Most of us are averse to difficult things. When we encounter any difficulty, we run the other way. When it comes to insurance, most of us perceive it to be difficult. Insurance is a technical product and so we perceive it to be difficult. Take the instance of a car insurance policy. It is a mandatory cover if you own a car and you cannot avoid it. Thus, forced by compulsion, we buy a car insurance plan and renew it every year. It is only at the time of a claim that we understand the benefits of having a car insurance policy.
As beneficial as it might be, do you compare car insurance plans before you buy one? Sadly, most of you don’t. Is it wise?
Comparing car insurance policies before buying one is extremely important. Comparing helps you to avail the best coverage (as per your requirements) at the best premium rates. Then, why don’t you compare?
The primary reason for not comparing car insurance policies is the perceived difficulty in doing so. Even when the online medium provides the facility for comparison, people find it difficult. Is it really difficult?
Actually, it’s not. Here are a few simple steps through which you can easily compare car insurance policies online:
- Choose a reputed online insurance broker
Online brokers let you compare the available car insurance policies on the same platform. They have the technical know how and help you with the whole buying process. You can seek the help of online representatives of brokers who guide you to buy the best car insurance plan. So, the first step in comparing car insurance policies should be choosing a reputed online broker. Coverfox is one such platform where you can find a suitable car insurance policy for your car. Besides other benefits, Coverfox also helps you at the time of claim through a dedicated claim assistance service.
- Understand the coverage features
Every comprehensive car insurance policy provides you with three basic coverage features –
- Cover against any financial liability to a third party for causing an injury or destroying their property
- Cover against damages faced by your car through man-made causes, natural disasters or any other accidental contingencies.
- A Personal Accident cover for the owner/driver of the car which covers accidental death and disability.
Besides these common coverage features, different policies have different additional coverage features. For instance, some plans might have an inbuilt roadside assistance cover which helps you if your car breaks down in the middle of the road. Similarly, some plans provide a zero depreciation cover as an inbuilt benefit. So, when comparing different car insurance policies, understand the coverage features extended and match them to your requirements.
- Look for the available riders
Add-on covers or riders are available with all car insurance policies which enhance the scope of coverage available. When you compare available policies, compare the available riders too. See if the riders you require are offered by the plan or not.
- Check the IDV of your car
The Insured Declared Value of your car is your car insurance plan’s Sum Insured. When comparing, check the IDV quoted by the insurance company. Try and choose a plan with the highest IDV as it protects the value of your car from being eroded due to depreciation. A high IDV also ensures a higher claim settlement in case of theft or total constructive loss of the vehicle.
- Compare the premium quotes
Last, but definitely not the least, compare the premium quotes. When comparing premiums, bear in mind the coverage offered by the plan. If the plan has inbuilt rider benefits, a slightly higher premium would be justified as you wouldn’t have to buy the add-on separately. Similarly, a higher premium for a higher IDV is also justified. So, compare car insurance online to get the best premium quotes along with a better cover.
Was the process difficult? When you diligently compare the available choices when buying clothes, why avoid comparing car insurance policies? If you buy the best policy after comparing you would benefit from it when you make a claim. So, always compare the available car insurance policies before you buy or renew a plan and choose the best policy. After all, it is quite simple, isn’t it?