Car insurance policy quotes are generally the premium of different insurers that play an important role in choosing the most suitable plan for your car. It helps policy holders to compare different quotes based on their requirements and budget to finalize the most ideal car insurance cover for them.
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Car Insurance Quotes Online
Car Insurance Quotes - The cost of a car insurance quote is called the premium. The premium for a third-party plan is set by the Insurance Regulatory and Development Authority (IRDAI), which varies across different engine capacities. However, the premium for standalone personal injury plans and comprehensive car insurance plans is based on a number of factors such as the extent of cover, make, model and variant of the car, fuel type of the car, location of the RTO, etc.
What are the Factors Affecting Vehicle/Car Insurance Quotes?
There are a number of factors that affect your car insurance premium quote. Some of them are as follows:
1. Type of plan
The plan premium depends on the cover chosen. The wider the coverage, the higher the premium. There are three basic types of car insurance based on the coverage they offer:
- Third Party Insurance: This type of insurance is mandatory and covers the cost of third party liabilities, including bodily injury, death and property damage.
- Independent personal injury insurance: This covers the cost of damage to the policyholder's vehicle in the event of an accident, but is not mandatory.
- Comprehensive car insurance: This type of cover provides compensation for both third-party liability and own-damage costs under a single premium, making it the most hassle-free option of the three.
2. MMV of your car/vehicle
- The main factor affecting your car insurance policy premium quote is the MMV of your car – make, model and variant.
3. Type of fuel
Another factor that affects the car insurance premium quote of an insurance policy is the type of fuel of the car/vehicle. Different premiums are charged for diesel cars and different premiums are quoted for petrol cars.
4. Occupation of the insured
Insurance companies give weight to the correlation between the accident risk of the policyholder and their occupations and therefore adjust the premium accordingly. People involved in professions like taxi drivers, delivery agents are usually on the higher side of risk and therefore I am charged a relatively higher premium.
5. Policyholder's credit score
Many insurance companies consider the applicant's credit score to determine their auto insurance premium.
6. Size of the car
In general, larger cars are considered safer than smaller cars in accidents. Therefore, insurance companies often offer relatively lower premiums for larger cars than smaller ones.
7. Car Safety Assessment
Buying a car with a high safety rating can help you get a car insurance plan with a relatively lower premium due to increased safety and lower chances of having to deal with an accident.
8. Driving history of the policyholder
If the car/vehicle owner has been in accidents or made previous car insurance claims, the insurance company will tend to pay a relatively higher premium for such individuals.
How to Compare Car Insurance Quotes Online?
The following tips will help you compare different car insurance policies to help you find the one that best suits your needs:
- Understand what you need: One way to ensure you can make an informed decision is to learn the basics of car insurance and its terminology. At InsuranceDekho, we have created a number of articles to help you in this regard. Click here to read them. Knowing the basics of car insurance will help you understand exactly what your insurance needs are.
- Choose the right insurance provider: There are a number of indicators you can use to determine the reputation of the insurance provider. These include insurance settlement report, customer care reviews, ease of claim processing, etc. We usually make claims in times of trouble and an ineffective claims process can add to your frustrations at such a time.
- Check the policy terms and conditions: Much of the insurance is in the fine print. So make sure you read the policy you choose carefully, there are often a number of things not covered which can make the policy a bad bargain.
- Cheapest policy is not the best: When comparing car insurance policies, it is easy to gravitate towards the cheapest premium amount. However, keep in mind that low premiums also mean low coverage or high excesses, which can be more expensive in the long run. The best policies are both affordable and effective.
What are the Benefits of Comparing Car Insurance Online?
Online shopping is easier and more efficient these days as it is fast, simple and convenient. The benefits of comparing car insurance online are:
- Get better insurance plans: Most policies have some valuable additional coverages that increase the scope of coverage they offer, such as free towing and other built-in add-ons. With online platforms like Insurancedekho comparing different policies, car insurance companies and their network of cashless garages can be done in just a few clicks.
- Find a reputable company: Buying insurance from a reputable site like ours ensures that your insurance is done safely, with no chance of being scammed. Comparing insurance policy by comparing helps you get the policy from a trusted and reliable insurance company that will help you get a safer car insurance experience.
- Convenient insurance experience: Buying insurance is now extremely simple online, you can do it yourself. Furthermore, if you lose your document, it is also easy to replace it this way.
- You can save on premium costs: Different car insurance companies offer plans at different prices. Comparing policies will help you find auto insurance policies offered by various insurance companies at low or discounted prices. Therefore, comparing car insurance policies will help you find the best car insurance deal.
- Easy Claim Settlement: Car Insurance Comparison also offers you help in settlement of claims. This becomes possible as during the comparison you can choose the insurance company with a wide range of network garages and high claims settlement ratio, which ultimately ensures an easy and quick claim settlement process.
What are the Pros and Cons of Purchasing Insurance Online?
Pros
The pros of buying a car insurance plan are as follows:
- You can choose from a wide variety of plans and you can choose the best one based on your requirements and budget.
- You can compare prices, features, coverage, benefits offered by various plans under a single platform namely InsuranceDekho.
- The entire process of buying policies online is cost effective and convenient as it involves less paperwork.
- The process of buying a policy online enables the policyholder to take decisions themselves such as renewing the policy, paying premiums, keeping a record of investments, etc.
Cons
The cons of buying car insurance plan online are as follows:
- There are several disadvantages to buying a car insurance plan online, one of which is the lack of customization. Moreover, it is also not possible to negotiate the different online plan costs.
- One should watch out for online scams as there is information about your personal and financial details on the website of the insurance company from whom you purchased the policy.
- Lack of prior knowledge about insurance and computer use to make an informed decision.
- Lack of family support at the time of submitting the request.