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Car Insurance Comparison


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About car insurance comparison

Comparing car insurance is a necessary step before you pay for the deal. Thanks to various aggregators who offer insurance information online, users can easily compare car insurance policies. When you buy car insurance online the documentation is simple and multiple comparison options are available in a single tab for you to make the best purchase.

However, it is difficult to always get the best results from car insurance comparisons. The reason for this is simple. Most companies advertise their insurance as the best product with loads of added perks. Hence, it is very confusing to pick one from the list. Also, what constitutes the best deal differs depending on the country or type of vehicle you are opting for.

To compare car insurance, it is important to understand which aspects need to be compared. Here are a few golden rules to remember when it comes to car insurance comparison:

The car insurance should have third party cover for life and property. Hence, any third party who incurs loss because of an accident caused by your vehicle, the car insurance company will bear the expenses. Some policies offer medical coverage as a separate aspect of the insurance package. Medical coverage pays predominantly for the cost of treatment of injuries and compensation for lost wages, if opted as a part of add on cover.

Always check the grievances settled. "Car insurance comparison will be a useful activity only if you include this factor. If the company has a better history of settled grievances, then use their services. "

Lesser insurance premium does not guarantee competitiveness. The insurance that costs less is not always the best insurance. Check for the services it provides and whether the higher price is a suitable trade-off for the benefits it provides.

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Benefits of car insurance

There are many benefits of car insurance which is why it is a mandatory aspect of buying a car.

  • Protection against loss or damage

    A car insurance protects against any loss or damage caused to the insured vehicle. Coverage against any loss or damage caused by accidents, fire theft, self-ignition, explosion, lightning, riots, terrorist activities, or natural calamities. Since we are prone to any of these over the course of our lifetime, a cover will help you swim through such challenging times. Coverage to family members in the event of a death in the family: If the member who died is the sole earning member of the family, then the other members can benefit from the insurance coverage. The insurance coverage will provide for legal fees, other lawsuits, etc.

  • Additional cover

    Getting car insurance also comes with its share of perks. Zero depreciation, roadside assistance, return to invoice, engine protection, consumables cover can also be added to a comprehensive insurance. A car insurance policy would also provide cover if an accident occurs. Personal accident benefit up to ₹15 lakh would be given to the owner-driver of the car, if the same has been opted for.

    For a limited car insurance premium paid over a period of time, your family will get a big corpus in the event of an accident.

  • No Claim Bonus

    If you don’t make claims during the policy period, you can avail the no claim bonus while renewing your car insurance policy.

Benefits of Comparing Car Insurance

Car insurance comparison helps you make better decisions for your vehicle. Some potential benefits on offer are:

Save Money

Comparing car insurance can help you find the best deals. You can choose a plan offering the right coverage at a low premium, thus saving money in the long run.

Better Coverage Options

Each insurance company offers different coverage options. Car insurance comparison helps you choose a policy offering optimal coverage at a cost-effective price point.

Identify Discounts

Several insurers offer discounts based on factors like safe driving, low claim history, and installing anti-theft devices. Comparing policies can help you discover these discounts.

Eliminate Extras

Some policies include features you don't need. Comparison helps you eliminate extras that add to the premium, ensuring you pay only for the essentials.

How to compare car insurance policies?

How to compare car insurance policies is a question that pops up in every car owner's mind. After all, every company will claim that their car insurance policy is the best. But car insurance can easily be compared, thanks to car insurance comparison websites.

Getting the right insurance depends on a range of factors like the insurance premiums, the make and model of your car, the money you are willing to spend on an insurance package and more.

Let us check out some of the factors to keep in mind to compare car insurance:

  • Price - One may prefer purchasing a car insurance policy whose insurance premium is the cheapest. However, you may also have to check out the features of the policy which are being made available for that price. You must choose a policy which is not only easy on your wallet but also fulfills all your needs.

  • Coverage and add ons - Apart from the basic coverage, also consider the various add-ons such as zero depreciation, engine protection etc. For this, you may wish to consider your driving habits as well as the city you are from. For example, if your city gets flooded during the monsoons, an engine protection cover would be critical.

  • Reviews by customers - While browsing for insurance online, you can even check written and video reviews left by customers on various portals. Apart from online reviews, you could interact with car owners in your network to seek genuine advice. You must especially interact with those who have filed claims.

  • Evaluating each of these factors will provide you with an insurance product that is competitive and at the same time ensures sufficient coverage.

How to Choose a Car Insurance?

Choosing the right car insurance is crucial for protecting yourself and your vehicle. With several options available, it can be confusing to know which policy suits your needs. Here’s how you can make the right decision:

Factors Affecting Car Insurance Comparison

The following factors can affect comparison:

  • Vehicle Type

    The car you drive affects insurance costs. Expensive cars usually cost more to insure.

  • Deductibles

    A deductible is the amount you agree to pay out of pocket before the insurance kicks in. Policies with higher deductibles often come with lower premiums.

