Why Compare car insurance online?
Why compare car insurance online? When you buy insurance for your car, you definitely want to get insurance with high benefits and low costs. Therefore, you want to compare the different policies, understand their features, prices and suitability. You can compare insurance through online and offline methods. However, comparing insurance policies online is a quick, easy and convenient way to find a policy that meets your needs. Here are some of the benefits of comparing auto insurance policies online.
Value for money
Compare car insurance online policy by cost will help you understand if it fits your budget. Third-party policies cost less than the Comprehensive plan. However, it also offers less coverage compared to the Comprehensive policy. When you purchase the Comprehensive plan, you can get an additional layer of protection by choosing add-ons such as Zero Depreciation Cover, Roadside Assistance Cover, Consumables Cover, etc.
Compare car insurance online policies will help you understand which policy features might provide the most appropriate coverage. Third party auto insurance policies offer the least amount of coverage compared to Comprehensive policies supported by the Zero Depreciation add-on. The comparison will give you a clear idea of the coverage of each type of auto insurance policy on offer.
Third Party Car Insurance
Third party policies offer less coverage than Comprehensive policies. It only protects you from damage caused by other people’s property/vehicle or injury to someone while driving your insured car. However, you cannot make a claim for the damage done to your car. Purchasing a third party car insurance policy is mandatory under the Motor Vehicles Act, 1988.
Comprehensive Car Insurance
Compare car insurance online to third party policies, Comprehensive policies will cover damages/injury to third parties as well as Personal Damage as well. That is, Comprehensive Coverage will cover damage to your car in the event of an accident, fire, natural disaster, man-made disaster and theft.
Important factors used to compare car insurance online policies
Before you start comparing policies, you need to understand the factors that can be used to compare policies.
Replacing or repairing a car can be an expensive affair. While cost is a major factor, don’t compromise on policy features. Look for prices offered by various insurance companies. But, also pay attention to the blanket you need. Choose a policy that suits your needs and pocket both.
Apart from the basic coverage, pay attention to add-ons like Zero Depreciation, Return To Invoice, Roadside Assistance, etc. You should understand your driving habits well before buying an insurance policy.
You don’t want to spend money on an insurance policy and keep it open during tough times. So, it is important to read customer reviews and also study the claim settlement ratio. Also, dedicating time to researching the after-sales services provided by the company may be beneficial.
Your car age
The Insured Declaration Value or IDV depends on the market value of your car. However, the value of your car decreases every year due to wear and tear. So, the older a car, the lower its value. This can lower your premium and sum assured. However, age also makes cars riskier and more prone to damage. Car insurance companies often check the health of your car when deciding on a premium.
Exceptions & invalid claims
It is always good practice to understand what your auto insurance policy does and does not cover. Reading the terms and conditions, policy wording, and fine print when purchasing a policy will help you reduce the chances of a denial or invalid claim.
Compare add-ons in car insurance online policies
Add-ons are additional coverage options that will enhance the coverage of a comprehensive auto insurance policy.
Zero Depreciation Closing
When settling a claim, the insurance company will consider the depreciation of the car. However, when you purchase this additional coverage, the insurer will not consider depreciation and you can enjoy a higher claim settlement value.
Machine Protection Cover
Usually, the insurance company does not cover the costs associated with the breakdown of your machine. With the addition of an Engine Protection cover, you can get compensation in case of damage to your car engine
Key Replacement Cover
With Key Replacement Covers, you can protect yourself from the costs associated with Replacing lost, stolen or damaged keys and even keys replaced too if needed.
Outstation Emergency Protection
The Outstation Emergency Cover protects you if your car breaks down or gets into an accident outside a radius of 100 km from your home.
Consumables such as engine oil, lubricants, nuts and bolts, etc. not covered by the claim. The Consumables Cover add-on protects you from the costs incurred for these items during an accident.
Roadside Assistance Cover
With the added protection of Roadside Assistance, you can get access to 24*7 roadside emergency assistance such as tow service, battery jumpstart, on-site repairs, etc. in case of car breakdown.
No Claim Bonus Protection
When you make a claim, you lose the No Claim Bonus (NCB) Discount. However, with NCB Protection, your discount will remain intact even if you make a claim.
Back to Invoice Cover
When you purchase Back to Closing Invoices, you can claim the entire amount stated on the car invoice in the event of theft or irreparable damage.
Personal Accident Cover for Passengers
Personal Accident Coverage for Passengers protects your loved ones in the event of an accident that causes permanent disability/death.