There's no single best car insurance product on the market - it's more about figuring out what works best for your personal circumstances and requirements. In order to find what's best for you, you'll need to consider your budget, age, the type of car you drive and the level of risk you are willing to take.
Type of coverage
By now you should have a general understanding of the differences between CTP insurance, comprehensive insurance, and everything in between - including add-ons such as roadside assist. A reasonable first step to take when comparing car insurance is to decide which of these types of coverage may work best for you.
Cost of premium
Your insurance premium is the recurring payment you'll be charged by your insurer. Comparing the cost of the premium charged by one provider to the next may help you compare value, but be sure to factor in the correlating amount of excess applicable for each so that your comparison is fair.
Cost of excess
It's important to pay attention to how much your car insurance excess is, so that you're not taken by surprise when you go to make a claim. Keep in mind that if your excess is high, you'll likely be unable to make a claim for smaller accidents with less costly repairs.
Market value vs agreed value
If you're taking out comprehensive car insurance, you can choose to cover the car (in the event that it is written off) for either the market value or an agreed sum.
A market value car insurance policy, which tends to be the default option, will require your insurer to pay the amount your car would sell for on the open market. The insurer will estimate this amount based on the market value at the time of the accident.
An agreed value policy, on the other hand, allows you to specify the amount covered. This option gives you the certainty of knowing the amount you’ll receive from the insurer in the event you have to file a claim.
There are pros and cons to both options, so it's important to do your research before choosing what might work best for you.