TomorrowMakers

Here are important things every woman needs to keep in mind when buying the right car insurance policy

5 Things to consider when buying a car insurance for women

The world is advancing at a tremendous rate and this fast development has transformed the lives of women too. Just like men, many women today have started taking the lead at home as well as at work. This advancement, however, comes with certain risks. One significant threat is not having the right car insurance. 

With more and more women buying their own cars, getting the right car insurance has become a necessity. Getting the right car insurance is as important as getting health insurance. It can be complicated, but if you are alert you can secure the right car insurance for yourself without any fuss – that too at an affordable rate. Here’s what you must keep in mind: 

1. Know the type of car you drive and the type of insurance you need:

One thing that can help you the most is to know the type of car you drive, along with specifications such as the car’s dimensions, engine capacity, etc. This should be done to make sure that your car falls in the correct insurance category. This will allow you to bag the best deal, since different cars attract different premiums. Take time to think over the type of insurance you need. Will a basic plan do, or will you need additional covers? It all depends on you. 

2. Have an exemplary driving record:

Car insurers generally don’t provide good deals or discounts if the driver does not have a good driving record. In case you have not had any accidents on the road, insurance companies might be willing to give you a discount. If you are a young driver, try to pass your basic driving test with flying colours, and you may be eligible for an excellent deal. 

3. Shop around before you decide:

Don’t be fixated on one product. Shop around; research the best insurance plans before choosing one. Look for inclusions that match your requirement. You never know where you can bag a deal or two. With different plans out there and several add-on benefits like engine protection, roadside protection, etc. look at the specifics and pick a plan which matches your requirement.  Nowadays, with ready access to information on the internet, you can log on to company websites, compare the inclusions and exclusion of different plans, and then decide. You can also read reviews by customers. 

4. Look for women-centric products:

When you are out shopping for the right insurance, look for auto insurance products that cater specifically to women. This will not only ensure that the car insurance suits your needs but also get you a good product at a discounted rate. E.g: Bajaj Allianz's policy comes with 24/7 spot assistance for women with the likes of assistance during an emergency to a medical centre that nearby, taxi service to anywhere within a 50km radius, refill of petrol/diesel of up to 3 litres, Rs 1000 per day for accommodation if needed, etc.  
5. Be aware of deductibles and limits:

When you search for the right car insurance, look out for deductibles. A deductible is an amount you have to shell out of your pocket for damages to a car during an accident before the insurance company pitches in. For instance, after an accident, let’s say the estimated cost of repairing your vehicle is Rs 32,000 and your deductible is Rs 10,000. Then you will pay Rs 10,000 and the insurance company will pay Rs 22,000. 

6. ARAI membership discount:

If you are a member of the ARAI (Automotive Research Association of India) then you can avail additional discounts of 5% or more when you purchase auto insurance. Furthermore, to avail discounts, individuals can install ARAI approved anti-theft devices. These discounts are applicable to both members and non-members. With a good anti-theft system, you can protect your car from being stolen. In New Delhi alone, there is a 38% increase in thefts of motor vehicle; all the more reason to get a solid anti theft system installed. Additionally, insurance companies offer further discounts if you have an anti theft device installed. This is because not only will thefts reduce but also insurers will have fewer cases to claim. 

Similarly, check the maximum amount of cover you get during an accident. If the repair charges after an accident come to Rs 55,000 and your coverage is only for Rs 50,000, the remainder has to be paid by you. Be wary of these expenses. 

Last but not the least, many car insurance companies have special offers for women such as 24X7 roadside assistance (RSA), assistance to a medical centre that is close by, hailing a car and even booking a night's stay in a hotel that is nearby. So, when you go hunting, look for free quotes that provide you with basic information about the insurance plan that can help you make an informed decision. 

So don’t fret; follow these tips to get yourself the best possible car insurance plan!

How I did it

Rahila Khan
Homemaker

I am a single mother of one. I lost my husband just 5 years into my marriage. Life has been a struggle for me, but I have managed it and today I have no complaints. 

I was a young widow with a 3 year old son when my husband passed away due to a heart attack. My parents were my rock… Read more

Piya Sharma
Chartered Accountant

I am a CA by profession. As my training has taught me, investing is a big part of my financial strategy. I am slightly risk-averse and invest heavily in mutual funds, FDs and ULIPs. I stay away from the stock market. 

As the household expenses are taken care of by my husband, I use most… Read more

Rajesh Singh
Corporate Executive

Growing up I did not have much other than the bare necessities. Though my mom tried her best, she could not fulfil our wishes. I always knew I had to study and improve my life. Today, I own a bike, a car and my own humble house. This has only been possible because of my prudent wife.

We… Read more

Suraj Chandwani
Gas Station Owner

I like to work hard and live a good life. I want to give the best to my wife and son, as well as my parents who live with us. I own a gas station in the suburbs of Mumbai. I had taken a loan to set up my business. So a major chunk of my earnings goes in repaying the loan. I also have a car loan… Read more

MOST RECENT