If you have a car, then you ought to have car insurance. While some people deem car insurance as a necessary evil, investing in car insurance early protects you against the sudden expenditure stemming from unforeseen circumstances including accident, liability to pay the third party involved in the accident and theft. Most car owners compare car insurance online to know about existing policies and the amount they have to pay. The idea to compare car insurance policy online has gained popularity with insurers publishing their details on the web. Moreover, with online insurance aggregators collecting and collating insurance details of some of the best car insurance companieson their sites, it has become easy for potential customers to buy car insurance online.
Most vehicle owners after contrasting the features of various policies compare car insurance online to check the exact car insurance quotes. There are others, however, who prefer to compare only the premiums irrespective of the benefits and add-on covers inherent to each policy.
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How to Get Accurate Car Insurance Quotes?
The answer to this commonly asked question by new car owners and existing policyholders lies in the accuracy of the details provided. Car insurance policy is an investment in guise, and hence, must be made after understanding all necessary details. Comparing car insurance online before paying for them ensures that potential customers get to save not only on the premium amounts, but also have to pay nominal amounts to avail add-on covers and other additional benefits. This is because the amount of premium charged by each insurer is different.
To assess the right car insurance quotes, car owners must:
- Know the Amount of Coverage Required: Before looking at the kinds of insurance policies available, determine the kind and amount of coverage you need to secure your vehicle. Are you looking to secure your wallet only against any possible third-party liability or do you wish to buy a policy that promises comprehensive coverage to your car? What are the kinds of facilities that you wish to avail at extra costs or the percentage of deductible that you are ready to pay from your pockets? Those buying car insurance cover for the first time must note that there are primarily three kinds of coverage available. They are:
- Third-party Liability Coverage: This protects and secures you against any liability arising out of damage caused to a third party involved in the accident. The amount of cover decided while buying the policy would be paid by the insurer to the third party. Paying for this cover is compulsory as per the regulations of the Motor Vehicles Act.
- Collision Coverage: Availing this cover would financially secure you in case your own car is damaged due to any accident. The insured is paid for the damages caused during the accident. However, damage resulting from theft, loss or terrorist activities would not be covered under this coverage
- Comprehensive Coverage: As the name suggests, the kind of coverage obtained is comprehensive and inclusive of all kinds of damages. Be it damage of own car due to an accident, third-party liability because of one’s own fault, theft, personal accident cover or any other, investing in this cover can keep you completely secured. However, one has to pay more to avail of this kind of coverage.
Without understanding the amount and nature of coverage you are looking for, looking at insurance quotes would only be an exercise in futility.
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Compare the Kinds of Coverage Available: Insurance companies dole out different policies from time to time. While the amount paid towards third-party liability is similar across many insurers, the charges for availing comprehensive insurance policy differ. Comprehensive insurance plan covers any damages caused to the vehicle and owner. The limit on this kind of cover varies across different insurance companies. Some insurance companies also include benefits in addition to the personal accident cover. So, it is important that you compare car insurance online while looking at both benefits and charges involved.
- Insured Declared Value (IDV) of your car: The Insured Declared Value (IDV) of your car has a lot to do with the premium that the insurance company may charge from you. For those new to the world of buying motor insurance policies, IDV is the current value of your car after making adjustments for the value of depreciation. The sum assured by the insurance company on loss due to theft, accident or any calamity (natural or unnatural) will not exceed the amount of IDV calculated. In case of any kind of emergency situations involving loss, the amount of compensation that would be paid to the policyholder would be equal to the amount of IDV of the insured car or vehicle.
- Quantum of Deductibles: If you are ready to pay more from your pocket to cover the damage caused to your car, the concerned insurer would be ready to discount the premium rates charged. Check the amount of discounts given by each insurer pursuant to your choice of deductibles.
Also Read: what is covered and not covered in your car insurance policy
How to Avail the Best Car Insurance Quotes?
Even the best car insurance companiesprovide an estimated value of the premiums as opposed to the accurate car insurance quotes that potential customers look for. It is not impossible to get the accurate quotes one has to pay provided one provides accurate information and details that are required to calculate the car insurance premium.
To get the right and exact amount of car insurance quotes, car owners either fill in the details required to buy car insurance online or approach an agent who provides car insurance details keeping in mind any specific needs that their clients may have. There are still others who call on the helpline numbers of some of the best car insurance companies or on the toll free numbers of insurance aggregators to know the various car insurance quotes, compare them and choose accordingly. The decision to seek quotes through the web and buy car insurance online is however considered the best because of its quick and unbiased nature.
Summary: Having a car insurance policy guarantees financial security resulting from unwarranted exigencies, which means that potential customers must be careful about the policy they wish to invest in. Like all other investments that you make, it is important that you exercise prudence while choosing the right insurance policy for your car.
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