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Solving the Mystery – Car Insurance Quotes

All your friends and family would mention the term quote comparison as soon as you speak of car insurance. They will most likely ask you to compare quotes online. However, the direct solution of quote comparison is steps ahead of knowing about it. Let us understand these steps one by one.

Car insurance quote is nothing but estimated amount of premium stated by an insurer to insure your car for a year. Quote comparison comes in a picture as the amount of premium for the same car changes with the insurer. Read on to know about all the factors which impact the premium and how to get the right quote for your car.

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Type of Coverage & Your Car Insurance Quote

The type of coverage impacts your insurance quote. In India, there are two types of coverage:

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Third Party Coverage

The third party or liability only coverage (TP) offers financial protection against the third party person/ property damages. It also offers personal accident cover to the owner-driver. This cover is compulsory as per the Motor Vehicles Act (1988).

The quote that you get for TP cover is the sum of its components which include:

  • The basic premium

  • The amount of personal accident cover

  • The service tax

The basic premium depends on the cubic capacity. It is in the range of Rs. 2000 to Rs. 7000 as determined by the Motor Vehicle Act (1988). For personal accident owner-driver cover, you pay a fixed amount of Rs. 100 and a service tax as decided by the Government of India. As per budget 2016, this tax is 15%.

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Comprehensive Coverage

The other type is comprehensive coverage or package policy. It offers financial protection against car damages after an accident along with the TP cover.

The quote that you get for comprehensive coverage is the sum of its components which include:

  • Third party premium

  • Own Damage Factor

  • Charges for additional coverage

  • Service Tax

The own damage factor, depends on Insured Declared Value (IDV), engine capacity and vehicle RTO. The IDV is the value of the car as determined by the insurer. It depends on the ex-showroom price and percentage depreciation. An additional cover can be any cover for which you pay more premium. It depends on your preferences and thus is a variable.

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What Details do I Need to Get a Car Insurance Quote?

You will need the details mentioned below:

  • Car details – The make and model, if there are modifications then its details, manufacture year and hypothecation details if applicable. (If you are buying policy at Coverfox.com then you will need your car number only.)

  • Claim details – You will need your claim details to get the no-claim bonus.

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Should I Compare Quotes Online?

The components of a third party cover are standard. Thus, if you are planning to buy a third-party cover, you would not have to compare quotes. But, if you choose to go for a comprehensive coverage then, unlike TP cover, its components are not standard. Different insurers would treat your car model differently in terms of benefits as well as the premium.

There are over 10 insurers, offering a range of benefits at an attractive price. You certainly don’t want to miss the opportunity to get the best. Hence to pay the right premium and get the right cover, it is recommended that you compare before you buy. To compare car insurance policies click here.

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Benefits of Comparing Car Insurance Quotes at Coverfox

  • Tailor-made Quotes – Based on your requirements, Coverfox offers you what is most suitable and best for you.

  • Immediate Delivery – Coverfox ensures speedy delivery of your policy.

  • Top-notch After-Sales Service – Easy endorsements and hand holding throughout the claims process.

  • Expert advice – At Coverfox you will get an unbiased opinion at the time of buying a policy.

  • Express Claims Services – In selected cities Coverfox also offers 3 days express claims service.

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Some Tips for Comparing Quotes Online at Coverfox

To compare quotes at any portal including Coverfox, you should consider the factors which impact car insurance quote to a very large extent. These are:

  • Insured Declared Value – As described above, the IDV impacts the own damage factor. Depending on what value you choose for your car, the premium would change. Thus, to make the right quote comparison adjust the right value of IDV.

  • Check for Insurers’ Discount – The applicable discounts change your premium. Amongst all the discounts, the one which creates a major difference for car insurance quote is the insurers’ discount. This value is different for different insurers.The compare portal at Coverfox is such that, you can know the insurer who gives you maximum discount on your premium. Once you adjust the IDV of your car, the insurer who offers a maximum discount for your model will be highlighted as one who has a lower quote.

  • Additional covers – There is a range of covers that you can get by paying some extra premium. Choosing the right additional cover will save your expenses at the time of claim.

  • Select the discount applicable – Check if you are eligible for some discounts. To know this you will be asked for some more details.

  • Check all the details – Confirm all the details and get the right quote for your car.

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Frequently Asked Questions

My policy is expired. Will it affect my car insurance quotes?

Yes. You may lose all the no-claim bonus that you have earned.

X company offers the lowest quote for my car. Do I need to check anything else?

Yes. To get the best deal, you can check for the list of network garages and claim settlement ratio of the insurer. If you are buying a policy at Coverfox.com and belong to a city where express claims service is available, then you can also check if that facility is available.

Is there any hidden cost?

No. The premium quote that you get includes service tax as well. Hence, there is no hidden cost involved.

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Car Insurance Quotes