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Complete Guide to Find Best Car Insurance Quotes

Team AckoMay 17, 2022

Buying car insurance is a completely digital process now, thanks to the online presence of insurers. From getting quotes to raising claims, every service is accessible via the internet. This has made car insurance purchases effortless for buyers. 

Car insurance quotes play a vital role in choosing a suitable policy. Your goal should be to find a best-suited quote for a policy containing every coverage you require. To help you with the process, we have created this guide to finding the best car insurance quotes.

Complete Guide to Find Best Car Insurance Quote

What is a car insurance quote?  

Before buying a vehicle insurance policy, you can request insurers to provide a personalised cost estimate. An insurer may ask for a few basic details of your vehicle, insurance type, etc., to create an estimate. This approximate policy cost is called a car insurance quote. It tells you the price you pay to buy a policy for a set of coverages, services and benefits.

These quotes may vary from one insurer to another. Thus, it would be wise to get multiple quotes and compare your options. 

Benefits of checking car insurance quotes before buying the plan

If you check the quote for your car insurance policy before buying the plan then you will receive the following benefits.

1. Provides better savings - Checking the quote for your car insurance policy allows you to get the best deal available. You can check the coverage and the price of each plan. Then select the plan that offers adequate coverage at a lower cost.

2. Select the right insurer - Different car insurance companies price their Comprehensive Car Insurance Policy at different rates. You can choose the one which offers better services and a good price for the plan.

3. Get an idea of the budget - Checking the quote before buying the plan allows you to see if the car insurance plan suits your budget. If not, you can tweak the coverage and observe how it changes the final quote.

How to find the best car insurance quotes?

Below are the steps to help you find the best car insurance quotes.

Step 1: You should keep your vehicle details handy such as its make, model, variant, driving history, average distance covered annually, etc.

Step 2: Gather information related to your previous insurance for the same vehicle.

Step 3: Decide the type of coverage you want. While a Third-party Insurance Policy is mandatory by law, you can extend coverage with a Comprehensive Insurance Policy.

Step 4: Now, go online to request quotes from digital insurance platforms.

Step 5: Compare quotes based on their pricing, coverage type, benefits, etc.

Once you are happy with the cost and coverage, you can make a policy purchase online. 

Get an instant car insurance quote from ACKO

At ACKO, we provide you with a car insurance premium calculator to get an instant quote. Here are the three simple steps you can follow to get a quote from us.

Step 1: Visit ACKO’s website or mobile app.

Step 2: Log in to your profile at ACKO and click on ‘Car Insurance’.

Step 3: Fill in details such as your vehicle number, claim history, policy type, add-ons etc., to get a quote instantly.   

Which factors impact a car insurance quote?

An insurer considers several factors to state a vehicle insurance quote. While the rating parameters may differ for every insurer, the following factors typically impact the price of a car insurance policy. 

1. Location

Usually, a car insurance company takes your location into consideration to set a cost. Some areas are prone to accidents, vandalism, theft, etc, more than others. Similarly, the cost of getting the repairs done may differ based on your location. 

2. Age

Older drivers are considered low-risk drivers as compared to younger ones based on driving habits. The cost of vehicle insurance usually goes down for a person after 25 years of age, given that he or she has a clean driving record. 

Similarly, senior drivers beyond the age of 50 might be at higher risk as drivers, which results in higher premiums as compared to people younger than 50 years of age. 

3. Vehicle type

The cost of car insurance highly depends on the vehicle type. The premiums are calculated with respect to your car’s make, model and variant. An expensive car requires higher costs to cover against theft, damages, etc. 

4. Coverages

The type of coverage you choose also impacts the vehicle insurance cost. It is one of the most significant factors in calculating an insurance quote. For instance, a basic Third-party Liability Plan will cost less than a Comprehensive Plan comprising Third-party car insurance and Own Damage cover. So, the more the coverage, the higher will be the insurance premium.  

5. Add-ons

If an insurer allows you to customise a policy with car insurance add-on covers, you can use it to extend coverage. However, the type and number of add-ons will accordingly increase the cost you pay as an insurance premium. 

6. Insured Declared Value

IDV or Insured Declared Value is the approximate market cost of the vehicle. It is the value that you will receive from the insurer if the insured vehicle gets stolen or totally damaged. Hence, the higher IDV tends to increase the policy cost. 

