Why compare car insurance online?
When you buy insurance for your car, you would want to get the insurance that is high on benefits and low on costs. Hence, you would want to compare different policies, understand their features, pricing and suitability. You can compare insurance via the online and offline method. However, comparing insurance policies online is a quick, hassle-free and convenient way to find a policy that meets your requirements. Here are a few benefits of comparing car insurance policies online.
Value for money
Comparing car insurance policies based on their cost will help you understand if the policy fits your budget. Third-party policy costs less as compared to a Comprehensive plan. However, it also offers less coverage as compared to a Comprehensive policy. When you buy a Comprehensive plan, you can get an additional layer of coverage by selecting add-ons such as Zero Depreciation Cover, Roadside Assistance Cover, Consumables Cover, etc.
Comparing policies will help you understand the features of a policy that might give the most suitable coverage. A Third-party car insurance policy offers the least amount of coverage as compared to a Comprehensive policy powered by the Zero Depreciation add-on. The comparison will give you a clear idea of the coverage offered by each type of car insurance policy.
Comparing car insurance will give you an idea about the services offered on each plan. It is important to consider after-sales services provided by different insurers. For example, ACKO provides a bunch of additional services such as 1-hour pickup of the damaged vehicle in select cities, quick repairs at network garages and 3-day free doorstep delivery.
Comparing types of car insurance policies
Third-party Car Insurance
A Third-party policy offers less coverage as compared to a Comprehensive policy. It only covers you against any damage caused to someone else’s property/vehicle or injuries to someone while driving your insured car. However, you cannot raise a claim for damage caused to your car. Buying a Third-party car insurance policy is mandatory under The Motor Vehicles Act, 1988.
Comprehensive Car Insurance
Compared to a Third-party policy, a Comprehensive policy will cover for damages/injuries to third-party as well as Own Damages as well. This means a Comprehensive cover will cover damages to your car in case of an accident, fire, natural calamities, man-made calamities and theft.
Important factors used to compare car insurance policies
Before you begin with comparing policies, you need to understand the factors based on which you can compare different policies.
Replacing or repairing a car can prove to be an expensive affair. Even though the cost is the major factor, do not compromise on the features of the policy. Look around for the prices offered by different insurers. But, also keep in mind the covers that you need. Pick a policy that suits your requirements and pocket both.
Apart from the basic coverage, look out for add-ons such as Zero Depreciation, Return To Invoice, Roadside Assistance, etc. You must understand your driving habits well before buying an insurance policy.
You do not want to spend money on an insurance policy and still be left uncovered during difficult times. So, it is important to go through the customer reviews and also learn about the claim settlement ratio. Also, dedicating some time for research on the after-sales services provided by the company may be beneficial.
Your car’s age
The Insured Declared Value or IDV depends on your car’s market value. However, the value of your car reduces every year due to wear and tear. So, the older a car is, the lower is its value. This can lower your premium and the sum assured. However, age also makes a car riskier and more susceptible to damages. Car insurance companies often check your car’s health while deciding the premium.
Exclusions & invalid claims
It is always a good practice to understand what is covered and what is not covered under your car insurance policy. Going through the terms and conditions, policy wording, and fine-print while buying a policy will help you reduce the chances of rejection or invalid claims.
Add-ons in car insurance policy
Add-ons are additional coverage options that will enhance the scope of a comprehensive car insurance policy.
Zero Depreciation Cover
While settling claims, the insurance company will consider the depreciation of the car. However, when you buy this add-on cover, the insurance company will not consider depreciation and you can enjoy a higher claim settlement value.
Engine Protection Cover
Normally, insurance companies don’t cover costs related to damages to your engine. With Engine Protection add-on cover, you can get compensation in case of damages to your car’s engine.
Key Replacement Cover
With Key Replacement Cover, you can safeguard yourself from expenses related to replacing a lost, stolen, or damaged key and even a replaced lock also if required.
Outstation Emergency Cover
Outstation Emergency Cover covers you in case your car breaks down or gets involved in an accident outside a 100 km radius of your home.
Consumables such as engine oil, lubricants, nut, and bolt, etc. are not covered during claims. Consumables Cover add-on protects you from expenses incurred on these items during an accident.
Roadside Assistance Cover
With Roadside Assistance add-on cover, you can get access to 24*7 emergency roadside assistance such as towing services, battery jumpstart, on-spot repairs, etc. in case of car breakdowns.
No Claim Bonus Protection
When you raise a claim, you lose out on the No Claim Bonus (NCB) Discount. However, with NCB Protection, your discount will still remain intact even while you raise a claim.
Return to Invoice Cover
When you buy Return to Invoice Cover, you can claim the entire amount mentioned on the car’s invoice in case of theft or damage beyond repair.
Personal Accident Cover for Passengers
Personal Accident Cover for Passengers protects your loved ones in case of accidents causing permanent disability/death.
Article Source : https://www.acko.com/car-insurance/compare/