In India, as per the Motor Vehicle Act 1988, every vehicle requires insurance under a car insurance plan. Car insurance provides protection for your four-wheeler against various financial damages, including medical expenses, legal liabilities, death compensation, etc.
To ensure the best insurance coverage for your car, you must choose the right car insurance policy. The most effective way to ensure the best policy for your car is to compare car insurance policies before purchasing. Continue reading to learn the importance of comparing motor insurance.
Why is It Important to Compare Car Insurance Online?
Getting the Best Value For Your Money
Most individuals looking to buy car insurance online want the premium to be affordable. The rates of third-party insurance policies are regulated by the IRDAI; however, there can be a considerable difference in the premium rate of comprehensive car insurance plans from two different insurance providers.
Thus, comparing car insurance premiums online will make it easier to choose a policy that offers the best value for your money. You will also learn about the discounts provided by different insurance providers, which can save you a lot of money on the purchase.
Understanding Benefits and Features
A comprehensive car insurance plan comes with many benefits and features. However, it can significantly vary depending on different insurance providers and policies.
A motor insurance comparison will allow you to know the benefits and features of different car insurance policies. You can purchase a car insurance policy that best fits your unique requirements.
Picking The Best Add-Ons
Add-ons are additional coverage you can buy with your car insurance plan. Some popular add-on covers are NCB protection, roadside assistance, engine protection and zero depreciation.
With the help of these add-on covers, you can boost your car insurance policy coverage. Comparing add-on covers with different car policies will allow you to choose the best policy at the best rate.
Knowing the Policy Inclusions and Exclusions
Regardless of the car insurance plan you purchase, it is essential that you read the policy documents carefully. Car insurance plans come with several benefits, inclusions and exclusions that can impact your final decision.
Without understanding the insurance policy in detail, especially the policy exclusions, you might end up purchasing an insurance policy that does not fit your requirements. You can find insurance policies that provide the required coverage with a motor insurance comparison.
How to Compare Car Insurance Online? – Factors to Consider
Coverage
When you compare available car insurance policies online, you should first review the coverage it provides. This determines the extent to which you can get protection for your four-wheeler against damages.
For instance, if you choose a comprehensive car insurance policy, you get extensive coverage that safeguards your four-wheeler against several damages, including third-party and personal accident cover.
Suppose you choose a third-party car insurance policy. In that case, the insurance coverage will include protection against the injury or death of a third-party person or third-party damages to a vehicle.
Four-Wheeler Insurance Premium
Your four-wheeler insurance policy must be affordable. Most individuals choose lower premiums to save money. However, this might not be the right move, as it means settling for lower coverage and insufficient protection for your four-wheeler.
The best way to shop for car insurance is to compare insurance prices/premiums and opt for a price that ensures adequate insurance coverage for your car while also being affordable.
Many online insurers like Tata AIG allow you to use an online car insurance calculator to calculate premiums on their website.
Claim Settlement Ratio
When you compare a car insurance policy of one insurer with another, choose the one that offers the highest claim settlement ratio. A higher CSR, generally, indicates a higher likelihood of a prompt and assured claim settlement.
Additionally, ensure that the insurance provider you choose has a claim filing process that is hassle-free and simple.
To Wrap It Up
Several other factors should be considered when comparing car insurance online, such as available add-on covers, network garages, availability and quality of customer service, no-claim bonus discounts and more. Comparing policy aspects will allow you to make an informed decision while purchasing car insurance.
Lastly, just like you compare plans, you should also compare different insurance providers. Always go for reputed insurers listed on the IRDIA’s website, like Tata AIG, and also look into the services they offer. After all, a car insurance policy is only as good as its provider.
