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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?

Car Insurance Comparison 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.

How To Compare Car Insurance

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

1.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.

2.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.

3.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.

4.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. You can also check the premiums for car insurance plans available on Finserv MARKETS by using the car insurance calculator. The tool not only provides a quote but also allows you to compare quotes offered by insurers in India. Based on the results, you can then choose a car insurance plan that is affordable and fulfils your needs.

To know more on car insurance in depth, you can check out these blogs:

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522