Compare Car Insurance

Comparing car insurance is essential in deciding the right motor insurance policy for your four-wheeler. It not only helps you save money but also offers you the best coverage to protect your car from unforeseen events like road accidents, theft, fire, etc.

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Why Compare Car Insurance Online?

Car insurance comparison can be done via two methods i.e. online and offline. An offline comparison can be a more cumbersome and time-consuming task.

However, comparing car insurance online is very beneficial and a hassle-free process. Here are some reasons why you should compare car insurance online. Take a look:

1. Ease of Comparison

   Offline comparison can be tricky as it requires you to visit insurance companies or consult insurance agents. However, comparing motor insurance online is a very easy, time-saving process and can be done in the comfort of your home. You will only need a basic internet connection to compare and choose the car insurance policy for your four-wheeler.

2. Lots of options

   The motor laws of India make it compulsory for every vehicle owner to have a car insurance policy. This compulsion has brought hundreds of insurance companies into the market offering different types of motor insurance policies.

   When you compare car insurance online, you can evaluate all insurance companies, their features, their worth, and premiums and decide on the one that suits your requirements.

3. Additional Services

   When you compare and buy car insurance online, you can also avail many additional benefits offered by the insurance companies which is practically time-consuming when done offline.

   Moreover, with the help of online car insurance comparison, you can also know in detail about the after-sales services offered by a particular insurer.

4. No Hidden Fees

   Most insurers charge a commission when you purchase a car insurance policy from them. However, when you compare and purchase car insurance from insurance brokers like Policybazaar.com, you save on these operational costs.

   Comparing and purchasing car insurance online is a completely free process. All you need to do is pay the premium of your policy.

Factors Used for Car Insurance Comparison

When you compare car insurance online, there are certain essential factors you should take into consideration and then make the right decision:

1. Types of Coverage

   The type of coverage is a necessary factor before deciding on the car insurance policy you want to purchase. There are three major types of coverage offered by insurance companies. These include third-party insurance that only covers third-party liabilities, standalone own-damage that covers own damages sustained by the insured car and comprehensive car insurance that covers both third-party liabilities and own damages.

   While third-party insurance is mandatory, the other two are optional. Thus, while doing car insurance comparison, you must be aware of the type of coverage you desire and then choose your plan accordingly.

2. Add-on Covers

   Add-ons are optional covers offered by insurance companies to enhance the coverage of your car insurance policy. These covers can be purchased by paying an extra premium amount. Before purchasing a vehicle insurance policy, you must compare the types of add-ons and the premium on these add-ons. Some popular add-ons include Zero depreciation cover, Engine protection cover, NCB Protect, etc.

3. Additional Discounts

   When you purchase four-wheeler insurance, insurers offer certain additional discounts on policy premiums.. Some of these include NCB discounts, anti-theft discounts, voluntary deductibles, discounts on AAI (Automobile Association of India) membership, etc.

   Hence, when you compare car insurance, ensure you check all the types of discounts offered by insurance companies to get the best deal.

4. Insured Declared Value

   IDV, or Insured Declared Value, is still a misunderstood concept for many. It is simply the current market value of the car (minus depreciation) that you will receive in case your car suffers a total loss. To receive a higher claim amount, many policyholders choose a higher IDV, which increases their policy premium. On the other hand, many opt for a lower IDV to pay a lesser premium amount but also get a lesser payout at the time of claim.

   Thus, choosing the right IDV amount is very crucial while purchasing a car insurance policy. So, make sure you select an IDV that is close to your car's market price.

5. Claim Settlement Ratio

   Claim Settlement Ratio is another major factor in deciding the credibility of an insurance company. It is the ratio of the number of claims settled to the total claims received by the company. A company with a higher CSR has higher credibility in the market.

   Thus, when you compare car insurance, you can find the CSR of different motor insurance companies and select the best one for your car.

6. Customer Reviews

   Before choosing your car insurance provider, it is also essential to understand what the customers think about that company. Going through the customer reviews of insurance companies will help you know about their after-sales services and the positives and negatives.

Types of Car Insurance Policy Comparison

As stated above, there are three major types of car insurance policies offered in India. Before choosing your desired car policy, you must be aware of the features of each type. Here is a table comparing all the types of car insurance policies.

How to Compare Car Insurance Online?

Comparing car insurance online is simple and takes only a few minutes. Here is the process to compare car insurance online:

Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited (Policybazaar.com).

Step 2: Visit the Car Insurance page from the Insurance Products dropdown.

Step 3: Enter your car number along with other details of your car such as model, RTO, variant, etc.

Step 4: Now, you will find car insurance plans of multiple car insurance companies. Here you can compare car insurance plans based on types, coverage, add-ons, IDV, and premium.

Step 5: You can now purchase the best plan via online payment modes.