May 12, 2022

Compare Car Insurance Online – Getting Insurance Online

16 min read
Compare Car Insurance Online

Compare Car Insurance Online

When you need to buy a pair of shoes, what do you do? You visit each store, examine the various options, and then select the best one for you.

Choosing a shoe has grown even easier with the advent of internet purchasing platforms, right? You can simply search up the various possibilities, compare them, and make your purchase with a few clicks.

Purchasing a car insurance coverage follows the same pattern. You look over the various possibilities provided by insurance companies, compare car insurance policies, and choose the one that best meets your needs.

You might wonder why you should compare car insurance policies. Let’s have a look at it!

Reasons to Compare Car Insurance Policies

1. Choose the right type of Car Insurance Policy

In India, car insurance policies are of two types:

  • Third-party car insurance
  • Comprehensive car insurance

The first is a liability-only policy, which is required for all Indian car owners under the Motor Vehicles Act, 1988. This insurance protects you from financial liability if your car causes damage to a third-party vehicle, property, or person.

The comprehensive insurance policy, on the other hand, offers more complete coverage, including all of the benefits of a third-party policy as well as financial protection for damages to your own car.

However, the benefits provided by each comprehensive insurance policy differ depending on the insurance provider’s discretion.

As a result, it’s critical to compare insurance policies before purchasing one to ensure that you get the most out of your car insurance policy.

2. Be Better-informed about your Policy

You’ll never know if you might have gotten an insurance with higher benefits if you buy the first one you see, right?

However, if you compare several car insurance policies before buying one, you will be able to make a far more informed decision and thus get the most out of it.

3. Save Money

Let us examine the situation critically. When it comes to car insurance, most of us have a tendency to go with the cheapest option. However, doing so can be counterproductive because it may force you to pay greater deductibles while filing claims, or compromise on the advantages you receive.

As a result, comparing car insurance policies before purchasing them saves you money.

4. Know about Different Policies available in the Market

Comparing insurance policies has grown much easier with the advent of the internet age. You can just browse the websites of numerous car insurance companies to gain a better idea of the various plans offered.

5. Save Time (and make things hassle-free)!

It simply takes a few minutes to compare car insurance online, and there are no hidden fees.

As a result, if you want to avoid situations like a long-consuming claim process in the future, it’s essential to invest a few minutes of your time now and conduct the necessary research!

6. Helps to Gauge the Credibility of the Insurance Provider

When it comes to purchasing insurance, the last thing you want is to be trapped with a shady organization. Comparing policies online and reading customer comments and reviews about the insurance provider can thus help you determine their authenticity and avoid future mishaps.

As a result, when you compare car insurance prices and coverage, you can better protect your funds against unforeseen events concerning your vehicle.

Factors to Check while Comparing Car Insurance Policies

Knowing the parameters, based on which you can compare your car insurance policies before purchasing one, can be quite helpful for maximising your benefits from it.

So, to make things easier for you, provided below is a list of factors to check through while you compare car insurance plans:

1. Coverage

The first and the most significant point of comparison before choosing a car insurance policy should be the coverage it provides.

Below is a table illustrating the benefits generally offered under third-party liability covers and comprehensive covers, to help you make the most out your car insurance policy:

2. Car Insurance Premium

Affordability is one of the most crucial factors to look through while choosing a car insurance policy. While most of us deviate towards insurance policies with lower premiums while choosing a comprehensive car insurance policy, it is not always a good idea. This is because a lower premium might mean lesser benefits.

Further, you might also be required to pay higher deductibles while raising claim – none of which is desirable. That is why, if you compare car insurance policies, you will be able to choose the one which provides the maximum benefits at reasonable premiums. 

Know more about:

3. Insured Declared Value

Insured Declared Value or IDV is the total sum assured under your insurance policy, which can be claimed on theft or total loss of your vehicle.

IDV is calculated by taking the manufacturer’s listed selling price and subtracting your vehicle’s depreciation from it.

Now, the sum assured under IDV can vary from one insurance provider to another. That is why it is important to compare this parameter to avail the highest IDV for your vehicle.

4. Claim Settlement Ratio

Claim settlement ratio is the total number of claims settled by your insurance provider against the total number of claims raised.

By comparing car insurance policies, you can purchase the same from a company with a high claim settlement ratio.

By doing so, you minimise the chances of your claim getting rejected.

5. Add-on Covers

Insurance providers offer several add-on benefits with a comprehensive car insurance policy that help to maximise the financial protection extended to you.

That is why it is best to look for policies that offer the highest number of add-on covers at a reasonable price. For instance, you can customise your insurance policy to include benefits like –

…and so on! If you compare car insurance plans, you will be able to avail the one with the maximum types of add-on covers.

6. Availability of Customer Service

It is perhaps redundant to say that it is always more advantageous to choose a company that offers 24×7 customer service benefits. This is especially beneficial if you are faced with an issue regarding your insurance policy, which needs to be resolved fast.

You can further check the responsiveness of each customer service under the insurance company for yourself by calling them and enquiring about your required policies. 

7. No Claim Bonus

No Claim Bonus is the discount that you can avail on the premium payment for your car insurance policy if you have not raised any claims under it in the previous year.

The NCB discount can range between 20% and 50% and is mostly calculated on the own damage component of the insurance cover.

That is why, No Claim Bonus policy is one of the points on which you can compare insurance policies to save on your subsequent premium payments!

8. Network Garages

If you have a comprehensive car insurance policy, you will be able to enjoy the benefit of cashless repairs for your vehicle from various network garages under your insurance provider.

That is why, when it comes to choosing an insurance policy, it is best to opt for a company that has the maximum number of network garages under their service.

Thus, the number of network garage is one of the key points of comparison, which will allow you to maximise the cashless repair benefits for your car.

9. Buying and Claim Settlement Process

Last but not least, when you compare car insurance policies, you must look for ones that come with easy purchase and claim settlement processes.

With an easy online application process and minimal documentation requirements, availing the policy becomes simple.

On the other hand, and easy claim settlement process will ensure that your claims are settled without any hassle later on.

Thus, if you compare car insurance policies using these parameters, you can make sure that you avail the best insurance plan in the market.

Now that we have covered what things you should look though while comparing car insurance policies, it is now time to settle HOW you should compare it!

Compare Car Insurance Online

Compare Car Insurance Online

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