With feature-rich cars becoming common, buying a car is a big investment. However, a vehicle is exposed to the risks of an accident, collision, theft, or damage due to natural or man-made disasters. These incidents can damage the vehicle, passengers, or a third-party property or person. If your car causes damage, then you are legally liable to bear the financial loss. Besides, the Motor Vehicles Act of 1988 makes it mandatory for every four-wheeler to have a third-party insurance policy for cars in India.
A third-party insurance policy for cars offers coverage for damage to third-party property or injuries to third parties only. They do not cover any damage to the insured vehicle. Hence, car owners opt for comprehensive and cheap car insurance in India.
In recent years, with most products and services being sold online, insurers have also started offering car insurance online. When you buy online car insurance, you visit the website of the insurer, select the policy and add-ons based on your needs, pay the premium, and receive the policy documents at your registered email address. This is a paperless and hassle-free way of buying car insurance.
Buying a car policy online allows you to look at different providers and plans. You can use the online car insurance policy comparison service offered by most insurer websites and find the most efficient policy for your needs. Today, we will discuss how you can efficiently search for and compare car insurance online.
3 Important Tips for Comparing Car Insurance Online
Here are three essential tips to help you efficiently search for car insurance, compare, and buy the best policy.
● Premium rate
Buying a car insurance policy is a long-term financial commitment. As long as you own the car, you are required to have a valid car insurance policy. These policies are available at a premium that you must pay for the policy term. Hence, you can look at different providers and plans and sort/filter them based on the premium charged. Make sure you select the same features and add-on covers before comparing the premium rates.
● Scope and extent of coverage
One of the biggest benefits of buying a comprehensive car insurance policy is that you can choose add-on covers and deductibles to customise the policy per your needs. While most insurers offer similar types of add-ons and benefits, there are some providers that offer unique add-on covers based on the market segment that they are trying to target. When you compare car insurance online, make sure that you look at these covers and other services to find a policy that offers coverage that suits your requirements.
● Trust and quality of services
The idea of buying a car insurance plan is to get coverage for damage to your vehicle or a third party for various reasons. However, if the claim settlement process is complex and/or the insurer does not have a good track record of settling claims, then you might have a difficult time getting the benefits offered by the policy. Hence, make sure that you look at the reviews of the insurer, claim settlement ratio, support channels, average turnaround times for queries, etc., to determine the quality of services offered. Compare insurance companies on these parameters before making a decision.
Remember, a third-party liability-only car insurance policy is a standard policy with fixed premium rates. Hence, while buying these policies, you can only focus on the reliability and reputation of the insurance provider. However, if you are planning to buy a comprehensive car insurance plan, then make sure to compare all features and services before buying one.
Remember, your car insurance policy is your financial safety net during accidents or other emergencies involving your vehicle. Therefore, it is important to choose a policy after carefully considering various aspects. Go through the policy wordings to understand the inclusions and exclusions carefully, and choose a policy that syncs with your needs. Good Luck!