Car insurance is mandatory for all vehicles plying on road. And to choose the right cover and save money, comparing different policies before selecting one is necessary. Online comparison is the best way to effectively compare four wheeler insurance policies. You can also use a car insurance premium calculator to know the estimated policy premium.
Below are some key factors you must know to compare four wheeler insurance plans online. Let’s explore them.
| Aspects To Compare | Third Party Insurance | Comprehensive Car Insurance |
| Coverage available | Third party insurance is the most basic insurance cover you can buy online. But, it covers you only against any third party liability. Any damage to your vehicle will not be covered under this policy. | A comprehensive car insurance policy decreases the risk factor to a great extent by providing coverage to both own damage and third-party liabilities. |
| Customization | No customization facility is possible under this policy. A standard policy applies to all. | Customization of IDV is available according to your needs. So, it can significantly reduce your premium amount. |
| Availability of add-ons | In third party insurance, you cannot choose any add-on covers. | You can choose an add-on to further enhance your existing car insurance policy. |
| Benefits | You are covered in case of any damage to a third party, whether property or person. | It covers natural calamities including cyclones, earthquakes, storms etc. and manmade acts such as vandalism, theft, fire, etc. NCB or No Claims Bonus during your yearly renewal in case of no claims filed can also be availed under this policy. |
| Drawbacks | You will be vulnerable to multiple risks. You may end up with regression when you will have to shell money from your own pocket in the event of your own damage. | Though the premium may be higher than a third party insurance cover, it justifies the surplus coverage it offers. |
Also, have a look at this criteria checklist before going for four wheeler insurance comparison.
Price – Repairing or replacing a car can be an expensive affair. Even in case, the cost is a major factor for you, stop yourself compromising on features of the motor insurance policy. Compare the prices offered by other insurance providers while keeping in mind the coverage you need. Choose a plan which is suitable for your requirements and pocket.
Policy Cover – While comparing four wheeler insurance plans online, focus on the coverage as well as add-ons such as Zero Depreciation, Engine Protection, No Claim Bonus Protection, Invoice Cover, Engine Protection, etc.
- Zero Depreciation: This is add-on is designed to cover replacement or repair expenses of plastic, glass, rubber, and other materials that standard policies may not cover.
- No Claim Bonus Protection: Popularly known as NCB Protection, this add-on is designed to offer a discounted premium on your no-claim bonus year on year, even after you file a claim during the policy period.
- Engine Protection: This is a type of cover that is suitable when the monsoons are at their destructive worst leaving the engine of your car vulnerable to flooding.
- Invoice Cover: With this add-on, you will get s much as the car’s on-road price or Insured Declared Value in total loss (such as theft or a terrible accident).
While comparing four wheeler insurance policies, you need to be aware of these add-ons. Also, you should understand your driving habits well before buying an insurance policy.
Customer Reviews – When comparing insurance policies for four-wheelers, check customer reviews of insurance companies and learn about the claim settlement ratio (CSR). Spend some time for research on the after-sales services provided by the insurer.
Car’s Age – IDV or Insured Declared Value depends on the market value of your vehicle and the value reduces every year due to wear and tear. The older the car, the lower the value. This leads to lower your premium and the sum assured. Car insurers check a car’s health while deciding the premium.
Exclusions & Invalid Claims – Understanding what is covered and what is not covered is a good practice. It is important to check terms and conditions, fine print and policy wording while comparing policies. This will help you reduce the chances of rejection or invalid claims.
Conclusion
Comparing Four Wheeler Insurance Plans Online is necessary to save money. IRDAI is responsible for regulating the premium of third-party insurance, you will happen to see considerable differences in the premiums of comprehensive motor insurance policies. Now that you know the basics; start comparing four wheeler insurance policies of top insurance providers in India and select the best cover for your vehicle.