Can I get a free insurance quote online? If yes, how?
Sudesh was in a fix. His car insurance was about to expire. Apart from car insurance being mandatory in India, he also understood the importance of having one.
At the time of purchasing his car, he had bought a car insurance policy for three years, and he would always be grateful for that decision. He had been in an accident, and his insurance had covered a hefty amount for repairs.
He wanted to renew the plan but wanted to see what the competitors were offering. He wished to find out if any provider was offering similar coverage at lower premiums. However, he had an urgent delivery at work, and he couldn’t take any time off. He wished for a more straightforward solution where he could get free online insurance quotes without visiting the offices of insurance providers.
What Is a Car Insurance Quote?
When you take a motor insurance plan, you protect yourself against financial losses incurred in an accident. The insurance company provides this monetary assistance, and in return, requires you to pay a pre-calculated sum. It is called a premium.
You can either pay regular premiums over a defined period or opt for a single premium option. The latter will require you to pay the amount in a lump sum.
A car insurance quote gives you an estimate of this premium or cost of your car insurance policy.
What Are the Factors That Affect a Car Insurance Quote?
If you are in a similar situation as Sudesh and want to get free online insurance quotes, you may want to note a few things. Several factors come into play while deciding the premium quote for your motor insurance policy.
1. Type of plan
Depending on your needs, you can select from three plans that are popular with car owners.
- Third-party Insurance
The Indian motor vehicles act of 1998 has made it mandatory for car owners to buy at least this type of motor insurance plan. In a way, it is the most basic type of insurance plan that can cover your third-party liability if you were to get in an accident. While you are the first party, the insurance provider is the second party. The individual who gets hurt in an accident becomes the third party.
This type of insurance plan covers your liabilities due to death, bodily injuries, or property damage of a third party.
- Standalone own-damage insurance
It is a type of four-wheeler insurance policy that covers the damages of the owner’s vehicle in an accident. It is not compulsory to purchase this insurance plan, but it is recommended to protect your interest.
- Comprehensive car insurance policy
As the name suggests, this is the most comprehensive type of insurance plan that covers your third-party liability as well as own-vehicle damage.
- Pay as you drive insurance plan
It is the latest insurance policy that has been introduced in the country by IRDAI. In this policy, your premium will depend upon the usage of your car. If you drive your vehicle less frequently, your premium quote will be lesser. On the other hand, if you use it heavily, your premium quote will be on the higher side.
2. MMV and fuel of the car
Your vehicle’s make, model, and variant also play an essential role in deciding the premium. The safety rating of your card can influence the cost of your car insurance policy. The quote can also differ based on the fuel type you use – petrol or diesel.
3. Owner’s profession
You may be surprised to know, but insurance providers may consider your profession while deciding the quote for your car insurance policy. For instance, car insurance premiums for cab drivers are on the higher side as they are more likely to be in an accident.
How to Get Online Car Insurance Quotes?
These days you can easily get free online insurance quotes from the comfort of your home. Just visit the website of the insurance provider or an online insurance broker like IIFL. Find the relevant tab to get a quote online and fill in certain information.
The most important detail here is the registration number of your vehicle. If this is your first car and you do not have the registration number, you can contact the car dealer to know the same.
Most insurance companies can calculate your quote based on your vehicle’s make, model, and registration year. Apart from this information, you may also have to give a few personal details like name, mobile number, and email ID.
That’s it. This is all the information that you will need to get a quote for your motor insurance plan.
Comparing Online Car Insurance Quotes
Now that you have quotes from multiple service providers, you may want to compare them to make a definite decision.
Firstly, evaluate your needs and requirements. You can include several add-ons covers to make your plan all the more comprehensive. For instance, you can choose add-ons from zero depreciation, engine protection, roadside assistance, outstation emergency, etc., depending upon how you use your car.
Secondly, it is essential to go ahead with the right service provider. Customer reviews and claim settlement ratio are two things that can help you make the right decision.
Finally, you may want to know that the cheapest policy is not always the best. The fine print of your four-wheeler insurance policy will contain essential information that you cannot afford to ignore. It is advisable to read it in full to understand what your insurance policy will cover and what it will not.
Knowing this information helped Sudesh compare the premiums and clauses of multiple insurance providers for his renewal plan. You can benefit from it as well. All you need is to get online insurance quotes and compare them to get a plan that suits your needs the best.