A Step-by-Step Guide to Get a Car Insurance Quote Instantly
Suresh has a four-wheeler and has always resorted to renewing the same from his trusted insurer offline. Now that the insurer has relocated. Suresh has to find a new way of obtaining car insurance. He knows his friends buy car insurance online but consulting friends is not an option for him. Being a first timer, he needs help to get a car insurance instant quote.
Are you a first-time shopper of online car insurance? Scroll down as we walk you through the steps to get a car insurance quote instantly.
Step 1: How Much of a Coverage Do You Desire?
The first step to be taken is to decide on your coverage needs. Once selected, you can compare the offers of car insurers with more accuracy.
Listed below are the types of car insurance that you can choose.
- Car Insurance-Third Party Online
The Indian Motor Vehicle Act requires every driver on Indian streets to have third-party insurance. It covers any damages to the third party (vehicle, life, or property) caused by your four-wheeler. The premium is set by the IRDAI and is lower than the own damage cover.
- Comprehensive Car Insurance Policy
Although it is not mandatory to have comprehensive car insurance, it is better to have one, for it covers your vehicle, personal liabilities, and third-party liability. The premium is higher in comparison with third-party insurance. The benefits also include the addition of add-ons that are not available for third-party insurance.
Ask yourself how much liability coverage you would like before deciding on the type of car insurance policy. Once that is settled; and you have chosen a comprehensive car insurance policy, move to the next step.
Step 2: What Are the Add-ons Applicable only for Comprehensive Car Insurance Policy?
A comprehensive car insurance policy gives you the freedom to include your preferred add-ons. Please note that the add-ons come with a cost and will add up to the final price of your car insurance policy.
Listed below are the add-ons for comprehensive car insurance policyholders.
- Engine Protection Insurance Cover.
- Zero-Depreciation Insurance Cover.
- Tyre Insurance Cover.
- Return to Invoice (RTI) Insurance Cover.
- Personal Loss Insurance Cover.
- Roadside Assistance Insurance Cover.
- Key-Protection Insurance Cover.
- No Claim Bonus Protect Insurance Cover.
- Consumables Insurance Cover.
- No Claim Bonus Protect Insurance Cover.
For instance, car insurance with engine protection will cover any liability arising due to the damage to your car engine. The insurer covers all repair costs to the engine and its parts.
Step 3: How Do I Choose a Car Insurance Company That Best Suits My Needs?
Check the internet for car insurance companies and select a few among them.
Listed below are the criteria you must consider when you pick an insurer:
- Check testimonials, articles, and news to know the market reputation of the insurer.
- Check their Claim Settlement Ratio. It is the ratio between the number of claims settled for the number of claims filed. The higher the ratio the better the car insurance company.
- Know the claim filing procedure of the company to opt for a simple process.
- For cashless settlement, check the network garage, their location, popularity, etc.
- Check their assistance to the customer by way of customer support.
Step 4: Pick a Policy
Top car insurance companies offer a wide range of policies to choose from. Choose right by considering the following factors:
- Check the benefits and features that each company offers to pick the one that suits you best.
- Know the premium each one charges.
- Check the add-ons they provide.
- Liability coverage.
- Inclusive Costs and Features.
- Excluded Costs and Features
Step 5: Get a Car Insurance Instant Quote
Once you have completed step 4, you are now ready to request a quote. For an accurate quote, you will have to input your personal details, which are listed below.
- Car Details
All information about the four-wheeler you want to insure. You will be asked for the manufacturing year, model, type, brand, cost, and vehicle registration number.
- Purpose of the Vehicle
You will be asked the purpose of the car (personal or work) and the number of miles you do per annum.
- Your Personal Details
The name, mobile number, email address.
On furnishing all required data, the insurance company will generate an instant quote. It is the estimated cost that you will need to pay for the brand-new car insurance policy. The rate is determined on the insurer’s assumption of your risks and could increase if they feel you are riskier than they first thought.
Car insurance companies offer special discounts on cars with security systems, airbags, and other safety features. Check if you are eligible for the benefits and check if the insurer has considered it while quoting the cost. If they have overlooked, remind them to do so.
The company, at this point, may ask you to initiate a purchase or get in touch with them or their representatives.
Online car insurance instant quotes may differ from offline quotes. Nevertheless, in the long run, it is wise to focus on all factors that determine the costs in choosing a suitable car insurance policy rather than focusing on the price alone.
When the premium of the policy is higher, does it mean it offers better coverage?
All insurance covers are standard and offer coverage for liability from your car to self or third party. The cost of the policy could be higher if you have opted for add-ons. Based on the add-ons, you will be offered additional cover.
What is a no-claim bonus?
No-Claim Bonus (NCB) is the reward of careful driving. When you have not filed a single claim, you get a discount on premiums ranging from 20% to 50%.