Here Are 7 Ways To Compare Car Insurance Companies

Comparing insurance policies before you finalize will ensure you get the best protection at the lowest cost.

Comparing insurance policies before you finalize will ensure you get the best protection at the lowest cost.

However, many people aren’t aware what they should be looking for when comparing car insurance companies. To make this process a little easier, this article will discuss 6 ways to compare between car insurance companies.

The First Thing You Should Compare Is The Claim Settlement Ratio.

Claim settlement ratio is simply the number of claims settled for every hundred claims made. This number denotes the track record of the insurance company and tells you how likely they are to settle your claim. You can find the claim settlement ratios of all the car insurance companies by reading through the IRDAI’s annual report. Some companies also put up their claim settlement ratio on their website.

Compare Car Insurance Companies By Coverage And Cost:

See which company is giving you the best coverage at the lowest cost. Some people only look at the premium amounts and end up selecting a policy that offers lower protection levels. So ensure that while comparing the cost, the coverage levels are the same. This will ensure that you get the coverage you need at the lowest possible costs.

Value added features.

If two companies are offering similar coverage and similar costs, the next thing you can do is compare the value added features. These include services such as 24*7 roadside assistance, number of cashless garages, towing facilities, etc. It’s services like these that add value to your car insurance plan and therefore it’s important to keep these things in mind whilst comparing car insurance companies.

Car Insurance Companies’ Reviews:

There are various aggregator sites wherein existing sites provide review on their insurance companies. It’s worth it to have a look and see what people are saying about these insurers. You might get valuable insight into the customer care and servicing of such companies through first hand experiences.

Next Look At The Add-Ons Available:

If you wish to widen the coverage of your plan, you can do so with the help of add-ons such as zero-depreciation rider, 24x7 Spot Assistance, Lock and key replacement cover, Accident Shield, Conveyance benefit, Personal baggage cover, etc. Not all companies offer these add-ons, what’s more is that the cost of each of these add-on will defer from one insurer to the next, so it makes sense to compare these variables too.

Discount Available:

You can get discounts on your car insurance by bundling insurance products with the same company, good driving records, anti-theft devices and anti-lock brakes, etc. The extent of discount might vary from one insurance provider to the next and so it’s worthwhile to compare these whilst selecting a car insurance company.

Car Insurance Online:

Another tip is to compare online as the plans can be up to “40% more affordable than normal offline plans” and this can help you save loads of money.

These were 7 easy ways to compare car insurance companies; we hope the article has been helpful in driving a better informed decision. All the best and drive safe!

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