Compare, buy/renew a car insurance policy online with ease
Many reputable insurance companies offer the best four wheeler insurance plans to potential customers. When purchasing an insurance policy, customers are looking for exclusive benefits at lower cost. They compare various policies based on price, suitability, coverage, features, add-ons, and other such parameters.
With the availability of different online platforms, customers can explore multiple auto insurance plans online and select the one that best suits their needs.
Nevertheless, before comparing different car insurance plans online, individuals should understand the factors they need to consider when choosing the ideal car insurance policy.
Factors to Consider When Comparing Car Insurance Policies
Knowing the comparison parameters of car insurance plans online can help individuals choose the right one and maximize their benefits. So, to simplify things, here is a list of factors to check when comparing different policies online:
· Coverage amount
One of the important points of comparison before choosing an auto insurance plan should be its coverage amount. Customers can choose add-ons to the existing plan to effectively expand policy coverage. These add-ons include No-Claim Premium (NCB), Engine Protection, Personal Accident Cover, and more. Although it differs from insurer to insurer, comparing car insurance plans online will allow customers to select the most suitable one according to their needs.
The affordability of the policy must be taken into account when you are opting for an auto insurance plan. Although most policy buyers are inclined towards policies with lower premiums while choosing a comprehensive insurance plan, this is not always a good idea. Indeed, a lower premium often means reduced benefits. Additionally, individuals may have to pay higher deductibles when submitting a claim. Hence, if one compares the auto insurance plan online, he/she can select the right one, providing maximum benefits at affordable prices.
· Declared value insured
The Insured Declared Value or IDV is the global sum insured under the chosen insurance plan, which can be claimed in the event of damage or theft of the vehicle. An IDV is valued by considering the selling price quoted by the manufacturer and subtracting the depreciated value of the vehicle. The total insured value under IDV will vary between insurers and the age of the car. Therefore, it is essential to compare these factors to get the highest IDV for the vehicle.
· Additional blankets
Various insurers offer several add-ons to maximize your financial protection. Comparing car insurance plans online will allow customers to get the best add-ons that meet their needs. That’s why it’s a good idea to select fonts that offer the most add-ons at a great price. For example, customers can customize their insurance policies to include benefits, such as –
– Consumable cover
– Zero amortization coverage
– Breakdown and passenger cover
– Tire protection cover
– Return to invoice coverage
So, when customers compare car insurance plans online, they can benefit from substantial additional coverages.
· Claims-to-payment ratio
A claims ratio is the total number of claims settled by the insurance provider compared to the total number of claims raised by the customer. By comparing different car insurance plans online, customers can buy the same from the insurance company with a high claim rate. By doing so, customers can reduce the risk of claim rejection.
· No Claim Bonus
This is another important aspect to consider when comparing auto insurance plans online. No claims premium is the discount one can get on the premium payment for an auto insurance policy if he has had no claims in the previous year. NCB is one of the crucial points when comparing car insurance plans online to save significantly on premium payments.
· Exclusions and inclusions
One should compare the inclusions and exclusions of the terms and conditions section of an auto insurance policy. When comparing different car insurance policies, such as liability insurance plans, comprehensive plans, etc., individuals may go through different inclusions and exclusions. This will further help in selecting the policy that suits the requirements of the customers.
Benefits of comparing an auto insurance policy online
Among the various policies available in the market, one can buy the best plan by comparing car insurance plans online. Here are some of the proven benefits of comparing auto insurance policies online:
· Get the best policy with maximum coverage
Although the benefit of coverage is more or less similar in each car insurance plan, some extend different value-added benefits to attract customers. These additional benefits enhance policy coverage so customers can choose a comprehensive insurance plan.
· Save on premium fees
A comparison is needed to select the best policy that accompanies the lowest premium rates without understanding the total insured value. When comparing, customers can see the charges levied on different policies regarding coverage benefits and grab the best deal.
· Easier claims settlement
Comparing car insurance plans online allows customers to simplify claims settlement. Customers can compare the cashless garages associated with the respective insurance company to select one with the garages in the wider network. Moreover, one can compare the claims payout ratio of various insurers and select one with a higher claims payout ratio. By selecting the simplest claims process, one can ensure prompt settlement of claims.
Also, car insurance policy comparison online helps potential buyers to visit major diversified marketplaces like Bajaj Finance Limited to compare many car insurance plans or products offered by different insurance companies. Customers can view provisions and different insurance products and choose the best plan.
Therefore, to conclude, comparing car insurance plans online will allow customers to grab the best deal. This will not only allow potential policy buyers to save significantly on the premium amount, but will also help them find suitable coverage that can meet their needs. Thus, this comparison is an essential step to consider when purchasing or renewing any insurance policy.
(To receive our electronic document daily on WhatsApp, please click here. To receive it on Telegram, please click here. We allow sharing of the PDF of the document on WhatsApp and other social media platforms.)