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Car Insurance

Everything You Need To Know About Comparing Car Insurance Policies

If you're in the market for a brand new car, you may find yourself doing a lot of research and comparing different cars. From brand to car type, the fuel it consumes, and the mileage it provides, you may finalise your preferred car based on several criteria. But your research should not just end with finalising the car you want to buy. Indeed, the next step is to ensure you buy the right car insurance. Once again, you have to compare several factors and insurance providers. Before you buy one, you need to compare the car insurance policy you choose and ensure it provides adequate coverage. Here's all you need to know about comparing car insurance policies.

Things to Remember While Comparing Car Insurance Policies

While you can compare car insurance rates online based on several factors, there are also a few aspects you should not ignore when you run the comparisons. They are as under:

  • Your third-party insurance policy should always be active

    The most critical factor to remember is that your car insurance plan should include third-party limited liability coverage. Not only is third-party insurance mandatory by law, but there are also serious repercussions of not having an active third-party insurance policy at all times. In India, you cannot drive a vehicle without third-party insurance. If traffic authorities catch you without this type of insurance, you can be subjected to a fine, a prison sentence, or both.

  • Look for the deductibles option

    In vehicle insurance, a deductible is defined as the sum of money that you have to pay in case of a claim, before your insurance provider settles the outstanding claim amount. For instance, if you register a claim of ₹10,000 and as per your policy terms, the deductible is ₹2,000; then the insurer will pay ₹8,000 to settle your claim, while the remaining amount of ₹2000 will be have to be borne by you. Deductibles are of two types – voluntary, which is the amount chosen by you, and compulsory, which is the amount, fixed by the insurer.

  • Understand the inclusions and exclusions

    The IRDAI regulates insurance policies. As such, most of the policies are governed by the same set of rules and regulations. However, when you compare car insurance online, remember to check what is included and excluded in your plan. For this, you need to read the terms and conditions mentioned in the policy document carefully. Understanding the extent of your coverage helps expedite the claim process and prevents you from any possible disappointments.

  • Buy only the necessary add-ons

    Car insurance plans come with a bouquet of add-ons. However, not all additional covers may be necessary for you. As such, you should compare car insurance policies and choose only those that you need. For instance, if you reside in a flood-prone area, you should opt for engine protection cover. Similarly, if your daily commute includes trips on highways or accident-prone regions, you should include and emergency roadside assistance service add-on.

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Why Compare Car Insurance Online?

In this age of the internet and technology, you can access all kinds of information at your fingertips simply by clicking a few buttons on your laptop, mobile phone, or tablet. Here's why you should compare car insurance online.

You get to know about the different types of policies and customise

Most car insurance providers in India offer three standard car insurance policies – third-party limited liability insurance, stand-alone own damage policy (applicable only to new vehicles, which already have third-party coverage), and comprehensive car insurance. However, you have the option to choose your preferred policy and customise it to your liking. This is the type of car insurance comparison you can conduct online instead of relying on your insurance agent.

You can make informed decisions and save money

Most people are guilty of buying the insurance plan recommended by their car dealer. But such a policy may not always cover everything you need. With little online research, you can compare car insurance rates online and find a policy that provides better coverage. At the same time, you pay a relatively lower premium

You can gauge the insurance provider's credibility

A critical benefit you get when you compare car insurance online is that you can check how credible the insurance provider is. You can access information such as the insurer's claim settlement ratio and time taken to settle claims. You can also check how responsive its customer service network is, which is incredibly critical when you are in an accident and need to file a claim.

Car Insurance Comparison – Different Types of Policies Available In the Market

As mentioned above, there are three standard types of car insurance policies. While conducting a Car insurance comparison, you should know the meaning and merits of each of these policies.

Third-party insurance

Third-party car insurance policies, also referred to as limited liability policies, typically provide you legal and financial liability cover if your insured vehicles are involved in an accident. A third party insurance policy covers liabilities arising out of loss or damage caused to a third party. The policy also covers you against the cost of damages endured by a third party's property. This type of insurance is mandatory for all car owners under the Motor Vehicle Act of 1988, and if you don't buy this policy, you could be subjected to heavy fines, a jail term, or both.

Comprehensive car insurance policy

As is apparent from the term comprehensive, this is a policy that provides maximum coverage against various kinds of incidents. It also includes third-party coverage. However, unlike third-party policies, comprehensive plans also cover your vehicle against unpredictable incidents like damages in an accident and losses or damages arising due to natural calamities and human-made disasters – thefts, riots, vandalism, for instance. Since comprehensive plans also allow you to add additional riders, you should compare car insurance rates before you finalise a policy.

Own damage car insurance

Until 2019, car owners could not purchase a stand-alone own-damage insurance plan. This cover was only available as a part of a comprehensive policy, which included third-party coverage. However, as per the revised IRDAI rules, you can now purchase the own damage insurance cover separately. The insurer doesn't have to be the same one providing third-party coverage. Thus, you can now purchase car third-party insurance plans that cover you against third-party liabilities along with own damage policy for coverage against natural calamities and human-made disasters.

Comparing Car Insurance Policies – Factors to Consider

Consider the following factors when you compare a car insurance policy with another.

