Compare Car Insurance Policy Quotes Online

A good insurance plan can serve as a financial lifeline in turbulent times. Since lots of companies now offer car insurance schemes, it is best to compare car insurance policies offered by different companies and buy the policy that best suits your requirements. In modern times, most insurance companies have started offering their products online. This allows potential insurance buyers to quickly check out different policies offered by various companies and compare their features to understand which plan best suits their needs.

 

The key features that you should look for in your car insurance policy include the network of garages offered by the company, incurred claim ratio and add-on covers. There are also three major categories of car insurance plans: the Third Party, the Comprehensive, and Standalone Own Damage. By comparing car insurance plans and buying the policy online, you will save money and may also get discounts.

Compare Car Insurance Plans Offered By Bajaj Markets 

Here are some great car insurance plans available at Bajaj Markets that you can choose from, depending on your needs: 

Reasons to Compare Car Insurance Policies 

Here are the main reasons why you should compare car insurance policies quotes online before buying them: 

 

• Finding the Best Price 

By comparing car insurance plans online, you have the option to check out the prices for each of the plans available. Doing this can help you find the right policy which provides the best value for money compared to the features offered. You can also look for the plan which costs the least if you are on a tight budget. 

 

• Wide Range of Options 

As most insurance companies offer their plans online, you have a choice to review and analyse a wide number of plans. Different insurance plans have different features and coverage options which are built keeping in mind the needs of different customers. 

 

• Analysis of Features and Benefits 

Checking out different plans online will allow you to analyse and compare the features and benefits offered under each plan. Depending on your specific needs, you can then select a car insurance policy that offers the right features to fit your requirements.

What are the Major Car Insurance Categories in India?

There are various options when it comes to car insurance plans in India. Check out the pointers to know about the major car insurance categories:

 

• Comprehensive Car Insurance Policy

As the name suggests, a comprehensive car insurance plan covers all the major requirements of car insurance. Right from own damage to third-party liability, everything is covered. Apart from this, the personal accident of the car's owner is also covered. You can add various add-ons to increase the coverage of the plan.

 

• Third-Party Liability Car Insurance Policy

All those car owners who do not wish to get comprehensive coverage or who already have a Standalone Own Damage Car Insurance Plan can look for a third-party liability-only car plan. Because the government has made it mandatory to have a minimum of third-party liability car insurance plans, purchasing a liability-only car plan can keep you off any penalties and ensure limited financial stability at the time of the accident. There are at least no add-ons available for a third party car insurance policy.

 

• Standalone Own Damage Car Insurance Plan

If you already have a third-party liability-only car policy and now you want your own damage cover as well, you can rely on Standalone Own Damage Car Insurance Plan. It covers only the damages and losses incurred by the insured vehicle.

 

Here is a table of differences between third-party and comprehensive car insurance plans:

Factors to Check While Comparing Car Insurance Policies 

Here are a few important factors that you need to keep in mind when looking at different car insurance plans online: 

 

• Compare Car Insurance Quotes From Various Online Aggregators

Cost is one of the most important things you will need to consider when buying an insurance plan. While doing a car insurance quote comparison, you will see that not all websites feature the same depth and variety and quotes are not always the same. So, while you compare car insurance online, ensure that you are visiting an IRDAI (Insurance Regulatory and Development Authority) licensed insurance web aggregator. 

 

• Declare the Right IDV

The Insured Declared Value (IDV) quoted by the insurer is the current market value of your car. This value plays a vital role in deciding the car insurance premium as it is directly proportional to the car’s IDV. However, declaring a low IDV to bring down the insurance premium or a higher IDV for an increased claim amount is not a good idea. The IDV in car insurance also becomes important in case of car theft as you shall be paid the Insured Declared Value as per your plan. In the event of an accident, if more than 75% of the car is damaged, the claim settlement amount may also be equal to the IDV of the car. 

