compare Car Insurance prices

Features to compare before you check Car Insurance prices

According to India’s Motor Vehicles Act (1988), every car owner must have a car insurance policy. An insurance policy is an agreement with an insurance company to safeguard yourself from financial losses during an emergency like an accident or theft of a car. Car insurance also protects you from legal liabilities such as bodily injury or the death of a third party due to an accident involving your car. 

Why compare Car Insurance policies?

Choose the right policy as per your requirement. 

To enjoy the maximum benefits from your car insurance policy, it is vital to choose the right insurance policy for your car. Compare the available car insurance policies and make a decision that suits your situation. 

Be well-read 

To make the right decision, you must know about the different car insurance policy offerings available in the market to make an informed decision to enjoy maximum benefits from the car insurance policy.

Save Money 

Save yourself from the extra deductibles at the time of claims and avoid compromising on benefits. You can compare policies and get the best that suits your interests and needs.

Save Time 

Technological advancement makes it easy to compare different car insurance policies online. You can check the coverage, the benefits, the add-ons, etc., online and make a hassle-free choice.

Stay at peace 

Save yourself from falling into the trap of fraudulent companies. You can do this by comparing and checking the company’s credibility by reading the customer testimonials, etc., and making the right decision to avoid unnecessary mishaps and tension in the future. 

Features to compare before you check car insurance prices:

  • Coverage: You must understand your driving habits so that you can get the right coverage for your car. Coverage is the most critical aspect of looking for and comparing the different coverage options available in the market.

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  • Premium: Remember your budget, needs, and requirements and account for regular premium payment. It is best to compare and choose the policy that provides maximum benefits at reasonable premiums.
  • Insured Declared Value (IDV): It indicates the maximum claim the insurance company will pay for theft or total loss of the vehicle. Therefore, it’s crucial to consider and compare the IDV provided by different companies as the IDV value may differ from one company to another.
  • Add-on benefits: Add-on covers like the Zero-depreciation cover, Passenger cover, etc. extend financial safety. Most insurance companies provide several add-on covers from which you can choose the one that best suits you. Remember, every extra add-on benefit comes with an additional cost. 
  • No Claim Bonus (NCB): It is the reward given by the insurance company to the insured for not making any claims during the policy year. To safeguard yourself during subsequent premium payments, it’s best to compare the NCB of different policies.
  • Claim Settlement Ratio: It is derived by the number of claim settlements done by the insurance company by the number of claim settlements received. 

Therefore, by comparing this factor from different companies, you can choose the company with a higher claim settlement ratio to minimize the chance of rejection. 

Takeaway

Different companies provide different offerings. To get the maximum benefit, it is best to compare the above factors before considering the premium or price involved in purchasing car insurance. 

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