How to Choose Vehicle Insurance as a First Time Car Buyer By Our CEO Mr. Rakesh Jain

Published By: Mint

Published Date: 13-11-2023

Diwali is an auspicious time for many first-time car buyers in India, marking a new chapter in their lives. However, as Rakesh Jain, our CEO, explains, purchasing a car goes beyond selecting a model—it also involves choosing the right insurance to ensure financial security.

For new buyers, the journey begins with assessing their requirements, budget, and usage patterns. A crucial decision involves choosing between a new or pre-owned car while considering factors such as fuel efficiency, resale value, and long-term maintenance costs. Once the vehicle is selected, securing the right insurance policy becomes the next step.

As per Indian law, third-party insurance is mandatory, covering damages caused to others. However, Rakesh Jain highlights that a comprehensive policy is a wiser choice, as it offers extensive coverage, including own-damage protection, theft, and natural disasters. Selecting the right insurer is equally important, and buyers should evaluate claim settlement ratios, network garages for cashless repairs, and customer service efficiency.

Additional coverage options, such as zero depreciation cover, engine protection, and roadside assistance, can enhance financial safety. Buyers are advised to compare premiums online and explore discounts for anti-theft devices or no-claim bonuses to reduce costs.

Before finalizing the policy, Rakesh Jain emphasizes the importance of reviewing exclusions and deductibles to avoid unexpected financial burdens. A well-informed decision ensures that first-time buyers not only drive home their dream car but also enjoy a stress-free ownership experience.

With careful planning and the right insurance, new car owners can truly celebrate Diwali with confidence, knowing their investment is secure.