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Significance of Car Insurance Comparison Online

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

Car insurance is mandatory for everyone who owns a car, as it covers the expenses incurred due to the damage or loss of your vehicle in an unfortunate real-time event. The Insured Declared Value (IDV) of your car decides the premium amount of the insurance policy. The premium and IDV go hand in hand. In other words, if you increase the IDV the premium amount also increases or vice versa.


Key Benefits of Car Insurance

Car insurance plans offer the following benefits:

• It provides you with full coverage against the expenses incurred due to the loss or damage of your insured car.
• It provides compensation against certain mishaps like theft, self-ignition, fire, riots, lightning, act or terrorism, explosion, or a natural calamity.
• It also covers the expenses incurred due to accidental injuries or damages to a third party person or property in the surroundings.
• Personal accident coverage is also provided.

There are many insurance companies that provide you with a platform that facilitates to compare insurance online so that you pick out the best insurance policy, based on your needs.

Significance of Car Insurance Comparison Online

It is important to compare car insurance policies before purchasing a new or renewing an existing one because comparing policies can eventually save you a substantial amount of money and provide you with better coverage. Comparing quotes can save you up to 50% on your car insurance premium while attaining certain riders and add-ons benefits along with the basic coverage.

The following are the points that clearly show how comparing car insurance can save you a lot on your premium:

How and Why?

You can compare different car insurance policies offered by one insurance company on its website. However, the best option is to find a platform that allows you to compare various car insurance policies provided by different insurance companies. For Example: Mr. Verma knew all the perks of comparing car insurance online. He visited an insurance company's website, but he failed to find himself the best car insurance policy, as he didn't compare policies offered by multiple insurance companies. Subsequently, he continued to pay the same premium ever year without availing any discounts or deductibles.

Transparency

Comparing car insurance policies online introduces transparency to you. This transparency clears all your doubts regarding the terms and conditions related to car insurance. You can see what the actual premium is and what you will have to pay. The same goes with comparing. By comparing car insurance policies online you can see the difference between the premiums you were paying earlier and you need to pay now. This transparency saves you money and you can include add-ons to the policy for additional coverage. For example, Mr. Sharma purchased a car insurance policy online without comparing. As a result, he paid a higher premium because he failed to avail discounts.

Multiple Options

When you compare car insurance online, you get to see a lot of options to save money. You can compare multiple policies and purchase the best one for you, as it shows plenty of options using which you can save a substantial amount of money. For example: Mr. Kumar purchased a car insurance policy online and the insurer offered him only a few deductibles and discounts. Mr. Kumar didn't compare insurance policy and thus he couldn't get more options to avail additional discount.

High Deductibles

You can avail high deductibles and attractive discounts, which automatically reduce your car insurance premium. For Example: Mrs. Chauhan purchased an insurance policy for her new car online without any comparison. As a result, she was forced to pay a higher premium. If she had compared multiple policies to choose one with the best offer, high deductibles and discounts would have lowered the burden of high premium rates.

Low Mileage Discounts

If you compare car insurance online, then you notice that some insurance companies offer discounts and deductibles to drivers who drive comparatively less number of miles annually. Particularly, low mileage discounts can also be provided to a driver who carpools to work. For Example: Mrs. Gupta bought a policy for her car without comparing and she had to pay the premium without any discounts. If she had compared the policy, she must have availed a discount, typically Low Mileage Discount.

The above points proved that comparing insurance not only reduces the premium rates but also gets you multiple discounts and deductibles. Comparing insurance helps you to lower the burden of high premium rates. Also, you can make the most of different offers provided by different insurance companies.


This article was written by Vikas Singh Gusain for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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