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. All you need to do is visit the insurance company or aggregator’s website online

  • 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.

  • 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. 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 While 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.

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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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