How To Compare Motor Insurance Online?

How To Compare Motor Insurance Online?

Imagine you want to buy a smart-watch for your mom from your first salary. While you're not sure about which brand to buy, one thing you’re certain about is the budget, which is Rs. 5000. You go online and search for 'smartwatches under Rs. 5000'. A lot of options appear on your screen. Now, would you buy the very first option that comes up? Or would you do some research, compare features of at least 4 or 5 smartwatches, and then decide? You'll obviously research, compare, and go ahead with the purchase only if everything seems good, right?

Similarly, before finalising a motor insurance policy for your vehicle, you must conduct proper research, and compare the cost, coverage, features, etc. before going ahead. Now, there are two ways in which you can compare motor insurance policies - online and offline.

Comparing the policies offline may get tedious. You will have to physically visit the branch offices, collect brochures, scan and evaluate the features, benefits, costs, etc., and then make a decision. Comparing online, however, can be a lot more easy, quick, and hassle-free.

In this article, let’s take a look at the advantages as well as the factors you must consider when comparing motor insurance policies online.

Let’s dive right in!

Benefits Of Comparing Motor Insurance Policies Online

Here are four major advantages of comparing motor insurance plans online -

  • Convenience

    Comparing motor insurance policies online can be very convenient. You can compare the features, benefits, prices, etc. across a variety of policies and insurers at your fingertips. You can do this by visiting the websites of different insurance companies or an aggregator’s website.

  • Time-Saving

    If you want to compare policies offline, you will have to visit various insurance companies or agents to get a quote. This might take up a lot of your time. But, a comparison can be easily done online in a few minutes from anywhere.

  • Coverage

    A motor insurance plan offers a variety of features and benefits. These features and benefits, however, will differ across policies and insurance companies. Now, when you compare online, several products will be listed side by side. This will make comparing the features, benefits, add-ons, and other aspects of different policies offered by different insurers much simpler.

    Comparing policies will help you know about the various types of coverage offered by various insurance companies. You can, therefore, make a well-informed decision about the plan you need.

    For instance, a third-party-only policy will only take care of the damage caused to the third party or their property whereas a comprehensive policy will cover both the damages caused to your car as well as the third-party damages.

  • Premium

    Comparing car insurance will help you compare and pick an insurance policy that fits your budget. For instance, a comprehensive policy may cost you more than a third-party-only policy but the coverage may also vary accordingly.

  • Value For Money

    You can also compare the quotes of motor insurance plans offered by various insurers and other platforms online. Some of the online platforms may also provide certain discounts and special offers. Comparing the quotes online will make it easier for you to choose a policy that gives you the greatest value for your money.

  • Better Service

    While getting better coverage for the vehicle is important, it is equally important to check if the after-sales service of the insurer is good or not. For example, various insurance companies provide you with a free pick-up and drop facility when you raise a claim. So, while you’re comparing the policies, ensure you check the insurer’s credibility as well. You can read reviews from previous customers to get a better idea of the insurer's services and then, accordingly, make a decision.

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Factors To Consider When Comparing Motor Insurance Online

  • Insured Declared Value

    While comparing insurance online, you must look at the IDV that is provided by the insurers as this will be the amount that you will get in case of a total loss or theft of the vehicle. First, you will have to fix the right IDV for your car by checking the cost of the second-hand model as old as your car. Ensure you compare the IDV when you compare the price.

  • Coverage

    When you’re comparing the policies,it's better to look for the and benefits that will provide better coverage to your vehicle. You can also see if there are add-ons available with the policy which you’re planning to purchase. Add-ons will provide extra coverage to the insured vehicle. For instance, the engine protector add-on will cover any damages or loss caused to the engine of your vehicle. Or the tyre protector add-on will cover the costs for the repair or replacement of the tyres.

  • Premium

    While comparing car insurance, the price of the insurance must be taken into consideration only after considering other factors like coverage's and services offered by the insurance company. Prices are directly proportional to the coverage's offered by the insurance company. This means the higher the add-ons selected, the higher will be the premium. So, you should look for a policy that maintains a balance between both premium and coverage. It should fit in your budget and cover you sufficiently.

  • Cashless Availability In Your Preferred Garage

    You can either claim on a cashless or a reimbursement basis under motor insurance . The cashless alternative, however, is only available at the insurer's network garages, i.e., the garages listed with the insurer. So, before finalising a policy, ensure that you pick a policy that has your preferred garages around you under their network garage list.

Steps To Be Followed While Comparing Motor Insurance Online

Let's see how to compare car insurance online. Comparing car insurance is an easy task, you just need to -

  • Visit the website of any brokers or web aggregators.
  • Fill in your vehicle’s details like make and model, registration number, registration year, fuel type, etc.
  • Then, you will be directed to the quote page. You will see different quotes from different insurance companies.
  • You can pick the IDV value and the cover. You can also compare the premiums of different insurance companies and add-ons provided by various insurers.
  • You can see the change in the premium when an add-on is added as well as compare how premium differs from insurer to insurer after adding the add-on.
  • Then, you can select the policy that is right for your car and your budget.

So, these are some of the factors you must consider when comparing motor insurance policies online. With a little extra effort, and proper research and comparison, you can ensure to get the best insurance coverage for your vehicle.

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Frequently Asked Questions

1. Why is comparing motor insurance online better?
Comparing motor insurance online is hassle-free and will save you time. You need not run from insurer to insurer or from agent to agent to get quotes for various companies and then compare them manually. You can compare quotes from various companies online from anywhere and at any time. You can decide which policy to go with according to your needs.

2. Which website should you visit for comparing motor insurance policies?
The best way to compare insurance policies is by visiting any web aggregator or insurance broker's website, where you will get quotes from various insurance companies on the same page.

3. Will I be able to save money if I compare online?
When you compare insurance policies online, you will see that different insurance companies are offering different premiums for the same car with the same coverage and you can choose a policy that suits your needs and fits your budget.


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