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Insurance Article

What to Look for When Comparing Car Insurance Policies online

December 07 2016
Compare Car Insurance

A few points to keep in mind when buying car insurance

Choosing the best car insurance policy when your renewal due date is near can be a cause for concern. With the sheer number of plans, insurance providers and coverage options, it is easy to be confused. Here are a few parameters you must look for before buying:

Network Garages

The higher the number of network garages of an insurance company, the more convenience you will enjoy no matter where you ride to. Choose an insurer that provides several network garages with cashless services close to your home.

Discounts

Insurance companies offer attractive discounts on your Own Damage component of your car insurance plan. Choose one that insures your vehicle for less, but for a long term.

Add-ons and Features

Add-ons and riders are powerful components of your policy that give you additional protection at a nominal cost. However, not every company provides all add-ons. Hence, it is prudent to understand the add-on you need and choose effectively. For example, in case you have a new car opt for a Zero Depreciation Cover that protects you from losses and does not factor in depreciation costs for your new car.

Similarly, choose the most comprehensive coverage with built-in features that make your driving worry-free. Features such as roadside assistance, instant renewal, easy No Claim Bonus transfer, Garage Cash Cover, etc. are optimal.

Online Presence

In today’s age of the Internet, opt an insurance company that has an impressive online presence. Complete with features that help the customers with trivial issues, the company website and mobile application should be informative and easy to use.

This not only points towards a customer-centric approach, but also adds to your convenience with a go-to informative portal. Features such as expert advice blog, FAQ section, online premium payment and live chat options give you the value for your money.

Customer Care

Check if the company of your choice provides 24*7 roadside assistance as it may come handy when you are stranded with a broken-down car. Testimonials and customer reviews will also give you an insight into their post-sales assistance, which is useful for claim intimation and understanding of policy terms and conditions.

Track Record of The Insurer

Choose an insurance company that has a good track record of speedy claim settlement. Claim Settlement Ratio (CSR) for each insurer is published every financial year by the Insurance Regulatory and Development Authority of India (IRDAI). This means, higher the CSR, higher the chances of your claim being approved.

For instance, ICICI Lombard has one of the highest CSR in the industry. The company has honoured 93.2% claims (own damage) in the motor insurance segment within a month of claim filing for the year 2016.

Cost

Lower premiums do not imply better coverage. Which is why low premiums should be the last thing to consider when comparing car insurance plans.

Ask for a detailed premium break up to understand how your money is being used. Although, premium is directly proportional to your Insured’s Declared Value (IDV) , go for the optimum IDV of your vehicle, and not lower. It will ensure you get the entire amount of your claim, even when the market price of your car has decreased.

Related Article:

What is Cashless Motor Insurance All about?
Choosing Motor Insurance

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