7 Car Insurance Comparison Tips to Make an Informed Decision

Buying a car insurance policy online should be a well-thought-of decision. The policy provides unmatched coverage in case of accidents, damages due to natural or man-made calamities, theft and third-party liabilities. You should, therefore, choose the best policy for the best coverage experience.

Since car insurance is mandatory, most general insurance companies offer car insurance plans. Thus, finding the right plan requires you to compare the available plans. Here are seven comparison tips that would help you compare insurance policy and find the right plan – 

1. Compare the Insured Declared Value (IDV)

The IDV is like the sum insured of the car insurance policy. It is calculated by deducting the market value of the car with depreciation based on the car’s age. When you compare insurance policy, you should, first, find the appropriate IDV of the car and then look for plans that offer a value closest to your calculation. Try and opt for a higher IDV because the IDV would be paid in case of theft or total loss and so, a higher IDV ensures a higher claim settlement.

2. Check the coverage benefits

Most car insurance plans offer the same coverage benefits. However, some plans tweak their benefits by offering value-added coverage free of cost. For instance, you might find free roadside assistance cover under some plans or the option of overnight repairs in case of damages. So, check the coverage benefits and opt for the most comprehensive policy.

3. Check the premium

Check the premium rates across different plans. Compare the premiums alongside the coverage benefits and IDV and find a plan that offers the lowest premium without compromising on the coverage benefits.

4. Check the garage network

For availing of cashless repairs, you should take your car to a networked garage. So, to locate a networked garage easily, check the network of the insurance company. Choose insurance brokers online that offers the widest network of garages so that you can easily locate a workshop in your vicinity.

5. Check the claim process

Insurers have, now, simplified their claim processes allowing you to get your car insurance claim settled with minimum hassles. Check the claim process offered by the insurer. In times of online claim intimations and mobile applications, opt for a company that allows you to intimate the claim easily and flexibly. 

6. Check the CSR

The Claim Settlement Ratio (CSR) indicates the number of claims settled by the insurance company. Look for the CSR of different insurers and choose a company that has a high CSR so that your claims get settled easily.

7. Check the available discounts

Lastly, look for the discounts offered by different car insurance plans. Opt for a policy that offers the maximum premium discounts for maximum savings.

Use these seven tips and compare car insurance policy online. You would be able to shortlist the best plan when you compare insurance policy. Buy the policy online and your car insurance coverage would be issued instantly.

Leave a Reply

Your email address will not be published. Required fields are marked *

Do NOT follow this link or you will be banned from the site!