By comparing car insurance policies online, you can get a better deal on the premium amount. It also allows you to find a car insurance policy that is rich in features and is suitable for your requirements. Here are some reasons which will help you understand why you should compare policies before buying car insurance.
Comparing car insurance policies based on their cost will help you understand if the policy fits your budget. It is important to note that a low-priced policy may offer less coverage as compared to a car insurance policy that costs more. Buying a third-party car insurance policy is mandatory by law, however, going for a comprehensive plan will be beneficial as it offers more coverage. You can get an additional layer of security by opting for Smart Zero Dep add-on.
Comparing policies will help you understand the features of a policy that might give the most suitable coverage. When your priority is better coverage, you can easily compare various types of car insurance policies based on this factor. A third-party car insurance policy offers the least amount of coverage as compared to a comprehensive policy powered by the zero depreciation add-on. Comparison will give you a clear idea of the coverage offered by each type of car insurance policy.
Comparing car insurance will give you an idea of the services offered on each plan. We can provide a bunch of additional services if you opt for a comprehensive plan. We offer instant services like 3-day repair service in metro cities and 1-hour pickup of damaged vehicle.
If you compare a third-party car insurance policy to a comprehensive policy, you will understand that a third-party policy offers less coverage. It only covers you against any third-party liabilities. However, you cannot raise a claim for damage caused to your car. Buying at-least a third-party car insurance policy is mandatory under The Motor Vehicles Act, 1988.
Compared to a third-party policy, a comprehensive policy will cover you for the damage caused to your car as well. By comparing a comprehensive policy to a policy powered by zero depreciation add-on will help you gauge the coverage offered by both the policies.
+ Zero Depreciation
|Damage to a third-party vehicle|
|Damage due to fire|
|Damage due to natural causes|
|Personal Accident cover|
|Engine protection||Optional Add-on||Optional Add-on|
|NCB protection||Optional Add-on||Optional Add-on|
|Invoice cover||Optional Add-on||Optional Add-on|
Before you begin with comparing various policies, you need to understand the factors based on which you can compare a similar type of policy. Here are the important factors based on which you can compare car insurance policies.
FACTOR # 1
Even though cost is the major factor, do not compromise on the features of the policy. Look around for the prices offered by different insurers. But, also keep in mind the covers that you need. Pick a policy that suits your requirements and pocket both.
FACTOR # 2
Apart from the basic coverage, look out for add-ons such as Zero Depreciation, Return To Invoice, etc. You must understand your driving habits well before buying an insurance policy.
You may also want to take into consideration other value-added services offered by an insurance company.
FACTOR # 3
You do not want to spend money on an insurance policy and still be left uncovered during difficult times. So, it is important to go through the customer reviews for an insurer.
Knowing the claim settlement ratio of an insurance company will be helpful.
Also, dedicating some time to do a research on the after-sales services provided by the company may be beneficial.
FACTOR # 4
At the time of claims, you need to pay a small part of the claim amount. This part is known as a Compulsory Deductible.
There is also an option of paying a Voluntary Deductible. This is the amount of claim that you agree to pay from your own pocket, irrespective of the coverage you opt for.
At the time of purchasing a car insurance policy, if you agree to pay a higher Voluntary Deductible it could reduce the cost of car insurance, but at the time of making a claim, you might end up paying more than expected. While comparing the price of different policies, take the deductible amount into consideration.
FACTOR # 5
It is always a good practice to understand what is covered and what is not covered under your car insurance policy.
Going through the terms and conditions, policy wording, and fine-print while buying a policy will be helpful and reduce the chances of rejection or invalid claims.