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Insurance Article

Why Comparing Car Insurance Plans Is A Good Idea

December 07 2016

If you’ve ever owned a car or are planning to buy one, you would probably be aware of the immense importance attached to car insurance. As per the Motor Vehicles Act 1988, third-party car insurance is mandatory for vehicle owners and not purchasing one can land you in a world of legal troubles. Whether it be a private or commercial vehicle, a comprehensive car insurance plan is the best way to keep you insulated against financial implications in case of an accident or loss of a vehicle.

However, when opting for a car insurance plan, comparing vehicle insurance policies is the best way to get the most appropriate plan at competitive prices. Comparing car insurance plans online provide you with critical information that enables you to make significant savings on your car insurance premium. Car policy comparison allows you to choose a plan that offers the maximum coverage, is easy on your pocket, and also meets all your requirements.

Things to look out for when comparing car insurance policies:

  • Company Profile & Reviews:
  • When comparing car insurance rates, you’re likely to come across several feature-packed insurance plans at very low prices. As enticing as it may seem, it’s wise to compare reliable insurance providers for car insurance price comparison. You should also pay heed to the customer reviews and feedback when comparing car insurance online. This practice provides a window to an insurance company’s credibility and claims settlement ratio.

  • Claim Settlement Process:
  • The claim settlement procedure is one of the most critical aspects when comparing vehicle insurance online. This process differs from company to company and requires thorough research on your part to opt for an insurance provider that offers a hassle-free insurance claim settlement procedure. A faster claim settlement is every customer’s dream. Comparing motor insurance online enables you to make the right choice with a speedy claims settlement.

  • Insured Declared Value:
  • IDV or Insured Declared Value is the value of your car that is ascertained after appropriate reductions that are carried out as your car depreciates in value with each passing year. The deprecated IDV has a great deal of impact on your premiums. When comparing car insurance plans, make sure you compare the IDV quotes offers from insurance providers to get the best sum insured for your policy.

Benefits of Comparing Car Insurance Online Before Buying or Renewing a Plan:

  • Comparing car insurance policy rates helps you understand which insurance plan is the best as per your budget, without compromising on the features you are looking for. Remember, a low-cost car insurance policy might not be the ideal one for you and vice versa. It’s best to do your due diligence, compare the features, coverage, and premium rates before making up your mind.
  • As you compare vehicle insurance plans, you get the freedom of customising the plans as per your requirements. Also, as you can add/remove the features, you get customised quotes from insurance companies that not only meet your needs but also your budget as well.
  • While comparing plans, you can learn about all the add-ons/riders that are offered by various insurance companies. You can pick and choose the policies with the best most effective add-ons that meet your requirements.
  • Comparing car insurance policies enable you to know about the discounts and coverage offered by different insurance providers. Furthermore, car insurance price comparison also makes you aware of all the deductibles and exclusions that can have a significant impact on your car insurance policy.
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