Romil and Sanjeev were best friends. They discussed everything among themselves and nothing was a secret between them. That is why, when they decided to buy their first car, they selected the same car and the same model. Only the colors of their cars were different. Needless to say, they paid the same price for their car insurance policy when they bought their car. When the policy was up for renewal, Romil renewed his car insurance policy himself without discussing it with Sanjeev. Few weeks later, over a cup of coffee, when they were talking about insurance, Romil found out that Sanjeev paid a lower amount for his car insurance renewal than him. Romil was flabbergasted. With him having the same car as his friend, how can Sanjeev pay a lesser premium than him?
Upon inquiry Romil found out that Sanjeev did not renew his car insurance policy blindly. He compared the available plans before making a choice. That’s why he saved on his renewal premium. Romil did not compare and renewed the policy blindly.
How many of you have faced a similar situation?
A car insurance policy is a mandatory requirement. Since most of us buy the policy because of law, we do not compare before buying. The result – we pay a higher premium for the policy. Wouldn’t you like to save money on your car insurance premiums? Then why don’t you compare?
The importance of comparing
Comparing is important. Want to know why? Here are the reasons:
- You can choose a plan with the best coverage options
Though all comprehensive car insurance policies offer common coverage features, there are some coverage options which vary across different plans. For instance, some car insurance plans offer roadside assistance as an inbuilt cover while in other plans roadside assistance is an add-on cover which is available at an additional payment of premium. Similarly, though almost all comprehensive car insurance policies offer a personal accident cover for the owner/driver, the limit of cover is different in different plans. When you compare the plans, you can also compare the coverage they offer. You can then choose a plan which has the best coverage options as per your requirement.
- You can choose the IDV of your car insurance policy
IDV is the Insured Declared Value of your car and it represents the value of your car after deducting the applicable depreciation. IDV is the Sum Assured of your car insurance policy and in case of theft or total loss, IDV is payable. Different insurers calculate the IDV differently. If you do not compare, you might settle on a lower IDV which would erode the value of your car. Choosing the correct IDV is important and that can be done only when you compare. When you compare, you can see the different IDVs offered by different car insurance plans and choose the plan which offers you the highest IDV so that you can keep the value of your car intact.
- You can cut your car insurance costs
Lastly, and most importantly is that comparing lets you get the best car insurance quotes. Since different car insurance policies are priced differently, you can get the best car insurance quotes only when you compare car insurance policy.
So, comparing is very essential when you buy a car insurance policy not only for cutting your car insurance costs but also for selecting a comprehensive policy offering the correct IDV.
The next logical question is – how tocompare?
Well, the answer to this is also simple. You can compare between the different car insurance plans using the online medium. Internet has simplified our lives greatly and also allows us to compare between the different car insurance policies. You can visit the website of different insurance company’s websites which offer a car insurance policy. Though you would be able to compare, the process would be long and tedious. After all, more than a dozen insurers offer a car insurance policy. The next alternative is visiting the website of an online insurance broker. Online brokers deal in multiple car insurance plans and let you compare the different plans at one portal only. Coverfox is one such online broker which gives you an option to compare multiple car insurance policies. You can compare the coverage, the IDV offered and the premium rates of different plans and buy the one which is the best. Moreover, Coverfox also helps you at the time of claims making your whole car insurance experience smooth and hassle-free.
So, the bottom line is, compare before you buy. You can cut costs and also get a policy with the best benefits. Romil paid the price of not comparing, why should you?