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Searching For The Best Vehicle Insurance Online? Use These 5 Tips

By Author: Bhargav Baweja
Total Articles: 5

In order to save money most of the new or existing car owners consider the yearly insurance premium when buying or renewing car insurance. They look for the lowest premium cost for insurance and buy without doing any research. Initially, your Insured Declared Value (IDV) could be lower than the market value of the car but with the passing time the IDV will become more than the market value of the vehicle, as it get depreciated every year.

Apart from the IDV, some crucial factors should also be considered when selecting car insurance online. Use these 5 tips to pick the best-

1. Check Add-on Covers

The add-on covers are a great way to further protect yourself against a host of car-related adversities. Most of the insurance companies now offer such add-ons at very affordable prices. Some extra covers that you can consider are-
● Roadside assistance
● Engine cover
● Zero depreciation cover
● Personal accidental cover
● Return to Invoice Cover
● Tyre Cover
● Personal Belonging Cover
● Consumables Cover
● NCB retention cover
It is advisable to check for bundled packages of your preferred add-ons to get a better deal than buying add-ons individually.

2. Go through the features of multiple insurance products

Shortlist a few insurance policies which suit your requirements and analyse the elements and covers which they offer. Make sure the one you select should cover all the crucial inclusions like damage to the insured car, personal accident, and third-party injuries.

3. Check the CSR of Insurance Provider

Before finalising a vehicle insurance, one should also check the CSR (Claim Settlement Ratio) of the insurance company. It is a ratio of the total number of claims settled by the company against the total number of insurance claims received. IRDA website and official website of the insurance provider are the places where you can find the CSR of various insurance companies. Avoid companies with low settlement ratio.

4. Customer Service of the Company

In case your car met with an accident, you should be able to quickly get in touch with the insurance company to file a claim. This makes the customer service offered by an insurance company a very crucial consideration. Also, go through the process of filing claims to get a better idea of how the company operates.

5. Compare Premiums Online

An essential benefit of buying vehicle insurance online is the availability of platforms where you can easily compare the policies, their USPs, and premiums offered by all the top insurance providers. Such platforms make the selection process easy and quick. Look for a reliable online platform offering this facility to make the right decision.
Every person tries to save as much of their hard-earned money as possible. However, car insurance is not something where you should only focus on your savings. Consider all the tips mentioned above to pick the best.

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