Compare Car Insurance

Comparing car insurance allows you to choose the right motor insurance coverage for your four-wheeler. It not only helps you save money but also offers the best coverage to your car against unforeseen events like road accidents, theft, fire, etc. Let's learn how to easily compare car insurance online and understand its benefits.

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Why Compare Car Insurance Online?

Online car insurance comparison is highly beneficial as you can easily & quickly select a policy that provides the best coverage for your money.

You can compare car insurance via two methods i.e. online and offline. While an offline comparison can be a more cumbersome and time-consuming task, here are some reasons why you should compare car insurance online. Take a look:

1. Ease of Comparison

   Comparing car insurance online is faster & more convenient than doing it offline, and can be done from the comfort of your home. You only need a basic internet connection to compare car insurance quotes and choose the one for your four-wheeler.

2. Multiple Options

   When you compare car insurance online, you can evaluate different insurance companies, their features, their worth, and premiums and decide on the one that best 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, you can also know in detail about the after-sales services offered by a particular insurer.

4. No Hidden Fees

   Online car insurance comparison & purchase is a completely free process. When you compare and purchase car insurance online from insurance brokers like Policybazaar.com, you save on operational costs and commissions.

Benefits of Comparing Car Insurance Online

With online car insurance comparison, you can:

1. Select the Right Policy

   When you buy a motor policy by comparing car insurance online, you get to choose a policy that offers the best coverage & benefits. You can compare different policies simultaneously and review your coverage needs. In this way, you get the right insurance plan with wide-ranging benefits.

2. Save on Car Insurance Premium

   Motor insurance prices vary across insurers. Hence, it is essential to compare car insurance to find the policy with the lowest premium rate while ensuring adequate coverage.

3. Easily Make Claim Settlements

   With the car insurance comparison, you can also simplify your claim settlements by comparing the number of cashless garages. You can also compare the claim settlement ratios of different insurers and choose the one with a higher percentage for an increased chance of hassle-free claim settlement.

How to Compare Car Insurance Online?

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

• 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 insurance quotes from 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.

Car Insurance Comparison by Policy Types

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 showing the car insurance comparison by different types of policies.

Factors To Consider 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.