Many reputed insurance companies offer the best four-wheeler insurance plans to prospective customers. While purchasing an insurance policy, customers look for exclusive benefits at lower costs. They compare various policies based on pricing, suitability, coverage, features, add-ons and more such parameters.
With the availability of different online platforms, customers can explore multiple car insurance plans online and select the one that best suits their requirements.
Nonetheless, before comparing different car insurance plans online, individuals need to understand the factors they need to consider while choosing the ideal car insurance policy.
Factors to consider while comparing car insurance policies
Knowing the parameters for comparing car insurance plans online can guide individuals to select the right one and maximise their benefits. So, to make things hassle-free, here is a list of factors to check while comparing different policies online:
· Coverage amount
One of the significant points of comparison before selecting a car insurance plan should be its coverage amount. Customers can choose add-ons over the existing plan to widen the policy coverage effectively. Such add-ons include No-Claim bonus (NCB), engine protection, personal accident cover, etc. Although it differs from one insurer to another, comparing car insurance plans online will allow customers to select the most suitable one based on their requirements.
· Insurance premium
Policy affordability must be considered while opting for a car insurance plan. Although most policy buyers are inclined towards policies with lower premiums while selecting a comprehensive insurance plan, it is not always a wise idea. This is because a lower premium often means reduced benefits. Further, individuals might need to pay higher deductibles while raising a claim. Therefore, if one compares the car insurance plan online, he/she can select the right one, offering maximum benefits at affordable pricing.
· Insured declared value
Insured declared value or IDV is the overall sum assured under the chosen insurance plan, which can be claimed in case of damage or theft of the vehicle. An IDV is evaluated by considering the manufacturer’s listed selling price and subtracting the vehicle’s depreciated value from it. The sum assured value under IDV will vary across insurance providers and with the age of the car. Hence, it is essential to compare these factors to obtain the highest IDV for the vehicle.
· Add-on covers
Various insurance providers offer several add-ons to maximise your financial protection. Comparing car insurance plans online will allow customers to avail the best add-ons that suit their requirements. This is why selecting the policies that provide the highest number of add-ons at a favourable price is wise. For instance, customers can customise their insurance policies to include benefits, such as –
- Consumable cover
- Zero depreciation cover
- Breakdown and passenger cover
- Tyre protection cover
- Return to invoice cover
Thus, when customers compare car insurance plans online, they can avail of substantial add-on covers.
· Claim-settlement ratio
A claim settlement ratio is the total number of claims settled by the insurance provider against the total number of claims raised by the customer. By comparing different car insurance plans online, customers can purchase the same from the insurance company with a high claim-settlement ratio. By doing so, customers can reduce the chances of claim rejection.
· No-claim bonus
It is another important aspect to consider while comparing car insurance plans online. No claim bonus is the discount one can avail of over premium payment for a car insurance policy if he/she has not raised any claim in the previous year. NCB is one of the crucial points when comparing car insurance plans online to save substantially on premium payments.
· Exclusions and inclusions
One must compare the inclusions and exclusions from a car insurance policy's terms and conditions section. When comparing different car insurance policies, such as third-party insurance plans, comprehensive plans, etc., individuals can get through different inclusions and exclusions. This will further help select the policy that suits customers’ requirements.
Benefits of comparing a car insurance policy online
Among various policies available in the market, one can purchase the best plan when comparing car insurance plans online. Here are some of the proven benefits of comparing car insurance policies online:
· Avail the best policy with maximum coverage
Although the coverage benefit is more or less similar in every car insurance plan, some extend different value-added benefits to attract customers. These additional benefits enhance the policy coverage so customers can select a comprehensive insurance plan.
· Save on premium costs
A comparison is necessary to select the best policy that accompanies the lowest premium rates without comprising the sum assured value. When comparing, customers can see the charges levied against different policies regarding the coverage benefits and grab the best deal.
· Easier claim settlement
Comparison of car insurance plans online allows customers to simplify claim settlements. Customers can compare cashless garages associated with the respective insurance company to select one with the widest network garages. Furthermore, one can compare the claim settlement ratio of various insurance providers and select one with a higher claim settlement ratio. By selecting the easiest claim process, one can ensure prompt claim settlement.
Besides, comparing car insurance policies online helps prospective buyers visit leading diversified marketplaces like Bajaj Finance Limited to compare numerous motor insurance plans or products offered by different insurance companies. Customers can view the provisions and various insurance products and choose the best plan.
Therefore, to conclude, comparing car insurance plans online will allow customers to grab the best deal. It will not only allow prospective policy buyers to save substantially on the premium amount but also help them find suitable coverage that can meet their requirements. Thus, this comparison is an essential step to consider when purchasing or renewing any insurance policy.
