Why should you compare insurance policies before buying…
The Premium rates of different insurance companies will vary for the same vehicle and such premiums offered by companies could vary with time.
Hence, it is sensible to compare the premiums offered by insurance companies each time you decide to buy or renew an Insurance policy.
The premiums depend on factors that include the covers/benefits offered and the specific terms and conditions.
click here to know how to compare insurance premiums…
The policy features and add-on covers offered could vary from company to company making it important for an insurance buyer to get the best cover that he needs at an optimum cost.
A customer needs to understand the basic covers/benefits offered in an insurance product by different companies, determine his/her exact needs. Understanding the covers/benefits offered will enable best match comparison of insurance products based on price vs benefits. This will allow a customer to efficiently shortlist and finalize the right product at the right price.
For example, while buying car insurance, the premiums are directly proportional to the IDV (Insured’s Declared Value) or sum insured agreed by the insurance companies. The IDV agreed by different companies may differ on a wide range. Here, it will be sensible to compare the premiums against a standard/matching IDV. The lowest percentage of premium on the required/preferred IDV would be the best choice.