How to compare car insurance
Buying a car is a long-term, high value investment. It deserves thorough planning and market research. Buying car insurance also requires equal attention. Car insurance policies are galore in the market. You need to choose the most appropriate one for you.
Unfortunately, a vast majority of car owners buy the first policy that they come across without bothering to compare various insurance plans available in the market. You can buy a plan that costs less, but you may still end up paying a hefty amount as a voluntary deductible at the time of the claim settlement process. That is why it is important to weigh your options to find the best policy suited for you. Read on to know more about how to compare car insurance.
Tips on how to compare car insurance plans
Given the wide range of insurance products available in the market, it can be too confusing to find one that is cost-effective and provides adequate coverage. Learning the tips and tricks of how to compare auto insurance can minimise your hassles of getting the right insurance plan.
Before starting your research, familiarise yourself with the types of car insurance policies. There are two types of car insurance policies. You can opt for a third-party liability insurance plan that only protects the driver of the insured car for any injuries, death, or property damage of the third party.
You can also go for a comprehensive plan that protects both the insured vehicle and the owner/driver of the car. Under a comprehensive plan, you can also raise a claim if your insured vehicle gets damaged due to any man-made or natural calamity.
Some of the terms of an insurance policy that can help you make a better choice include:
- Claim settlement ratio: when you are learning how to compare auto insurance plans, make sure that you understand the claim settlement ratio. The ratio of each insurer tells you how efficiently they have processed similar claims in the past. Choose an insurer that has a higher claim settlement ratio
- Level and type of coverage: always check the fine print to learn about the terms and conditions of the insurance policy. Also, review the terms of the insurer about renewing a lapsed policy
- Add-on covers: Some insurers allow you to increase the extent of coverage offered by the policy through add-on covers. For example, engine protect cover and zero depreciation cover are some of the popular add-on covers that are desirable in your policy.
How can I compare car insurance rates?
You can browse through the brochures of different insurance providers to learn more about the type of policy they are offering. You can also speak to an insurance agent and obtain quotes from various insurers.
If you are wondering how to compare auto insurance plans from the comfort of your home, nothing beats a quick comparison online. But you are not sure how to compare car insurance online. Well, you can visit the website of individual insurers to find out more about the type of auto insurance policies they offer. There are also several aggregators that will show up the results before you blink your eyes
Comparing car insurance policies is the best way to find fantastic deals and get more value for your money. A thorough comparison helps you to get the desired coverage from your motor vehicle insurance policy. So, always make sure that you compare before you purchase a policy.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.