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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, affordable, 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 the Smart Zero Depreciation 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. The 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 exclusive services like 1-hour pickup of the damaged vehicle, quick repairs, and 3-day repair service in metro cities.
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 damage caused to someone else’s property/vehicle or injuries to someone while driving your car. However, you cannot raise a claim for damage caused to your car. Buying 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 for damages/injuries to third-party as well as the damages caused to your car as well. A comparison of a comprehensive policy to a policy powered by zero depreciation add-on will help you gauge the coverage offered by both policies.
Add-ons are additional coverage options that will enhance the scope of a comprehensive car insurance policy.
Key Replacement Cover
Outstation Emergency Cover
|Car Insurance Features:||Third Party||Comprehensive||Comprehensive + Zero Depreciation|
|Damage to a third-party vehicle:||✔||✔||✔|
|Damage due to fire:||✘||✔||✔|
|Damage due to natural causes:||✘||✔||✔|
|Personal Accident cover: (Mandatory by the law)||Optional extra coverage||Optional extra coverage||Optional extra coverage|
|Engine Protection:||✘||Optional Add-on||Optional Add-on|
|Roadside Assistance:||✘||Optional Add-on||Optional Add-on|
|Consumables Cover:||✘||Optional Add-on||Optional Add-on|
|Outstation Emergency Cover:||✘||Optional Add-on||Optional Add-on|
|Key Replacement Cover:||✘||Optional Add-on||Optional Add-on|
|Buy Now||Buy Now||Buy Now|
Before you begin with comparing 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.
Replacing or repairing a car can prove to be an expensive affair. Even though the 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.
Apart from the basic coverage, look out for add-ons such as Zero Depreciation, Return To Invoice, Roadside Assistance, 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.
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.
It is important to learn about the claim settlement ratio of an insurance company.
Also, dedicating some time for research on the after-sales services provided by the company may be beneficial.
The Insured Declared Value or IDV depends on your car’s market value. However, the value of your car reduces every year due to wear and tear. So, the older a car is, the lower is its value. This can lower your premium and the sum assured.
However, age also makes a car riskier and more susceptible to damages. Car insurance companies often check your car’s health while deciding the premium.
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.
How to effectively compare car insurance policies?
To effectively compare car insurance quotes and save money, the best way is to do the comparison online. This way you can easily compare various features and prices of different car insurance policies. You can also use a car insurance premium calculator to know the approximate cost of your policy.
What are the benefits of comparing car insurance online?
Why compare before buying a car insurance policy online?
What add–on features should be considered when you compare car insurance policies online?
What is the importance of IDV during online car insurance comparison?
How can car insurance comparison help save money on your car insurance premium amount?
What are the different types of vehicles that can be insured online?
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