Comparing car insurance quotes is the first step to finalising the kind of car insurance you must purchase. Read further on more details on the factors to keep in mind while comparing various car insurance quotes across insurance companies in India.
A car insurance quote is an estimate of the premium that you would pay for your insurance policy, calculated based on the information you provide to the insurance company. The more accurate your information, the closer the quote would be to the actual amount payable for your insurance.
Various factors affect the car insurance quote amount. For example, the kind of safety features of your car and its model, scope of coverage, are some of the factors that affect the car insurance quote amount. This amount would also differ from company to company, and you must compare the amounts before you make a decision on which insurance is the most cost-effective.
Here are some of the factors that would help you better compare car insurance quotes across companies:
- Be Aware of Types of Coverages: Make sure you know the type of coverage plan you are opting for. Car insurance is classified into two major types, third-party insurance and comprehensive car insurance. While the former only covers you against damages to a third party, the latter, slightly more expensive one, covers more in terms of direct damage to your four-wheeler.
- Understand if the Policy is Cost-effective: While comparing various car insurance quotes from different companies, get at least three quotes. Examine various parameters to know whether you should trust them or not. Three points that can help you here;
- The IDV Mentioned in the Quote: The Insured Declared Value or IDV quoted in the policy is the maximum amount you can claim from an insurance company in case your car suffers from loss or total damage. While bringing down the IDV will also bring down the quote naturally, but it will also reduce your coverage. Make sure the IDV mentioned is as per the correct market value of your car.
- Check the Claim Settlement Ratio: It is vital to run an extensive background check on the insurer before considering them for your insurance. Check the claim settlement ratio, which indicates the claim settlement proficiency of the insurer. Compare these ratios across companies to get a good idea of your insurer.
- Assess Your Own Car Insurance Needs: Make sure that the insurance policy you are planning to go for is well-suited for all your needs. The types of coverages and their limits should be according to your requirements. You must consider your liabilities and financial capabilities before selecting your insurance.
- Ease of Carrying Out Payments: Consider the kinds of payment options the insurer will accept.
- Check for Riders: Add-on covers is the right way of adding more protection covers to your insurance policy. You can consider covers such as engine protect, consumables, zero-depreciation cover, etc. This adds to the protection of your car in cases of severe damage due to accidents or natural calamities.
Simple research will allow you to learn how you can compare car insurance quotes online. It is essential and easy to do, and will immediately give you a good idea of selecting the right insurance for your valuable car. Once you have bought the policy, make sure you check the policy and ensure there are no mistakes.