Compare Car Insurance Quotes

What do you do when you go out shopping? Do you buy blindly or compare before buying?

The importance of comparing has always been stressed upon. You can get the best product and that too at the lowest possible cost. Even in the case of car insurance policies, comparing before buying is essential. However, comparing is effective only if you compare apples to apples and not apples to oranges. You look for the lowest premiums without sparing any thought for the other factors involved. Is this practice right?

It isn’t. As stated above, you should compare apples to apples. Therefore, when comparing car insurance quotes, you should follow the below-mentioned tips –

Look at the IDV

IDV stands for Insured Declared Value of your vehicle. It is calculated as –

IDV = (Market Price of the car – Depreciation based on the car’s age)

The IDV determines the effective value of your car for insurance purposes. It influences the rate of premium charged by the policy. Different insurers calculate the IDV differently and so you would find different IDVs of your car when you compare. When you are comparing quotes, look for the applicable IDV. Lower quotes might not necessarily be the best. They indicate a low IDV too. Don’t settle for a low IDV.

Go for the highest possible value. It is because of the fact that IDV is the effective sum insured. If your car is stolen or damaged beyond repairs you stand to get the IDV as a claim. If you select a low IDV your claim pay-out would also below and you would suffer a financial loss. So, compare the quotes against the IDV offered. Go for a higher IDV even though you have to shell out some extra bucks on the premium.

Compare coverage vis-à-vis premium

The coverage features of a car insurance policy should also be reckoned with. Though all car insurance plans have similar coverage features, there are one or two additional inbuilt benefits that make all the difference. For instance, you might find roadside assistance benefit inbuilt in some car insurance plans while come give you additional coverage for towing facility. So, when comparing car insurance quotes, take into account the coverage features promised by the policy.

Look for a comprehensive cover so that you get all-round protection even though the premiums are slightly higher. Alternatively, if your requirements are limited, look for policies with basic coverage features to cut down on unnecessary premium costs. Therefore, when you consider coverage features you can get the plan you require at the best quotes.

Find out the available add-ons

Add-ons are additional coverage options that enhance the benefit structure of a car insurance policy. They prove useful to meet particular requirements. The popular add-ons include –

Zero depreciation cover – this prevents depreciation from reducing the claim amount
Roadside assistance – this gives assistance if your car breaks down in the middle of the road
NCB protect – this protects your NCB in the event of a claim
Engine protect – this covers any damages suffered by the engine due to water-logging

Find out the available riders in different plans. See if they are inbuilt or available at additional premiums. Choose an add-on if you require and then compare the relevant quotes.

Search for discounts

There are different types of premium discounts in a car insurance policy that have the potential to lower car insurance quotes. As such, would you like to pay the full premiums? Look for available premium discounts when comparing quotes. Choose a policy that offers the highest discounts so that you can save the maximum on the premium cost.

Comparing is an important process which lets you shortlist and buy the best car insurance policy. However, you should be careful when you are comparing car insurance quotes. You should not compare the quotes independently. You should keep the above-mentioned factors in mind when comparing so that you find the right car insurance policy for your needs. Happy comparing!!

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