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IDV should be kept optimum. And not super low. It will lower the premium but you’ll be at a loss in case of theft / total damage.
NCB can give big discounts. But wrong NCB can lead to additional payments later or worse – claim rejection. Check and confirm previous NCB.
There are several car insurance companies in the market. You would want to check quotes on all of them, but it is a difficult thing to do. Online comparison, on a site like Coverfox, can be done from the comfort of your home. You get to see quotes of different insurance companies on one single platform, helping you make the right choice.
You get to understand your ideal coverage, the right price and possible discounts. You also get clarity about deductibles and exclusions with the help of insurance experts and advisors. This fastens up your buying decisions as well as you can purchase the policy easily and instantly online.
What you see is what you get! Comparing car insurance online is much better as you can clearly see details of the product that insurers have to offer. You can compare to see who is charging higher premiums and on what grounds they do so. Further, you can also read reviews about the different car insurance plans and then make your choice.
What parameters should I keep in mind while comparing car insurance quotes?
While doing a car insurance comparison, you need to consider the amount you are willing to pay as premium with respect to the best coverage options available. Depending on the car model, engine type, and your area of residence, you need to understand what are your car insurance requirements and limitations.
A little background research is required on the insurance companies. Compare car insurance premium breakup of quotes by different insurers. Check if the Insured Declared Value (IDV) is optimum enough to save you from total losses of your vehicle in the event of an accident or theft.
Choose add-on covers, like zero-depreciation cover, as per your requirement. Apply discounts (like No-claim Bonus on own-damage premium) and then compare to see if the insurance quote provides value for money.
How does Coverfox.com assist me with car insurance comparison?
When you compare car insurance quotes on Coverfox.com, you get to customize your car insurance premium based on the different insurers available, the IDV and add-on covers. You can schedule inspection of your car if required by the insurance company. In case you do not understand the plan that you choose or any other aspect of the plan that you wish to buy, then our expert advisors are available to guide you through the process.
Can I expect the quotes to change if I compare now and then try again after few hours?
It won’t change in few hours. However, it may change after every 15 days only if insurance companies update their insurance prices. In such cases, the insurance quotes may increase or decrease. However, note that each year, IRDAI revises the third-party rates, so you would find a change in quotes annually due to revision in third-party part of the premium.
If I have viewed quotes for comparison and want to save them so that I can review them later, is it possible to save quotes?
For this, you can bookmark the URL and then view the quotes as per your convenience.
Another option that you have on Coverfox.com is to view your quote and click on the button ‘shares these quotes’ and then copy paste the link and save it somewhere. Perhaps if you want to show these quotes to your dad or a friend, you could do so easily via the share button.
Will my premium get cheaper each year if I stick to the same insurer?
No it is not necessary that your premium will get cheaper if you stay with the same insurer. Insurers usually don’t offer retention discounts online. They may have their own discounts to offer – Example: Occupation discount, etc.
If at all your premium decreases it could be because your IDV has reduced. Or perhaps, you had a claim-free year so you can ask for NCB discount. Or perhaps you chose to discontinue certain add-on covers. For example, you may have had a zero-depreciation add-on but that would be valid only till the 5th year. From the 6th year onwards, since the add-on is discontinued, your premium is lowered by default.
Your premium could also increase, if you may have added few more add-ons such as personal accident cover add-on or accessories cover add-on. Sometimes, due to increase in taxes, the premiums can increase.