Tips To Compare Car Insurance Plans Online In India

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The recent amendment made to the Motor Vehicles Act of 1988 has introduced a few changes that you should not ignore. The changes made in 2019 make way for stricter punishments for driving your car without valid car insurance.

You will now end up paying INR 2000 or spend up to 3 months in jail if you are found guilty of driving without valid insurance. And individuals who are found to repeat the offence multiple times will end up paying INR 4000 as a fine.

To avoid the hefty fine, you can compare car insurance and buy it at the earliest. Apart from avoiding the fines, you also get to experience hassle-free driving. Thus, it is imperative to buy a car insurance policy. And should you compare car insurance plans, you can save a considerable amount.

Here are a few tips you can follow when you compare car insurance plans online in India.

Top 4 Tips to Compare Car Insurance Online In India

1. Insurance Premiums

As you compare insurance brokers, you get an option to choose a policy that is considerate to your wallet. Whether you are buying a new policy or renewing an existing one, it is recommended to compare the insurance premiums. It will ensure that you stick to your budget and buy a policy that offers the most value for money.

2. IDV

The IDV or the insured declared value of your car predominantly defines the policy premium. A higher IDV accounts for a higher policy premium and vice versa. Essentially, the IDV of a car is the current market value and if your car was beyond repair or stolen, the insurer would pay the IDV to you.

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As a policy buyer, you have the option to tinker with the IDV when you compare car insurance plans. But one must not forget that reducing the IDV drastically in a bid to save on premiums can also have detrimental effects.

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3. Add-Ons

While it is not mandatory to opt for any riders or add-ons, they can augment your policy coverage by a considerable margin. Some of the most bought add-ons include Zero Depreciation cover, NCB protection cover, Emergency Roadside Assistance, Engine Protection cover, etc. Each of the add-ons brings different features and benefits to the table. Thus, based on your requirements, you can opt for the necessary add-ons. You can compare insurance brokers to get the best add-ons at the most affordable rates.

4. Network Garages

When you compare car insurance, make it a habit to check the network garages in and around your house. A network garage ensures that you can exercise cashless claims. In effect, you can have your car repaired without having to pay any money from your pockets. A strong network of garages will ensure a smoother experience for you.

If you remember the above points as you compare insurance brokers, you will most likely take an informed decision. And being aware of your policy and its details will always help you in the long run.

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FAQs on Compare Car Insurance Plans

How to compare insurance for car?

Factors Used for Car Insurance Comparison
Types of Coverage. The type of coverage is a necessary factor before deciding on the car insurance policy you want to purchase. ...
Add-on Covers. ...
Additional Discounts. ...
Insured Declared Value. ...
Claim Settlement Ratio. ...
Customer Reviews.

Which insurance is best for car after 3 years?

Coverage options for multi-year policies

A car owner can choose to buy multi-year third-party (TP) car insurance plus multi-year own-damage (OD) insurance for the car. This is the best option if you forget to renew your car insurance policy in time.

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Jul 14, 2021
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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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