How Can I Compare My Car Insurance Rates Online?
If you are buying a car, you must also ensure that the vehicle is duly insured. This is not just to ensure that in case of an accident, the insurance company covers the costs incurred; but because it is a legal requirement. The Indian Road Safety Act and Indian Motor Vehicles Act mandate that every vehicle owner should have insurance. Whether you are buying a new or a pre-owned vehicle, it makes sense to compare car insurance rates and then make a decision. There are many options to buy car insurance online; you can use a car insurance calculator to get an instant quote. Keep the following in mind:
Do not blindly accept the dealer’s offer –
When you buy a new car, the car dealership will usually offer you a package deal including the car cost, registration amount, insurance and ancillary expenses. They may even arrange finance for you. This is because they have tie-ups with insurance companies, banks and financial organizations. However, you need not depend upon the car dealer solely. You should do your own research, compare car insurance rates, features, inclusions and premiums to get the best, most cost-effective deals for yourself.
Check online reviews –
Ask friends, relatives and colleagues for their recommendations and experiences with car insurance companies and specific products. Online reviews can tell you a lot about the insurance company’s overall level of service, treatment of customers, promptness and willingness to settle claims. Beware of companies against which insurance buyers appear to have filed several complaints in consumer redressal or other online forums. Also check the claims settlement ratio of the company to narrow down your options in terms of the insurance service provider to use.
Compare policy features –
It is compulsory to have third party car insurance, which provides cover to a third party such as person who may be involved in an accident with your car; which also provides protection when it is someone other than the policyholder behind the wheel. However there may be variations between various insurance products, so ensure that you read all terms and conditions. It is important to remember that third party insurance does not cover you or your vehicle so it is advisable to opt for comprehensive car insurance online or offline. Compare car insurance policy features to ensure that the policy is genuinely comprehensive: covering theft, fire and other damage, accidental injury to the vehicle owner. Check coverage and even more importantly check policy exclusions (events not covered or actions /omissions that void the policy)
Compare insurance riders –
Carefully consider optional add-ons that you can add to a vehicle insurance policy based on your own risk profile. If you have a job or lifestyle that requires a lot of late night driving or travel to remote areas, choose riders that offer appropriate protection; such as roadside assistance cover. Another rider to opt for is Personal accident coverage. It offers cover for disability or loss arising from an accident; not just for the person behind the wheel but also for the passengers. You can also opt for engine cover to protect against costs arising from vehicular engine damage. Zero depreciation cover to waive depreciation on substituted car parts is another rider to consider buying when you use a car insurance calculator to find the best deals. You may also consider opting for an additional rider that covers car accessories (not covered under general policies).
Compare premiums –
Check out what premium you will be paying the first time and for subsequent years for your vehicle. Find out about aspects such as no-claims bonus or other attractive add-on features that companies may offer.
Visit an insurance aggregator’s website –
This is one of the simplest ways to compare car insurance. All you need to do is enter the make of the car, variant, year/model to get instant quotes from various insurance service providers. You will also find assistance here if you need to know about the documents needed, information about riders and discounts or limited period offers available if any.
Use an instant car insurance calculator to compare car insurance rates and features online to make the most informed and cost effective choice!