Questions You Need to Answer to Get a Car Insurance Quote

Buying a car insurance policy for the first time? You must be prepared with the answers and details for the common questions to get an accurate quote for car insurance.

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Purchasing the best car insurance plan is as important as shopping for the best car. Since there are many options available to choose from in motor insurance it is vital to compare everything online. The comparison will help you determine how much coverage you should go for and how much premium you will have to pay.

Once you are ready to make an informed decision to buy the best car insurance policy for yourself, you must keep the answers to the following questions handy. This will make the overall buying experience hassle-free and the insurer will be able to offer you the best quote for the insurance policy.

But, let us first understand the types of car insurance policies available for the buyer: 

Types of Car Insurance policies and Which One is Best Suitable?

General insurance providers provide two types of car insurance policies. First is third party insurance which is compulsory to buy as per the Motor Vehicles Act 1988. It provides coverage towards third party liability. Second is a Comprehensive car insurance policy that provides coverage towards both third party liability and own damage.

Since the third party is mandatory to buy in India its benefits are restricted as compared to the comprehensive car insurance plan. Also, a comprehensive comes with dual benefits and offers an option of customization via add-on covers. 

Coming to talk about which one is best suitable for you, you must factor in your needs, budget, car condition, and future requirement. It is advisable to consider a comprehensive car insurance plan; however, it is not completely necessary.

1. What is Your Car's VIN Number?

VIN stands for Vehicle Identification Number. This number helps the insurer to check out the complete information about the four-wheeler. The information includes manufacturing year, car model, features of the car which aids the insurer in determining the accurate insurance quote.

Sometimes, even though the car model is the same, other factors fluctuate the risk that is why the VIN number is important to provide.

If you haven't yet bought the car and still checking the insurance quotes online, then it will not be possible to get an accurate quote because the risk varies with each car model and its features. Having the VIN handy will make the insurance buying process easier for you.

2. Who Will Be the Driver?

Insurance providers want to know the answer to this question to evaluate the risk and cost of the insurance policy. You must share the details of all the individuals who will be driving the car so that your insurer would know who they need to cover at the time of emergency.  Details like age, gender, and driving history of the drivers will suggest to the insurer about the chances of accidents. 

3. Do You Want the Engine Cover or The Passenger Cover?

If you have opted for the comprehensive car insurance plan, then you must choose the add-on covers wisely. Since zero depreciation cover is always the go-to choice of most insurance buyers, confusion arises when they have to pick one from the engine cover and the passenger cover.

Let us help you here, in case you happen to drive with co-passengers quite often, you must without any doubt choose the passenger cover to safeguard the co-passengers against any eventuality on the road.  If you happen to live in a disaster-prone area or you own a luxury/sports car, then you must choose the engine to protect the cover. 

It is advisable to avoid overbuying of add-on covers as instead of enhancing the overall coverage of the plan it makes the plan very costly.

4. What Is Your Credit Score?

Credit scores play an important role in determining the credibility of the insurance applicant. The insurance providers consider the credit score and rating as a financial measure to anticipate the financial risk. However, the practice is followed only to access the possibility of malpractice. 

At the time of policy purchase, your insurer might ask you about your credit score, to avoid any further complications, share your credit score (even if it is average). 

Not all but many insurance companies ask for the credit score of the insurance applicant and then provide the policy quote based on that along with the other factors. 

5. Your Personal Details

Insurance providers ask for the marital status and some other personal details of the insurance applicant. It is because every insurer factors in the risk involved with the applicant before offering them a quote. Coming to talk about the personal details, insurers believe that married individuals and women are less likely to get involved in road accidents as compared to single individuals and young men. Hence, you will be required to share your marital status, gender, and driving history with your insurer to get an accurate quote for the car insurance. 

6. How Many Miles Will You Drive Your Car?

Last but not the least, insurance providers consider the 'low mileage' driver as the ideal policyholder because it reduces the risk of accidents on the road. Similarly, the high mileage means higher risk and thus higher cost of the insurance policy.

If your workplace is near to your house or if you are most likely to drive less than the average person then you're most likely to get a pocket-friendly quotation for your insurance policy.

The Final Word

If you have made your mind to buy a car insurance plan for your four-wheeler, then you must compare the policies online. The best car insurance is the one that includes complete transparency from both parties. Hence, it is vital to share all the necessary details with your insurer as well as read the terms and conditions mentioned in the policy document.

To get the best car insurance policy you must check the claim settlement ratio of the insurer, customer service as well the benefits provided under the plan.

Written By: PolicyBazaar - Updated: 06 September 2021
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