Why Is It Necessary to Compare Car Insurance Policies?

You might have spent weeks to select the perfect car that meets your requirements and budget. Now that you've finally made up your mind, you might be very excited to visit the nearest showroom and purchase your dream care. As you think about buying a car, you must also think about buying car insurance. A car insurance is mandatory by law and the best way to protect your prized possession.

Today, with the advent of the online services offered by the insurance companies, purchasing a new car or commercial vehicle insurance and renewal is easy. With so many options to choose from, you must compare car insurance policy. But what makes insurance comparison so essential? Here are some of the top reasons-

1. Get Best Value for Your Money

If you are buying a car insurance policy, you would surely want the premium to be affordable. While IRDAI regulates the rates of third-party insurance policies, there can be a considerable difference in the premium of comprehensive car insurance policy from two different insurers.

So, by comparing car insurance quotes online, it will be easier for you to pick a policy that offers the best value for your money. It will help you know the discounts offered by different insurers to ultimately help you save a significant amount of money on the purchase.

2. Understand Features and Benefits

A comprehensive insurance policy comes with a host of features and benefits. But they can vary significantly between policies and insurance providers. When you compare motor insurance, you will know the different features and benefits included in different policies. 

You can buy a policy that best suits your requirements. For instance, only a few car insurance policies come with coverage for CNG fuel kit. If you do have CNG in your car, you should buy a policy that covers it. Online comparison can help you understand the features of multiple insurance policies enabling you to make an informed buying decision. 

3. Know the Inclusions and Exclusions

Irrespective of the type of insurance policy you buy, you must read the policy documents carefully. The policies come with several inclusions and exclusions that could impact your buying decision.

Without understanding the policy in detail, especially the exclusions, you might end up with a policy that does not meet your requirements. With an online four-wheeler insurance comparison, you can find out policies that offer the coverage you want. 

4. Pick the Best Add-ons

Add-ons are additional covers that you can purchase along with your car insurance policy. For instance, zero depreciation, 24x7 roadside assistance, engine protection, and NCB protection are some of the popular add-ons. 

With the help of these add-ons, you can increase the scope of your car insurance policy. At the time of comparing the policies, you can look for the different types of add-ons available with the policy. You can then easily select a feature-packed, competitively priced policy that also offers add-ons that you think will be helpful to you. 

What are the factors you must look for when they compare car insurance online? Some of the most important ones are discussed below-

How to Compare Car Insurance Online?

Look out for these factors while comparing car insurance policies-

• The Credibility of the Company

The most important thing is the reputation of the company. You should always go with an insurer that has an excellent market reputation. You can check online customer reviews to know more about a company. 

• Claim Settlement Ratio and Claim Filing Process

You should also make sure that the insurer you select has one of the highest claim settlement ratios. You can check the official website of the insurer or the IRDAI website for the same. Even the claim filing process should be simple and hassle-free. 

• Policy Premium

The policy premium must be affordable to you. But know that while everyone wants to save as much money as possible while purchasing a car or commercial vehicle insurance, you should never go with an unreliable insurer or one that has a low settlement ratio just because they are offering protection at a lower price. 

After a car or commercial vehicle insurance compare, it is completely alright if you don't want to go with the most expensive policy but avoid going for the cheapest too.  

• Network Garages

You will only be able to use the cashless claims facility of the policy if you repair your car at one of the network garages of the insurer. At other garages, you can only use the reimbursement facility. 

So, make sure that at the time of comparing the policies, you do check the total number of network garages of the insurer. It should have hundreds and thousands of network garages with at least a few of them close to your home and office.

• Coverage Offered

Next are the features, inclusions, and exclusions of the policy. If at all the policy documents have a lot of technical jargon, get in touch with the insurance provider to get all your queries resolved. Only go ahead with the purchase when you thoroughly understand every single aspect of the policy. 

• Add-ons Available

If you are renewing insurance but want to switch to a different insurer, during car insurance renewal compare, do check the available add-ons. The same applies even when you are purchasing a new policy for a new car. 

While the add-ons slightly increase the premiums, they do increase the coverage of your policy. But not every insurer offers every type of add-on. So, watch out for the add-ons offered at the time of comparing policies. 

Compare and Buy - The Smart Way to Purchase Car Insurance

You can visit the official website of the insurance providers to know more about the price, features, inclusions, exclusions, and add-ons they offer.