Purchasing car insurance is not only restricted to choosing the cheapest—it’s about getting maximum coverage at the right price. With multiple insurers, add-ons, and discounts available online, comparing and choosing wisely can help you save thousands every year.
In this blog, we will share the key tips to get the best insurance quote.
1. Compare Quotes from Multiple Insurers
Never decide on the first quote you see. Every insurance company calculates premiums differently based on risk assessment, vehicle type, and coverage.
- Compare policies from at least 3–5 insurers.
- There are online comparison platforms for transparency.
- Check both premium and coverage details- rather than focusing only on the cost.
2. Choose the Right Type of Coverage
Whenever you are viewing different car insurance policy plans, make sure to check the coverage offered by the respective insurance company. List the additional covers of the plan and cross-verify them with your requirements. Weigh the coverage offered by the car insurance company against the offered insurance quote. This will help you to determine if the policy is worth your money.
Third-Party Insurance
- Mandatory by law
- Covers damages to others
- Cheapest but limited protection
Comprehensive Insurance
- Covers own car+third-party damages.
- Protects against theft, accidents, and natural disasters.
- Slightly higher premium but far better value.
3. Assess The Coverage
When assessing different car insurance plans, check the coverage offered by each insurer and compare it with your personal requirements. Review add-ons carefully and weigh the coverage against the quoted premium to decide whether the policy offers real value for money.
If you’re unsure about evaluating coverage or add-ons, a motor insurance POSP can help explain policy features and ensure you choose coverage that suits your driving needs without overpaying.
4. Choose the Right IDV (Insured Declared Value)
IDV is the current market value of your car and directly impacts your premium.
Higher IDV = Higher premium, but better claim payout
Lower IDV = Cheaper premium but reduced claim amount
5. Don’t Miss Out on No Claim Bonus (NCB)
If you haven’t made a claim in previous policy years, you’re eligible for an NCB discount ranging from 20% to 50%. It will also help you get the best car insurance quote.
6. Check Discounts & Offers
Insurance companies often provide discounts that lower your premium- make sure you ask about:
- No Claim Bonus (NCB) for claim-free years (can reduce premium).
- Discounts for installing anti-theft devices are approved in India.
- Multi-car or multi-policy bundling discounts.
7. Opt for a Voluntary Deductible (If Suitable)
A voluntary deductible is the amount you pay during a claim; a higher deductible means a lower premium. Choose this option only if you’re comfortable bearing part of the repair cost. Following this will help in getting the best car insurance quote.
Final Thoughts
Getting the best car insurance quote is all about smart comparison, informed choices, and timely action. Instead of chasing the lowest premium, focus on value for money, the right coverage at the right price.
