Let’s face it! Motor insurance is a grudge purchase. Buying a new vehicle insurance policy doesn’t give you the same thrill as buying a new mobile phone. You buy insurance because you ‘have to’ rather than because you ‘want to’. Apart from the fact that it is mandatory by law, people buy insurance because it gives them peace of mind and the confidence to drive. So in other words, people buy peace of mind rather than insurance. If you are anyways making a grudge purchase, wouldn’t it help if you could save money and get the protection you need as well? Yes! It’s possible if you could compare motor insurance policies online. However, while comparing ensure you keep an eye on the following criterions to get the best deal possible:
1. Research on the complaint ratio of the companies: You don’t want to be associated with an insurance company that is below par in their claim settlement ratio. Hence, it is better to be prepared and find out the company which has the minimum consumer complaints before proceeding with comparing vehicle insurance. Comparing the general insurance companies on their reputation will certainly give you a better picture.
2. Compare apples to apples: Be informed that the price of the premium is generally proportional to the coverage provided by it. Hence, keep the coverage the same when you compare insurance policies online. It will help you in zeroing on the most affordable policy on the market when you compare insurance quotes.
3. Keep an eye on the IDV: The Insured Declared Value(IDV) is the value of your vehicle as per the insurance company. The premium you pay will depend on the IDV of your vehicle and it varies from company to company. Be informed that IDV is the value that the insurance company will pay if anything happens to your vehicle.
4. Free add-on services with the policy: A lot of the companies provide free add-on services with their motor insurance policy. The services generally provided can be roadside assistance, zero-depreciation etc. Free services ensure you get a better deal while comparing motor insurance policies.
Next time you are comparing
car insurance policies
, ensure you pay attention to the above criterion and leverage the most from your policy.