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Motor Insurance

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How To Compare Motor Insurance Policies

Motor insurance covers several type of vehicle including two, three, and four wheelers. Typical Motor Insurance Policies consists of two kinds of coverage - ‘own damage cover’ and ‘third party cover’. While own-damage cover is optional, in India, an insurer has to compuls​orily avail the third party cover.

Motor car insurance po​licies are supposed to cover any kind of damage caused to the vehicle by certain events such as theft, fire, accident, riots, destruction or damage due to natural calamities such as earthquake, falling objects, lightening, hurricane, etc.

In the recent past, the motor car insurance in India has undergone a huge transformation. Newer insurance companies are rapidly changing the rules of the game. Innovations in product offerings, customer service and distribution channels are the areas that have seen drastic changes.

Your vehicle usually comes with a standard insurance policy issued by an insurance company chosen by you. While it is not advisable to change your motor car insurance provider very often, it is always better to learn about how you can make the most of the premiums you pay.

Benefits like extended coverage, attractive discounts, etc. are always on offer, but here is a list of aspects the differentiable the better from the best:

1. Reliability and assurance of the motor insurance company is the most crucial aspect for comparing motor insurance policies.

2. Extent of coverage is the second most critical point while comparing motor insurance policies. While most policies cover standard acts of destruction and damage, certain companies offer extraordinary coverage (for a higher premium). For example, some policies cover events such as depreciation​ cover, road side assistance in case of breakdown, etc.

3. Discounts and assured bonuses are some of the most widely used tools for attracting newer clients. Do not get lured by the premium amounts alone. Check the total value vis-à-vis offerings.

4. Client reviews on consumer forums and third-party review portals often act as a source of first hand information about the performance and service bottlenecks of motor insurance companies. However, a word of caution here - there are a very few satisfied customers who get online to write reviews.

How to Begin?

Start by contacting different motor car insurance providers and inviting comprehensive information about the policies on offer. Seek details about the key features, benefits and premiums payable for your vehicle type.

Learn about the insurance company’s terms of service. These should include aspects like, promptness in conducting audits after an accident, ease of paying premiums and settling claims, reminders and alerts for premium payments, etc.

Happy Buying!