Essential Parameters To Be Used To Compare Car Insurance

Purchasing car insurance is just like buying any other essential item at your home. You must make sure that you get the best coverage at a reasonable premium. Therefore, you must compare car insurance rates before purchasing one. Below are some essential parameters that you can use to compare four-wheeler insurance online.

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Importance of Car Insurance Comparison

To get the best policy for your prized possession, it is crucial to compare different car insurance policies. Moreover, a four-wheeler insurance policy aims to safeguard your car from multiple unforeseen damages on the road. Thus, you must make sure to get a policy that offers you the highest coverage at a budget-friendly cost.

So, if you are looking to purchase a car insurance policy for your newly bought car, try comparing car insurance plans from the best car insurance companies online and choose the one that suits all your needs.

Parameters to Consider While Comparing Car Insurance

Before deciding on purchasing a motor insurance policy for your car, here are some parameters that you can use to compare car insurance online:

  1. Type of Coverage

    When it comes to comparing car insurance, you must be aware of the types of insurance coverage offered by insurers. There are two types of policies namely third-party insurance and comprehensive car insurance. The first one is mandatory and compensates for any third-party damage arising out of the insured vehicle.

    The comprehensive car insurance on the other hand will compensate for both third-party and own damages sustained by the insured car. You can also compare car insurance premiums of the cover you wish to buy.

    Thus, while comparing car insurance policies, be aware of the type of coverage you are looking for and then make your comparisons based on that coverage.

  2. Required Add-ons

    Another important parameter that you can use to compare four-wheeler insurance is the additional covers. These add-on covers can be purchased to enhance the coverage of your standard car insurance policy. Thus, while picking a car policy you must also compare the cost of add-ons that you are planning to purchase along with it.

    Not only this but to get the best premium, make sure to only buy the add-ons that you require for your car. You can choose and remove any add-on you want as per your requirements.

  3. Insured Declared Value

    Insured Declared Value or IDV is a crucial parameter to consider while comparing motor insurance. It is the current market value (minus depreciation) of the insured vehicle, that you will receive as compensation in case your car has sustained total loss. Deciding the right IDV is of core importance as the higher the IDV, the higher will be the premium of your policy.

    Thus, while comparing car insurance policies, make sure to also compare and choose the IDV with higher benefits and affordable premiums.

  4. Network Garages

    Apart from doing the basics i.e. going through customer reviews, make sure to also know about the number of network garages of a particular insurance company. The higher the authorised workshops a particular insurer has, the better it would be for you to raise a cashless claim for damages. Therefore, while comparing car insurance, make sure to also compare the list of network garages offered by the insurance company.

  5. Claim Settlement Ratio

    Claim settlement ratio is also an essential factor to look for while comparing four-wheeler insurance. It refers to the number of claims that an insurer settles when compared to the total claims received in a year. A higher CSR means the claim settlement process of a particular company is easy and hassle-free. Thus, while comparing motor insurance plans of different insurance companies, make sure to compare their CSR as well.

How to Compare Car Insurance?

The best way to compare four-wheeler insurance is to do it online. Below we have mentioned steps to compare motor insurance rates on Policybazaar.com:

  • Visit the ‘Car Insurance’ page from the ‘Insurance Products’ dropdown on the homepage
  • Now enter your car number and proceed forward
  • Select the rest of the details of your car such as model, variant, fuel type, registration year
  • You will now find car insurance plans from multiple motor insurance companies.
  • You can now compare these plans based on various factors such as premium, add-ons, IDV, additional discounts and more
  • Once you have decided on the plan you want to buy, you can pay the premium amount online and purchase the desired car insurance policy.

Wrapping Up!

We invest a lot of time and effort while purchasing a car for ourselves. From price, specs, and model to colour, we tend to compare every single factor before making a final purchase. A similar should also be done while purchasing a car insurance policy for our cars.

Therefore, you should use all the above-mentioned parameters to compare car insurance online so that you get the best of all.

Written By: PolicyBazaar - Updated: 29 November 2022

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