How to compare car insurance?
Car insurance comparison is something which should precede your car insurance purchase. As a car insurance shopper, it can be overwhelming to find the best quote. However, not doing a thorough comparison of your car insurance can cost you a lot of money and/or leave you with inadequate coverage.
Car insurance comparison is something which should precede your car insurance purchase. As a car insurance shopper, it can be overwhelming to find the best quote. However, not doing a thorough comparison of your car insurance can cost you a lot of money and/or leave you with inadequate coverage. When you compare car insurance, you not only need to look at the different coverage options and the insurance rates, but also check the fine print and exemptions very carefully. In this article, we provide a point-by-point breakdown that will help you compare the car insurance policy that best fits your needs.
Car insurance comparison can easily be done online but when you want to figure out the best coverage, it is important to choose an insurance provider that provides the most bang for buck.
Ways for car insurance comparison
Run a Search on Comparison Websites: While you can always approach insurance agents for the car insurance quotes, car insurance comparison sites have just made your job much easier and less time consuming.
These sites take your details, run them through the websites of insurance providers, and provide a series of quotes in price order. You can also fill the online quote forms on individual websites. This will provide you a comprehensive list of quotes to choose from
Cheapest May Not Be the Best:Car insurance comparison should be done in a prudent way. The first thing that you would look at while comparing insurance is the final premium that you would need to pay. However, the cheapest car insurance may actually end up providing you the least amount of coverage after an accident. This is why instead of the cheapest policy you need to find a policy that you can comfortably afford and which provides the coverage that you need.
Comparing Coverage Options: While doing car insurance comparison, please check the coverage options. The car insurance should protect against loss or damage to the car against natural calamities such as fire, storm, flood, etc. It should also protect against man-made calamities such as theft, riot or damage in transit. The car insurance also protects against third party liability. Apart from this, check the availability of optional coverages such as roadside assistance, NCB discounts and PA cover for passengers and drivers. Before choosing a policy, understand your financial risk tolerance, your budget and driving habits. This way you will choose a policy and add-on covers that suit your needs.
Comparing Premiums and Deductibles: Car insurance comparison also refers to prudent comparison of premiums and deductibles. Before you can purchase the car insurance premium, you need to take a decision on the amount of deductibles. A car insurance deductible is the amount of money you have to pay toward repairs before your insurance covers the rest. So if you have to pay Rs. 20000 for your repairs after accident and your chosen deductible is Rs. 5000, then the insurance will pay Rs. 15000 for the repairs. Increasing the amount of deductible cuts back on your premium.
Once you have matched the coverage and the deductibles, look for discounts while purchasing car insurance. For example, No Claim Bonus rewards a good driver and reduces the insurance premium.
Comparing Companies: Car insurance comparison is better when you compare between credible companies. You may get a policy which gives maximum coverage at the lowest price. Sound too good to be true? Watch out for shady, unreliable companies. Opt for a good, reputed insurance company with a good claims settlement ratio. Also consider customer service and seek out customer reviews of the company.