 

• Check the List of Network Garages

Getting your car serviced at a network garage allows you to enjoy a cashless facility and doesn’t require you to pay for it. In case you go with an insurer that doesn’t offer a wide range of garages, you might end up settling with a nearby garage and choose the reimbursement claim option. Thus, while comparing online car insurance quotes, opt for a car insurance company with a wide chain of cashless garages. This will ensure that you don’t have to travel a long distance or have to pay upfront at an out-of-network garage in case of car damage.

 

• Opt for Necessary Add-On Covers

In today’s unpredictable day and age, just a basic comprehensive car insurance plan may not be enough. To maximise your coverage, you should also consider combining your insurance policy with add-on covers. With a few add-ons that suit your insurance needs, you can safeguard your vehicle against a wide range of unexpected damages and expenses. For example, by getting the zero depreciation add-on, your insurer will not account for your car’s depreciation rate during claim settlement so your insurance payout will be higher. 

 

• Don’t Consider Just the Cost

Once you are sure which type of insurance you need, you can compare the costs for these insurance plans and choose a policy that fits your budget. However, as mentioned above, you must know that third-party car insurance doesn’t cover the damages incurred by your own car in case of accidents. Hence, it is essential to first compare car insurance policies based on the features, the scope of coverage, and other such factors without letting the cost deter you.

 

How to Compare Car Insurance Online

Here are the exact steps you can follow to compare car insurance plans online at Bajaj Markets:

 

Step 1: Visit the ‘Car Insurance Premium Calculator’ on Bajaj Markets.

 

Step 2: Enter your mobile number and car’s registration number along with other additional information required.

 

Step 3: Browse through the various insurance plans available for your car. Compare the various features offered by these plans.

 

Step 4: Pick a four-wheeler insurance policy that suits your needs and pay the insurance premium online.

Things To Remember While Comparing Car Insurance Policies

Purchasing a car insurance plan is a matter of detailed decision-making because it affects your overall driving experience. So, here is a list of things to remember that can help you make a better decision:

 

• Network Garages

Cashless claims have become a popular feature of car insurance plans these days. This feature keeps you from making any payments. The garage and the insurance company settle the admissible bills directly. However, to avail of this benefit, you need to take your vehicle to a network garage of the insurance company. So, try to choose a company with a wide network of garages. Bajaj Allianz offers you more than 4500 network garages

 

• Claim Settlement Ratio

The claim-settlement ratio gives you an idea of how likely you are to get your claim settled. Choose a company that shows a high claim-settlement ratio out of 100. Bajaj Allianz had recorded a claim-settlement ratio of more than 98.54%.

 

• Claim Settlement Process

The time that a company takes to settle a claim impacts your overall experience of claim settlement. Bajaj Allianz has introduced the feature of Motor OTS (On The Spot). This is a mobile application that lets you settle claims within 20 minutes

 

• Realise Your Needs

Since there are different types of car insurance plans available, it is vital to analyse your needs and then choose accordingly. Make a budget and try to stick to it. 

 

• Compare Plans Online

Do not forget to compare different plans. On the website of Bajaj Allianz, you can easily compare to check the price, features, benefits, and coverage of different plans to select the most suitable policy for your vehicle. 

 

• Avoid unnecessary add-ons

Make sure the plan you choose offers you the preferred add-ons so you can customise the plan as per your need. However, do not purchase add-ons that you may never need.

 

• Voluntary deductibles

Deductibles are the percentage of the claim that the policyholder has to pay. A higher deductible means a lower premium and vice-versa. If you do not take out your vehicle regularly, you may choose a higher deductible percentage.

 

• Anti-theft devices

Anti-theft devices and protection devices bring the premium down. So, try to install these devices so you do not have to pay higher premiums

 

• Policy terms

There are various terminologies in a car insurance plan that you must understand properly. Terms like NCB (No Claim Bonus), IDV (Insured Declared Value), ICR (Incurred Claim Ratio), etc. are some commonly used terms. If you do not understand any of these, ask your insurance provider to explain