Four-wheeler insurance is an insurance plan that aims to provide financial coverage to your vehicle against different forms of damages, theft, and third-party liability. Although it is essential to have a valid car insurance policy, you must also be mindful of getting a deal that suits your needs and preference.
How to compare car insurance plans?
When comparing four-wheeler insurance plans, always look for higher benefits and lower costs. Before making a decision, compare different policies, their features, pricing, and suitability.
You can directly visit the insurance companies in your city, or you can compare insurance plans online. Choosing the online method is easy, hassle-free, and always gives quick results. It enables you to decide if an insurance policy fits your budget. You can also understand different policy features, and access better services.
Here are the crucial factors to keep in mind while comparing four wheeler insurance plans online
1. Car Insurance Company
First of all, you need to consider the insurance company’s services at all stages of the insurance process. Comparing the insurance plans offered by different insurance companies in the market helps you when you file a claim.
Your insurance company should be able to assist in difficult times. For instance, you should be able to get prompt responses at the time of an insurance claim. Search for former clients’ reviews that offer great insight into the insurance company’s quality of services.
You can look for genuine reviews and testimonials on social medial or review pages. Also, check the insurer’s claim settlement ratio, which indicates the record of claims honoured by the insurance company in a financial year.
2. Type of insurance policy
There are two types of car insurance – third-party car insurance and comprehensive car insurance. Assess your needs and preferences and then decide which type of four-wheeler insurance you want to compare. Focus only on one type of car insurance and compare different plans.
Comparing different types of insurance policies will get you nowhere due to the big difference in coverage. So, choose one insurance plan and compare the same offered by various insurance companies and then choose a plan that suits your requirements.
3. Insured Declared Value
Do not confuse Insured Declared Value (IDV) with the resale value of the car. It is rather the amount you get after considering factors like the age of the vehicle and the damages caused to it. Your insurance company will only pay the insured declared value amount you had agreed upon while entering into a contract.
The IDV amount of your vehicle may vary across insurance companies. It is advisable to keep a number in mind that is equal to the current market value of your four-wheeler before considering the IDV offered by your insurance company. When you compare car insurance plans, choose an IDV closer to the figure you have calculated.
4. No-claim Bonus
Your insurance company gives you a discount as a reward for not raising claims during the insurance policy period. The discount is reflected during the car insurance renewal. When you compare car insurance plans, look for No-claim bonuses and discounts available in different policies. Keep in mind the higher the NCB rate, the better it is for your insurance, as you will pay less in premium.
5. Add-on features
You can include add-on features to customize your comprehensive four-wheeler insurance as your needs. Although you will have to pay a slightly higher premium, you will have an enhanced coverage on your car insurance policy.
When you compare insurance online, check the add-ons offered by different insurance companies, and choose a feature that serves your needs. If insurance companies have similar add-ons, check the additional premium charged on the add-on and consider the add-on that offers the lowest premium.
Another factor that you should not overlook when you compare insurance online is the price. However, always keep in mind to consider price only after comparing the coverage and services offered by insurers.
At times, the insurance coverages cause a slight increase in the cost of the policy. Therefore, you should consider price when all other factors have always been used as your basis to get four-wheeler insurance.
Having car insurance is one of the mandatory documents you need to have. Since there are numerous options available online, you can compare and choose an insurance plan according to your needs. While choosing a policy, understand everything covered under your plan. Thoroughly read the terms and conditions, policy wordings, and fine print before you sign the insurance contract.