Essential Factors to Look At When You Compare Car Insurance Quotes

Posted by Bhargav Baweja on November 30th, 2018

As much as buying a car seems to be important in today’s world, having a car insurance is equally important. Moreover, as per Motor Vehicle Act, it is even mandatory in India to have a car insurance.

However, is it too easy to get insurance for your precious vehicle? Once you have an idea of what exactly you are looking for, comparing car insurances can become a cakewalk. So, here are the significant things that you must look into before taking the plunge.

●        Know About the Insured Declared Value: The premium of your car insurance and the insured declared value of the vehicle are interlinked with each other. An insured declared value, short-termed as IDV, is the maximum amount that you can claim under your policy. Most of the times, the IDV depends on the model and the year in which vehicle was manufactured. Sometimes, to reduce the premium of your insurance, the agent might even decrease the IDV. So, make sure the IDV is valuable and sufficient in case if your car gets stolen or gets damaged. Also, it may have an impact when you go out in the market to sell your car.

●        Look for Add-on Covers: When buying a car insurance, don’t forget to compare add-ons. If you think somebody else, other than you, is going to ride your car, such add-ons will help you to get an extra layer of protection. Generally, it is recommended to get an add-on considering the risk profile. So, whether people are going to travel with you or you go on frequent night trips, choose accordingly.

●        Premium is Important: Of course, one of the crucial factors that you should be keeping in scrutiny is the premium. Regardless of how many add-ons or extras you are getting in your insurance, it is always essential to cross-check whether or not the premium fits your budget. And, make sure that this amount doesn’t collide with other monthly expenses.

●        The Settlement Ratio: Another primary thing that you should take into consideration is the settlement ratio. While comparing the offers from different companies, don’t forget to check on how the insurers have performed with their previous clients. A settlement ratio will help you know whether the insurer is competent enough to provide you with the claim at the time of an emergency or not.

●        The Credibility of the Insurer: Last but not least, while you compare car insurance, check on the trustworthiness as well as the credibility of the insurer. You can even check the license number of the insurer on the website of IRDA. And then, check out their reviews, know about their clients, and their past performances; only then make a decision.

Buying a car insurance policy is surely a tough job, considering the number of options available out there. So, do proper research, compare well, and choose the one that can fulfil all your requirements seamlessly.

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Bhargav Baweja

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Bhargav Baweja
Joined: July 7th, 2017
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