Buying a car is not an easy investment, and it is followed by an enormous responsibility to keep the vehicle safe from any kind of damage and that is where car insurance comes in. Driving a car on Indian roads can be a difficult task, and when you have invested so much money in your vehicle, it becomes crucial to have a valid car insurance policy.
A car insurance policy is a type of insurance policy that works like a contract between the car insurance provider and the car owner that involves several benefits. It works as a shield against financial implications in case of any loss or damages resulting from an accident, theft, fire, third-party liability, and any man-made or natural disasters.
In India, as per the Indian Motor Vehicles Act, 1988, it is compulsory for a car owner to hold a valid Third-Party Liability Only insurance cover before running their vehicle on Indian roads. Although, having a comprehensive car insurance policy provides more benefits, such as claiming for the damages, losses, and injuries arising from road accidents or any unforeseen incident involving the vehicle and people.
Why You Should Compare Car Insurance online?
With the digitization in the insurance industry, it has become easier for you to find an insurance policy that is suitable for your budget and provides you with maximum coverage and benefits at the same time.
When you look for car insurance online, you can check various insurance providers simultaneously and get to know the numerous policies they offer while reviewing their cost of premiums and benefits. The process of checking policies and then comparing the ones you find suitable saves you time and effort.
The process is hassle-free and convenient, and it can provide you with all the information you need about any particular policy you choose. If you face any doubts about the policy information, you can immediately connect with the experts or customer care on the insurance company’s website.
By comparing policies, you can eliminate the ones that do not fulfill the set of requirements and finally come to an informed decision to go with the policy that meets your requirements and is the best suitable option for your insurance needs.
Types of Car Insurance in India
When you are looking for car insurance policies to compare, you should keep in mind the two most significant types of car insurance plans such as:
1. Third-Party Car Insurance
It is the type of car insurance policy that is mandatory under The Motor Vehicles Act, 1988. The coverage offered under a third-party car insurance policy is limited to the damage caused to third-party vehicle/property or injuries to someone while driving your insured car. The limited coverage does not cover the damages to your vehicle.
2. Comprehensive Car Insurance
Comprehensive car insurance is a type of insurance that provides a wide range of benefits and coverage compared to a Third-party policy. Comprehensive car insurance covers the damages/injuries caused to a third party, as well as your own vehicle. It also covers the damages to your car in case of an accident, theft, fire, natural calamities, and man-made calamities.
Important Parameters to Compare Car Insurance Online
Before you start comparing various car insurance policies online, it is crucial to understand the parameters which are essential to look for, while comparing different policies.
1. Car Insurance Premium
The cost of car insurance premiums depends on various factors such as location, engine type, age of the owner, etc. That is why, when you compare car insurance policies online, you should choose the one that offers you maximum coverage and benefits at reasonable premiums.
2. Coverage
One of the most crucial points to check while comparing a car insurance policy should be the coverage. A comprehensive plan usually includes the third-party liability cover, along with damage from accident, theft, fire, natural calamity, etc. Apart from this coverage, look for No Claim Bonus benefits and other add-ons such as Zero Depreciation, Roadside Assistance, Engine Protection, etc.
3. Claim Settlement Ratio
It is essential to choose an insurance company with a high claim settlement ratio. A claim settlement ratio consists of a total number of claims settled by the insurance provider against the total number of claims raised. When you select the insurer with a high claim settlement ratio, you minimize the chances of your claim getting rejected.
4. Network Garages
One other important parameter to check while comparing insurance online is the availability of network garages with cashless repair benefits. It is advisable to opt for an insurer with a maximum number of network garages under their service.
A Step-by-Step Guide to Comparing Car Insurance Online
You are now familiar with the importance of comparing insurance online, the types of car insurance you need to look for, and the parameters that will help you pick the best suitable car insurance policy. Now, let’s take a look at a step-by-step guide to compare car insurance policies online.
Step1: The first step would be to do a quick google search to list out all the potential car insurance companies that provide third-party liability or comprehensive car insurance covers.
Step2: Now that you have the list of insurers, you can visit their websites and check out the various car insurance policies they offer, or you may visit websites of insurance aggregators, where they have comparisons between various insurance policies offered by different companies.
Step3: Once you have various car insurance policies lined up in front of you, it becomes easier to check them against the parameters listed above and eliminate the policies that do not fit your criteria.
Step4: When you are comparing the various policies, check for the No Claim Bonus and other benefits. Also, check out the free look period, inclusions, exclusions, renewal benefits, etc.
Step5: Now that you have eliminated all the other policies that do not satisfy conditions and are left with just a handful of choices, get quotes from the insurance providers for premium and coverage by filling the form on the websites with personal and vehicle details.
Step6: Now compare the quotes and choose the policy that fulfills all your car insurance needs.
The above process gives you thorough knowledge on how to find and compare the best car insurance online. It is always better to do proper research and take time to compare insurance policies online in order to make an informed decision before availing of a car insurance policy.
A car insurance policy can be very effective in shielding you financially against damages to your vehicle due to unforeseen circumstances. Hence, it is advisable to buy a comprehensive car insurance policy and protect your vehicle from any eventuality.