The premium payable

Car insurance price comparison is the first factor to consider. You must ensure that you find a policy that does not put a strain on your pockets while also providing maximum coverage. With adequate research, you can easily find a policy that fits your budget but does not compromise on the coverage aspect.

The type of coverage you can get

The goal of car insurance is to ensure that you get extensive coverage. Based on factors such as the area you live in (whether it is prone to thefts, excessive rains, and other situations), you should cover all your bases by opting for additional riders. You can choose from a wide range of add-ons by paying an extra price for each one. Commonly available add-ons include engine protection cover, zero depreciation cover, consumables cover, gap value cover, road-side assistance cover, etc.

The reputation of the insurer

Your car insurance policy is of no use if it costs you a lower premium but does not come to your aid at the opportune moment. As such, you must always ensure you buy your policy from an insurance provider with a respectable reputation. So, while conducting car insurance comparisons, remember to check the different insurer's claim settlement ratios, the number of customers in their network, how fast grievances are addressed, and so on

The insurer's network of garages

Yet another essential factor to consider while selecting a car insurance company is its garage network. Typically, insurers are tied up with various garages and mechanics where you can send your vehicle for repair work without making any cash payments. These garages are known as network garages, where the policyholder can get cashless repair services. Ensure you choose a provider with an extensive network of garages, not only in your residential area, but in your city. This proves incredibly beneficial during emergencies.

Reasons to Buy Liberty General Car Insurance

At Liberty General Insurance, we endeavour to ensure you get the best services. Here's why you should choose us:

  • We offer a suite of insurance products and facilities catering to different budgets.
  • You can buy our products online directly through our website with minimal to no documentation.
  • You can also buy our products from trusted third party entities such as insurance agents and auto dealerships.
  • You can just as easily renew and compare car insurance policy online and get exclusive discounts and benefits.
  • You can accrue discounts in the form of no-claims bonuses, which can reduce your premium payments consistently, for the claim-free years.
  • You can get transparent access to information such as our company's financial health and ability to settle claims, the claim settlement ratios and turnover time, and more, on our website and through our loyal base of customers.
  • You can add and drop additional riders every time you renew your policy.
  • You can customise your car insurance policy and modify it from time to time, as your family needs continue to change.
  • You can choose a policy that not only fits your budget but also provides you extensive coverage.
  • Our extensive network of over 4300+ garages across India enables you to avail cashless repair services.
  • Our team of well-trained customer service representatives can help you with all your insurance needs, claim filing, and settlement queries every day of the week from 8 a.m. to 8 p.m.

FAQs On Car Insurance Comparison

Q1. How to compare car insurance policies efficiently?​

Answer. The most efficient way to compare a car insurance policy is to do so online. With online comparisons, you can access company data on their websites. You can also read customer reviews on various online forums. Moreover, you can check the various features of car insurance policies provided by different insurers and analyse the ratio of features to the premium rates and choose a policy that fits your budget. You can also use generic car insurance premium calculators available online or those available on insurance providers' websites

Q2. How can I save money by comparing car insurance policies online?

Answer. When you compare car insurance rates, you can do a lot of things to reduce your costs. You can get quotes from various insurance providers online, and find a policy that suits your budget. You can also run a cost vs coverage analysis to find a policy providing better benefits at a lower premium.

Q3. How can I get quotations to compare car insurance policy online?

Answer. There are several ways to get quotes from various car insurance providers. Firstly, you can fill an online form about your personal and vehicle details. The insurer will get back to you on the phone number provided in the online form. Secondly, you may write an e-mail to the insurer, explaining your insurance needs, and they can send you information about the policies they offer, along with the quotations. Also, you can directly call the insurance company explaining your needs, and they can send you different quotations. You can find the insurer's e-mail id and phone number through their website. You may also request your insurance agent to provide you with these quotes.

Q4. What happens if I choose not to compare car insurance rates?

Answer. Choosing not to compare car insurance rates can result in you having to pay a higher premium, and you may still not get adequate coverage. By comparing policies, you can make informed decisions instead of buying one just because your insurance agent or your auto dealership recommended it.

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Car Insurance Reviews

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Average RatingBased on 35 Ratings

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Swapnil

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7/16/2016 10:51:28 AM

Category: General Insurance

hi. ashish singal, 09700616177 there is not at all good response from ur company.my policy no. is 20000365156..

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Harsh

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7/16/2016 10:51:28 AM

Category: General Insurance

A good company to insure with. Quick customer service and claims also. Really feeling happy to insure with LVGI.

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Amit

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7/16/2016 10:51:28 AM

Category: General Insurance

customer satisfaction is the key to competency Have got a good feedback regarding the service.I hope we get to avail the services soon in dehradun...

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Jayesh

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7/16/2016 10:51:28 AM

Category: General Insurance

I am happy to see that being a small company the employees talk to each other & resolve customer queries fast. I am pleased with the speed of service. Very professional people...

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Deepak

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7/16/2016 10:51:28 AM

Category: General Insurance

I was surprised to see the level of professionalism shown by the claims & customer service team. They were quick and courteous. Cheers...

Car Insurance Blogs

Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656

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