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How to Compare Car Insurance Online?

By Finserv MARKETS - Feb 11,2019
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How to Compare Car Insurance Online?

If you are planning to buy car insurance online, you may be easily overwhelmed by the numerous options available to you. A proper comparison is essential if you want to buy the right insurance policy.

Here are some important points that will help you compare and choose the best policy online:

  • Compare reputation and services
  • Type of policy
  • Insured Declared Value (IDV)
  • No Claim Bonus
  • Prices

Company reputation and services

When it comes to car insurance, it is critical to choose a reputable insurance company with a good car insurance claim settlement ratio. Additionally, you must also compare the claim process and quality of customer service offered. Benefits like round the clock assistance are also beneficial as prompt assistance is helpful at the time of claim. You can understand the quality of services offered by reading reviews and testimonials by existing customers.

Type of policy

A car insurance policy is of two types – Third-party and Comprehensive insurance. Before you begin comparing insurance policies online, decide on the type of policy you want to compare. Comparing a third-party policy with a comprehensive policy will not make sense as their coverage differs widely. Compare insurance policies of the same type offered by different insurance companies and then choose the one that best suits your needs and requirements.

Insured Declared Value (IDV)

The Insured Declared Value or IDV is the amount that the insurance company will pay in case your car is damaged beyond repair or if it is stolen. The IDV offered for your car might often vary as per the guidelines of different insurance companies. Hence, it’s important to consider the IDVs offered by different insurance companies and choose the one that is the closet to the current market value of your car. IDV is extremely critical as not reviewing the same thoroughly can result in significant financial burden at the time of a claim.

No Claim Bonus

The No Claim Bonus or NCB is an important feature which helps lower your premium in the long run. When comparing car insurance policies online, make sure to check if the NCB is taken into account as sometimes a quote might be generated without considering the same.


Comparing car insurance policies based on price is perhaps the most common practice. However, the price should only be considered after taking into account other factors such as the coverage and services offered by the insurer. At times, important coverages may increase the cost of the policy marginally. Hence, the price should be the last factor to consider while comparing car insurance policies.

Keeping these factors in mind will help you find a car insurance policy which offers you a robust coverage against major risks on the roads. So, remember to keep this checklist handy when you set out to buy your insurance online.

Now that you know about the various factors to consider when buying car insurance online, choose Finserv MARKETS as your trusted partner and get a host of other features and benefits that can help you get the maximum out of your investment.

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”


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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522