When we plan to purchase a car for ourselves, we spend a decent amount of time searching for the best model that matches our requirements and budgets. Our extensive research for the best four-wheeler helps us make an informed decision.
Through our research, we compare the different four-wheelers available in the market. Once we have made the decision, we visit the showroom to purchase our dream car. However, most of us do not conduct the same amount of research while purchasing an insurance policy for the vehicle. Usually, most individuals purchase the first car insurance policy they come across.
Unfortunately, such an insurance policy may not offer you the coverage you need to protect your vehicle. Therefore, you must compare car insurance plans before you go ahead with the purchase.
Here Are Some Reasons Why You Should Compare Car Insurance Plans:
- Get the best plan for your money: If you’re planning to purchase insurance for your car, you would want the premiums for the policy to be affordable. As per the regulations and rules provided by the IRDAI, the rates of a third-party insurance policy are quite affordable. However, the cost of a comprehensive car insurance plan can be quite high.
Since most car owners opt for comprehensive car insurance for their vehicles, comparing the different policies available is better. Through the comparison of insurance policies online, the process of selecting a plan that is the best value for your money will become easy.
You can use the car insurance premium calculators on the insurer’s website. Using the calculator to compare car insurance quotes is important, as it helps you understand the premium amount you will need to pay for an insurance plan.
Along with this, you can also learn about the different discounts insurers have offered to help you save a substantial amount on the policy purchase.
- Learn about the inclusions and exclusions: Regardless of the variant of the insurance policy you purchase, you must read the policy document carefully. Every four-wheeler insurance plan comes with numerous exclusions and inclusions which can affect your purchasing decision.
When you don’t understand the policy in detail, especially the exclusions, you may end up with a policy that doesn’t match your requirements. However, once you have conducted the four-wheeler insurance comparison, you can find the insurance plans that offer you the coverage you need.
- Understand benefits and features: Comprehensive car insurance plans come with a wide range of features and benefits. However, they can vary significantly between insurance companies and policies.
When you have a clear understanding of the features and benefits of a car insurance plan, you can purchase the plan that best matches your requirements and make an informed decision.
For instance, if you own a CNG car, opting for a car insurance plan that offers a CNG fuel kit would be optimal for you.
- Choose the best add-ons: Add-ons are additions to the insurance plan’s coverage that you can purchase along with your car insurance policy. The most preferred add-ons in car insurance plans are zero depreciation, 24×7 roadside assistance, NCB cover and engine protection. With the inclusion of these add-ons, you can improve the coverage of your car.
When you decide to compare different car insurance policies, you can look through the different add-ons available in the market for you. In addition, you will be able to compare different insurance companies based on the add-ons they offer.
How to Compare Car Insurance Policies?
If you’re planning to compare car insurance plans, you must compare them based on the factors listed below:
- Insurer’s credibility: It would be better if you researched the insurer’s reputation. To learn about the company’s reputation in the market, you must look at the reviews left by other customers online to learn more about the company. It would help if you also learned about the claim settlement ratio. A high claim settlement ratio (CSR) is a good sign.
- Claim process: The claim process must be smooth and easy. A smooth claim process will help you file a claim for yourself easily during a stressful situation.
- Premium amount: The premium amount for your car insurance must be affordable for you. However, you must keep the coverage of your insurance plan a priority rather than the premium amount. Therefore, it would be better to identify the coverage you need for motor insurance and then compare prices.
- Add-ons: There are numerous insurance companies available that offer numerous add-ons. First, you must look through the different add-ons provided by your preferred insurer. Looking through the different add-ons will help you select the necessary add-ons for your insurance plan.
- Network garages: You may have certain preferred garages where you would wish to repair your vehicle. Therefore, looking through the network garages available under your preferred insurance company will help you make an informed decision.
Comparing car insurance plans will help you purchase an insurance policy that matches your requirements and doesn’t cause extreme financial stress. In addition, it can be an efficient way to understand the different policies available for you. You can compare car insurance policies based on the coverage they offer, the add-ons you get, the network garages under the insurer, the claim process, etc.