Comparing car insurance online is a crucial process to buy the right insurance plan for your vehicle. It not only enables you to choose the insurance policy that offers the best coverage but also helps you save money. You can compare car insurance either online or offline. However, it is the online method that is quick, easy and convenient. Here are the top reasons to compare car insurance policy online.
Easy Process
Comparing car insurance online is quick, simple and convenient. Online car insurance compare also saves you a lot of time as you can do it from the comfort of your home or workplace. All you need is an internet-enabled device (smartphone, laptop, computer, etc.) to compare car insurance online.
Multiple Options
When you compare car insurance policies online, you will have multiple options to choose from. You can compare car insurance policies offered by different insurance providers and choose the policy that best fits your criteria. Moreover, you can also compare the premiums, services and features offered by different insurers.
No Commissions
When you compare car insurance online and buy a policy, you need not pay any middleman commissions. You only need to pay the insurance premium while buying the policy. Digital-first insurers like ACKO provide policies digitally and save on operational costs. Hence, there is no commission charged to the customers.
Comparing Car Insurance by Policy Types
There are mainly two types of car insurance plans, and you can perform a car insurance online compare based on the type of plan you wish to buy. Following are the types of car insurance.
Third-party Car Insurance
A third party car insurance policy covers you against any damage caused to someone else’s property/vehicle or injuries to someone while driving your insured car. However, you cannot raise a claim for damage caused to your car. Buying a Third-party car insurance policy is mandatory under The Motor Vehicles Act, 1988.
Comprehensive Car Insurance
Compared to a Third-party policy, a Comprehensive car insurance policy will cover damages/injuries to third-party as well as Own Damages as well. It means a Comprehensive plan will cover damages to your car in case of an accident, fire, natural calamities, man-made calamities and theft.
The following table provides more details on the comparison of different car insurance plans offered by ACKO.
| CAR INSURANCE FEATURES | THIRD PARTY | COMPREHENSIVE | COMPREHENSIVE + ZERO DEPRECIATION |
|---|---|---|---|
| Damage to a third-party vehicle | ✔ | ✔ | ✔ |
| Own Damage | ✘ | ✔ | ✔ |
| Theft | ✘ | ✔ | ✔ |
| Damage due to fire | ✘ | ✔ | ✔ |
| Damage due to natural causes | ✘ | ✔ | ✔ |
| Personal Accident cover (Mandatory by the law) | Optional extra coverage | Optional extra coverage | Optional extra coverage |
| Zero Depreciation | ✘ | ✘ | ✔ |
| Engine Protection | ✘ | Optional Add-on | Optional Add-on |
| Roadside Assistance | ✘ | Optional Add-on | Optional Add-on |
| Consumables Cover | ✘ | Optional Add-on | Optional Add-on |
| Outstation Emergency Cover | ✘ | Optional Add-on | Optional Add-on |
| Key Replacement Cover | ✘ | Optional Add-on | Optional Add-on |
| Buy Now | Buy Now | Buy Now |
Factors Affecting Car Insurance Comparison
Here are some of the important factors that come into the picture when you compare car insurance plans online.
Coverage Type
The type of coverage is a crucial factor when buying car insurance. Hence, the coverage type is an important factor that comes into the picture when you compare car insurance plans. Third-party, standalone own Damage and Comprehensive are three types of coverage available, and you must choose the type of coverage before comparing policies.
Add-ons
Before comparing car insurance online, you should have a clear picture of your requirements and additional coverages you need. That way, you can compare car insurance and the add-ons. Additional coverages play a crucial role in the purchase decision, and comparing insurance plans by accounting for add-ons is always beneficial.
Claim Settlement Ratio
CSR, or Claim Settlement Ratio, is a major factor when comparing car insurance online. CSR refers to the ratio between the number of claims settled and the number of claims received. You can opt for an insurance provider which has a high Claim Settlement Ratio to ensure that the claim process is quick and hassle-free.
Customer reviews
You do not want to spend money on an insurance policy and still be left uncovered during difficult times. So, it is important to go through the customer reviews and also learn about the claim settlement ratio. Also, dedicating some time to research the after-sales services provided by the company may be beneficial.
Benefits of Comparing Car Insurance Online
Here are the key benefits of online car insurance comparisons.
Choose a Policy with the Best Coverage Benefits
Buying car insurance by comparing insurance online allows you to choose a policy that offers the best coverage. You can compare different policies side-by-side and evaluate your requirements and what the policy offers. That way, you can choose the best insurance plan with wide-ranging coverage benefits.
Save on the Premium Costs
Every car insurance policy is priced differently. To find the policy which has the lowest premium rate without compromising on the coverage, comparing is essential. When you compare, you can see the premiums charged by the different policies vis-à-vis their coverage benefits and then choose the best deal.
Make Claim Settlements Easier
Car insurance comparison also enables you to simplify your claim settlements. You can compare the number of cashless garages tied up with the insurance company and the claim settlement process to choose the right insurance plan. You can also compare the claim settlement ratio of different insurers and choose a company with a higher ratio to increase your chances of claim settlements.
Did you know car insurance policies offer different premium discounts? Yes, there are discounts for being a member of a reputed automobile association, installing safety devices in your car, buying the policy online, etc. All these discounts lower the premium payable. The rate of these discounts varies across companies.
How to Compare Car Insurance Online
Comparing car insurance online is a simple process. All you need is an internet-enabled smartphone, tablet, computer or laptop. The following steps explain the car insurance comparison process.
Step 1: Search for the term “car insurance” on any of the online search engines like Google.
Step 2: You will see several results with different insurance providers offering car insurance.
Step 3: Visit the websites of different insurers and go through the policy coverage, features, premiums, add-ons, etc.
Step 4: Once you have thoroughly compared the car insurance policies, you can make a purchase decision.
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