might end up in getting poor claim services when you just look for the cheapest rate. It’s vital to make a sensible and need-based purchase.
- Inconvenience: Cheapest-priced insurance policies may not offer you good customer service as their major focus is on the price and cost of car insurance. Personalized attention is just not possible at the cheapest cost. When you go for quality insurance, your service quality is also ensured. You will be able to access the documents and information related to your policy online. And there is always professional and skilled professional to assist you 24/7 on your service queries. You might have to compromise on all of this when you go for the car insurance policy with the lowest possible cost.
To conclude, when you are not compromising on what you eat and what you drive, there is no point in compromising on insuring yourself and your four wheeler. With the variety of options available in the market, there surely is a product for everyone’s need. Remember, car insurance has to be purchased based on your need. There are so many online portals that can help you compare polices based on various parameters as per your requirement. Remember cost is not the only parameter to choose the car insurance. You must consider the features, coverage, claim efficiency and other elements while buying car insurance. Inan ideal way, quality insurance is what you should look for rather than the cheapest one. Be a smart buyer and make a sensible choice!