7. No Claim Bonus

NCB or No Claim Bonus is a discount you obtain for not raising any claims in the past. Your NCB discount stays intact even if you switch to another insurer. Each claim-free year (continually up to 5 years) keeps on adding to the discount percentage up to 50% on your policy premium. 

8. Driving habit

Careful driving minimises the repair requirements and helps to maintain and grow your No Claim Bonus. You can use this discount to reduce the cost of the premium while buying a new policy. 

9. Discounts

Car insurance companies also offer various discounts to attract buyers. You can compare such discounts to find the best quote for the coverages you need.

Hence, you can use the above-mentioned parameters to compare car insurance

Importance of online car insurance quotes

It was almost impossible to weigh different options when it came to car insurance plans due to the sheer lack of convenience. But with the advent of the internet and increased connectivity, you can go online and compare different car insurance plans. This allows you to check the approximate amount you must pay to buy the policy. This approximate premium is nothing but a car insurance quote. Here is why checking online quotes is important.

  • Checking quotes before making the purchase gives a clear picture of how much coverage you will receive and at what cost.

  • Since a quote is not the ultimate value of the policy, you can make changes in factors like car insurance add-ons, the Insured Declared Value, etc., to get a slightly different quote.

Thus, it is important that you get an idea of how much you need to spend on car insurance by checking quotes.

When should you look for a car insurance quote?

You should look for car insurance quotes at least two weeks before the policy expiration date. Evaluate multiple digital insurers to get quotes. Many insurers offer a car insurance calculator online, which you can use. Compare those quotes based on the prices, coverages, features, etc. Decide on a suitable insurance option for your vehicle and purchase accordingly. Thus you can get better coverage at more affordable rates.   

What does a car insurance company ask to generate the quote?

An insurance company must be aware of certain details related to you and your car for generating a personalised quote. For this, the insurer will ask you some questions. Following are some examples of questions asked by insurers before generating a quote.

  • What is your car’s registration number?

  • What is your car’s manufacturing year?

  • What is the fuel type of your car?

  • Which type of car insurance plan would you like to buy?

  • What types of add-ons would you like on the plan?

  • What is your current location?

  • Did you make a claim in the last five years?

  • What is the percentage of the No Claim Bonus you have received?

Frequently asked questions

Here are a few frequently asked questions that may help you shop for car insurance quotes.

What is the difference between an insurance quote and an insurance premium?

An insurance quote includes an estimated cost of a policy with other details such as the coverage, benefits, services, etc. This is an approximate amount you will pay if you choose to buy that insurance. An insurance premium is an actual amount you pay to buy a policy. 

If you provide all the correct details while getting a quote, it can be pretty close to the actual premium amount. 

Can I get an insurance quote before buying a car?

Yes. At ACKO, you can get an insurance quote by providing details like the following.

  • Your location

  • RTO where you wish to register your vehicle

  • The make, model, fuel type, and variant of the vehicle you want to buy

Do I need any documents to get a car insurance quote?

No, you don’t have to submit any documents to request a car insurance quote. You can simply provide some basic information about yourself and your vehicle to get a quote. However, it is essential that you give correct information to receive a quote closest to the accurate premium amount.

Is there a cost to request a car insurance quote?

Most insurance companies provide insurance quotes for free online. So, there will be no cost if you ask for a quote from such insurers. 

How do I decide which car insurance quote is right for me?

For that, you should compare car insurance quotes from different companies. Make sure you consider the following factors.

  • Coverage options

  • Coverage limitations

  • Policy types

  • Discount offered by the insurer

  • The reputation of the insurance company

Is it fruitful to check the car insurance quote on multiple websites?

Usually, all insurers consider the same factors for generating a quote for your car insurance policy. If you wish to save time, checking the quote on any one website or mobile app should suffice.

Should I often check car insurance quotes, or it is a one-time process?

You must check car insurance quotes each time before renewing the policy. This will help you get the best deal every time you renew the car insurance plan.

I don’t wish to share personal information. Can I still view my car insurance quote?

Some insurers may allow an option to check the car insurance quote without sharing personal details like name, location, or contact number. But it will be a general quote and may not be an approximate amount you must pay to buy the plan.

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