6 Important Points To Know About Online Car Insurance Quotes

3 min read

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.

1. Knowing What IDV is

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.

Driving around without a car insurance policy can be both dangerous and can get into trouble with the traffic police department. Getting your car insurance quotes and renewing your policy before the existing policy expires is the best thing to do.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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