  • Coverage Offered

    The amount of coverage offered by a policy can affect comparison. A comprehensive car insurance policy costs more than a third-party policy.

  • Location

    The location where you live and are likely to drive your car can affect comparison. Premiums can shoot up if you live in an accident-prone area or zone that experiences frequent natural disasters.

How Does ICICI Lombard Car Insurance Work

What is covered under car insurance?

Car insurance covers all types of expenses including medical expenditure, legal fees and repairs needed for the damages to the car. It can include damages to third party property, injury of passengers in your car or to yourself.

The main components of car insurance include auto liability coverage, uninsured and underinsured motorist coverage, comprehensive coverage, collision coverage, medical payments coverage and personal injury protection.

  • Liability coverage: Injuries caused to a third party will be reimbursed if you or your vehicle caused the accident.
  • Property damage Liability: Any damage to a third party property will be covered while driving.
  • Uninsured and underinsured motorist coverage: Driving without insurance is a crime punishable by law. Despite the clause, if you are hit by an uninsured vehicle, it will not help pay your medical bills or even repair the vehicle. Also, if you are hit by an underinsured motor vehicle, then the medical costs will not be borne by the other party. In such cases, having uninsured and underinsured motor coverage will help.

Types of car insurance

There are mainly two types of insurance provided in India.

1

Third party car insurance policy: This includes damage caused to your car and to the third party's property. Plus, the injury caused to you and your fellow passengers. It will cover the cost of damage to the car, the damage to fellow passengers, and also to the driver. In short, any damage that arises out of a collision will be covered by a third-party car insurance.

2

Comprehensive car insurance policy: Helps covering your car against theft, fire, natural disasters like earthquakes, flood, snow, vandalism, as well as damage caused by animals, riots, terrorist attacks, etc.

3

Comprehensive insurance has a certain feature called deductible.

4

If your vehicle gets damaged, then you would have to pay an amount towards the repairs before your car insurance covers the remaining. The component paid from your pocket is known as a deductible. There are two types of deductible: Voluntary and Compulsory

5

Voluntary deductible: In this case, the policyholder determines a limit upto which the policyholder would pay before claiming the remaining from the insurer. A higher limit (or amount) would mean a lower premium. The limit (or amount) is chosen by the policyholder on the basis of risk appetite and affordability.

6

You can add other benefits to a comprehensive car insurance plan like accessories cover, engine protector, zero depreciation cover, medical expenses, etc.

7

Apart from considering the types of car insurance policies while conducting car insurance comparison, one has to look at some more aspects.

8

Compulsory deductible: The compulsory deductible limit (amount) is fixed by the insurance regulatory body, IRDAI. It has to be mandatorily paid by the policyholder in case of a claim. The amount is ₹1000 for four wheelers with a cubic capacity of 1500 cc or less and ₹2000 if cubic capacity is more than 1500 cc. In certain cases (if the car is older or has a higher cubic capacity etc), the insurer may charge higher.

Things to Do Before Doing a Car Insurance Comparison

Car insurance comparison is essentially comparing different car insurance plans. Before you compare car insurance policies, here are some things you need to keep in mind:

Understand Your Insurance Needs

Analyse what type of coverage you need. Do you only want basic third-party coverage, or are you looking for more comprehensive protection? Knowing your needs will help compare different plans.

Set a Budget

Determine how much you are willing to spend on car insurance. Having a clear budget will make it easier to compare policies without overspending.

Gather Important Information

Before starting, make sure you have all the necessary details on hand, such as your car’s registration number, make, model, and year of manufacture. This information will help you get accurate quotes.

 

Understand Different Policy Types

Familiarise yourself with different types of car insurance policies, such as third-party liability, comprehensive insurance, and standalone own-damage policies. Knowing the differences will help you choose the best option for your needs.

Check for Add-ons

Look for add-ons like roadside assistance, zero depreciation cover, and engine protection. These add-ons can enhance your coverage and provide more value for your money.

Frequently Asked Questions About Car Insurance Comparison

How to Compare Car Insurance?

Which Type of Vehicle Insurance is the Best?

The policy that meets your needs is the best. It’s recommended to go for a comprehensive car insurance policy that covers own damage and third-party liabilities.

How to Compare Car Insurance Rates Online?

To compare car insurance rates online, visit the insurers' website and enter your car's details, including its make, model, and personal information. You will get quotes based on these details instantly. Note them down and compare.

How to Choose the Best Car Insurance Policy in India?

Assess your coverage needs and compare quotes from multiple insurers. Equally essential is to look at the insurer’s claims settlement ratio and service quality.

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Product Product Code UIN no.
Private car package policy 3001 IRDAN115RP0017V01200102
Bundled - Private Car Policy 3001 IRDAN115RP0021V02202122
Stand-alone own damage private car insurance policy 3001/O IRDAN115RP0001V02201920
Private car liability only policy 3001/A IRDAN115RP0012V01200102
 

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