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6 Important Points To Know About Online Car Insurance Quotes
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There is a considerable amount of research that goes into buying a new car. However, we kind of park these research skills when it comes to buying or renewing a car insurance policy. Here are 6 points that you ought to be aware of before getting your car insurance quotes and renewing your policy.
6 Important Things to Consider During Online Vehicles Insurance Quotes
1. Knowing What IDV
One of the first things that you will notice when you compare car insurance quotes, is the IDV of the car. IDV or the insured declared value of the car is essentially the current market value of the car. And if a car is stolen or is beyond any possible repairs, the insurer will pay the IDV to you.
As you compare insurance brokers and their policies on offer, you can play around with the IDV. A higher IDV translates to a higher policy premium and vice versa. Do keep in mind that the lowest possible IDV can also have detrimental effects.
2. Understanding Policy Types
Being aware of the various car insurance policies will help you in making a more informed decision. When you compare car insurance quotes, you will come across different plans such as third-party liability, comprehensive policy, standalone policy, pay as you drive policy and bundled insurance policy. Each of them serves a different purpose and can help you secure the best policy for your needs.
3. Opting for Add-ons
If you compare car insurance quotes, you also can save money on the front of the add-on. Add-ons are additional features that you can plug into your policy by paying a small premium. Some of the most bought add-ons include zero depreciation cover, emergency roadside assistance, NCB protection cover and so on. It is not mandatory to go for an add-on, however, its presence can save you a considerable amount of money.
4. Tenure of the Plan
A few years ago, car owners could buy a policy only for one year. However, IRDAI has introduced some changes, which now allow car owners to opt for long-term plans. Now when you compare insurance brokers you can opt for a plan with two or three years as the policy tenures. A long-term plan can not only keep you away from the renewal process but also help you save considerably on the premiums.
5. Garages In the Network
As you compare insurance brokers, do not forget to look at the network garages list. These garages let you avail cashless benefits on repair and even the reimbursement-based claims are easier. Each insurer lists out all the garages in their network on their websites. A quick look will let you find all the garages in your vicinity.
6. Insurer Performance
As you compare insurance brokers, you can check the incurred claim ratio of the insurer. The ratio indicates the number of claims that the insurer has settled versus the total number of premiums that the insurer has collected. It’s their ability to pay a claim and a higher ratio is recommended.
6 Important Points To Know About Online Car Insurance Quotes
Furthermore, the IRDAI (Insurance Regulatory & Development Authority of India) regards third-party or comprehensive insurance purchased online as genuine and legitimate. However, only purchase auto insurance online from businesses that are IRDAI registered.
The procedures listed below must be followed in order to use the calculator for auto/vehicle insurance quotes:
First, visit InsuranceDekho.
Step 2: Choose the "Car" tab, then enter your registration information.
Step 3: Continue by providing your name and phone number.
Click "Submit and Get Quotes" in step four.
Visit your insurance provider's website fill in the details, including your car registration number, mobile number and email address.Enter the policy details and the add-on to the cover you would like to opt for.Complete the process by paying the premium amount via online payment.
A car insurance quote is an estimate of the price an insurance company will charge you for car insurance based on the information you provide. It gives you a good idea of what you can expect to pay. However, your exact rate may change once your company has all the information it needs to set your price, such as your driving and credit history.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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