Why should I compare car insurance?

It is human nature that we are not satisfied when we are not offered a choice of alternatives. Whether we buy grocery, apparels, appliances or even a car, we look at the alternatives, compare and then settle on one. But when it comes to buying insurance, do we compare before we buy?
A car insurance policy is a necessity and when you buy a car after much deliberation, a car insurance policy should also be bought after careful consideration. The insurance market is flooded with various car insurance policies. To choose the ideal plan for you, comparison between the plans is necessary. Here are some reasons which shed a light on why you should buy a car insurance policy only after comparing:

For checking the IDV of your car

Do you know what the Sum Insured of your car insurance policy is? It is called the Insured Declared Value (IDV). The IDV is computed as the listed market price of your car after deducting the relevant depreciation based on the age of your car. Whenever you make claims in your car insurance policy, the IDV represents the maximum claim payable. In case of Total Constructive Loss and in case of theft of your car, the insurer pays the quoted IDV. When you compare the car insurance plans, you can check the correct IDV of your car and choose a plan with the highest IDV so that you get the maximum amount of claim.

For checking the coverage provided

Though almost all car insurance policies offer similar coverage features, there are some features which give uniqueness to a plan. Some policies boast of a comprehensive coverage by adding the roadside assistance feature to the policy. Similarly, other policies offer a higher amount of inbuilt Personal Accident Cover. If you want to choose the best car insurance plan which has the most comprehensive coverage features, you have to compare the available plans on their scope of coverage and find the best one.

For cutting down costs

This reason must sound the most appealing to you! Different car insurance policies are priced differently due to the pricing policies of different insurance companies and the coverage offered. If you want to reduce your premium outgoes without compromising on the coverage features, you should compare between the available plans and find out the ideal combination of premium and coverage. When you compare you can also find any available premium discounts which further help in reducing your premiums when you compare the plans. So, if you like saving money, and I am sure you do, compare the available plans to find the best deal on the premium.
Don’t the reasons compel you to compare?
Comparing is the best policy when it comes to buying a car insurance plan. If you are wondering how to compare, here are your choices:

Compare offline

You can visit multiple insurance agents, brokers or insurance companies to find out about the car insurance plans available and then compare. This would take time and also require effort on your part to find out about the plans and then compare them.

Compare online

Why take unnecessary hassles when the online medium is here to your rescue? The online marketplace has revolutionized the way we shop. It has a solution for every possible problem. For comparing car insurance policies too you can resort to the online medium. There are online brokers, insurance aggregators and also insurance company websites, which help you to find the available plans and compare them. Online brokers are the best bet as they render their expertise when you buy the policy and also at the time of making a claim. You can go online, type in your car details and find out the available plans at your fingertips. Then you can compare and make your decision.

Coverfox is an online broker which has different car insurance plans for all your needs. You can find various companies offering their car insurance plans for your car. You can compare car insurance plans against the IDV they offer, the coverage features, any add-on covers available and also the rate of premium. You can compare and then buy a plan or seek assistance if you have any queries.

Comparing is the buzz word when you are buying a car insurance policy. Only when you compare can you get the best policy at the best rates of premiums. So, what are you waiting for? The next time you have to buy or renew your car insurance policy, don’t forget to compare.

You might also like More from author