Do you know driving a car on public roads without insurance is considered to be illegal? According to the Motor Vehicle Act of 1988, every car owner must have car insurance; otherwise, driving on public roads will be considered illegal. So, if you have not purchased a good four wheeler insurance plan, it is high time!
However, selecting the right car insurance can be very challenging, considering the increasing number of insurance policies and providers available in the market. So, how can you find the best one? The intelligent answer is to compare car insurance policies and select the one that suits your requirements.
In this blog, we will discuss how to compare car insurance online along with several important factors to consider when selecting the best car insurance in India. Keep reading!
How to Compare Car Insurance Online in India?
Comparing different car insurance plans manually can be very time-consuming. Thankfully, there are many websites that provide you with a detailed comparison of your selected policies. Following is a simple process you can follow to compare car insurance online:
- Visit any reliable insurance website and go to their car insurance section.
- Enter your car details like number, date of registration, model, fuel type, etc.
- Once you hit the compare button, you will find multiple car insurance plans from different vendors.
- You can compare them by considering certain important factors, which we will discuss in the latter section of this blog.
Additionally, reputed car insurance companies offer this feature on their websites to help you select the right policy. Thus, you can compare and purchase the right one on a single platform.
5 Important Factors to Consider While Comparing Car Insurance
Suppose you own a Toyota Yaris and are looking for the best Toyota insurance. Here are the main features to look at the time of evaluating car insurance online:
- Coverage Type
First, and probably the most important parameter to look at in car insurance schemes is the type of coverage they provide. There are mainly two types of plans — Third-party insurance and comprehensive car insurance.
Here, third-party insurance is mandatory for every car owner. It provides compensation to any third party that is damaged by the insured vehicle.
On the other side, comprehensive car insurance offers coverage for both own damages and third-party damages caused by the insured vehicle. Most car owners prefer this type of coverage as it provides an extra layer of protection.
- Insured Declared Value (IDV)
Insured Declared Value, or simply IDV, is another crucial factor when comparing four-wheeler insurance plans. It is the current market price of the insured vehicle that the insurer will offer you as compensation. Note that this value is calculated after subtracting the depreciation value of your four-wheeler.
Choosing the right IDV is very important because the higher the IDV, the higher your premium amount will be. Therefore, compare and select the IDV that comes with reasonable premiums and maximum benefits.
The primary purpose of car insurance add-ons is to offer additional benefits with the policy and enhance its coverage. However, these come at an extra cost. Thus, while comparing the policies, make sure to look at the prices of the add-ons you would like to purchase with your insurance plan.
Also, these types of riders are optional. So, you can add or remove them as per your requirements.
- Claims Settlement Ratio
It is an essential factor that can be used to find the right car insurance company online. It is the ratio of the number of claims settled by the company to the total number of claims it received in a year. Thus, a higher CSR ratio indicates that the claims settlement process provided by the company is easy, quick and hassle-free.
- Network Garages
The term “network garages” refers to the number of registered auto garages an insurance company has tie-ups with. These workshops offer cashless claim facilities to the policyholders. Simply put, you can get your car repaired at the listed network garages in a cashless manner. The insurance company will directly settle your bills.
Thus, don’t forget to compare the number of network garages offered by your shortlisted car insurance policies.
Comparing multiple car insurance plans is the best way to select the right one according to your requirements. Doing so online is easy and convenient. We have discussed all the crucial parameters that will help you choose the best four-wheeler insurance scheme that matches your requirements and fits your budget.
We hope it helps!