Car insurance policies are a necessity for anyone who owns a car, as they provide financial protection against unforeseen events such as accidents, theft, and natural disasters. With the rise of the internet and digital technology, buying a car insurance policy online has become increasingly popular and convenient. In this article, we will explore the best ways to buy car insurance policies online, including the steps involved, tips for making the process smoother, and the benefits of choosing this option over traditional methods. The policyholder pays a monthly or annual premium to the insurance company, and in exchange, the insurance company pays for any damages or losses covered under the policy.
Buying car insurance policies online offers several advantages over traditional methods. Online platforms allow car owners to easily research and compare policies from different insurance companies, often at a lower cost than traditional methods. Online platforms also provide more flexibility and convenience, allowing policyholders to manage their policies and make payments online. Additionally, online platforms often have more resources and information available to help policyholders make informed decisions about their coverage.
Steps to Buy Car Insurance Policy Online:
- Research and Compare Policies: The first step to buying a car insurance policy online is to research and compare policies offered by different insurance companies. Visit their websites and compare the coverage, features, and prices of various policies.
- Determine Coverage Requirements: Based on your driving habits and the type of vehicle you own, determine the coverage requirements that you need. It is important to have a clear understanding of your needs before buying a policy.
- Choose an Insurer: Choose an insurer based on their reputation, customer service, and financial stability. Read reviews and ratings from other customers to get a sense of their experience with the company.
- Get a Quote: Once you have selected an insurance company, use their website or mobile app to get a quote. You will need to provide some basic information about yourself, your vehicle, and your driving history.
- Fill Out the Application Form: If you are satisfied with the quote, fill out the online application form. Make sure to enter all the necessary information accurately and completely. Review the terms and conditions of the policy before submitting the application.
- Pay Premium Online: Once you have submitted the application, you will be directed to a payment page. Pay the premium using a credit/debit card or internet banking. After the payment is processed, you will receive a confirmation email with your policy details.
It is important to keep a copy of your policy document and contact information of the insurer handy. You can also set reminders to renew your policy before it expires.
Things to Consider Before Buying Car Insurance Online:
Wondering what to look for when buying/renewing car insurance? Here’s a detailed list of twenty points to assist you in your decision-making process.
- Understand Requirements
- Consider the Brand
- Range of the Cover
- Add-on Covers
- Know the Basic Plan
- Cashless Facility
- IDV and Premium Relation
- Comparing Quotes Online
- Voluntary Deductibles
- Claim Settlement Ratio
- Anti-theft Devices
- Flexibility
- Discounts
- Online Insurance
- Stress-free Claims
- Budgeting.
Understanding Car Insurance:
Car insurance policies can be broadly classified into two main types:
1. Third-party liability insurance - This plan is also referred to as liability-only policy or act-only insurance. It offers a minimal level of insurance coverage, specifically for the liabilities to third parties in an accident. It covers third-party injuries, death, or property damage. The liability-only cover does not protect the insured vehicle itself. This also happens to be the most basic level of car insurance mandated by the Motor Vehicles Act.
2. Comprehensive car insurance - The comprehensive car insurance plan has more elaborate coverage. The plan offers third-party liability insurance and own-damage cover. Own-damage cover includes the losses incurred by the policyholder from the following events:
- Car theft
- Damages due to external accidents
- Damages while in transit via rail, waterways, road, lift, air, etc.
- Damages to the car due to natural calamities such as floods, hurricanes, typhoons, etc.
- Damages from man-made disasters, such as strikes, riots, vandalism, etc.
- Accidental injuries or death of the owner-driver.
How to Choose the Right Car Insurance Policy in India?
Insurance companies in India offer a many car insurance plans that cater to the specific needs of the buyers, but choosing the right policy can be challenging. In India, insurance companies offer different plans with different features, and these plans come at various price points. So, it is important that you do your research well before picking the right insurance policy to best suit your needs. Here are a few tips that should help you:
- Know your needs
- Compare the plans
- Ask about the add-ons
- Check the claim process
- Know about the claim settlement ratio of the insurer
- Never provide any wrong information
- Be aware of the policy terms and conditions
How to Buy Car Insurance Online?
Buying car insurance online is a concern, what you see is what you get. One of the best benefits of buying car insurance online is that you can validate your own premiums with different car insurance companies.
You can explore your insurance provider's what they provide and Review Our Portal to look at how we assist our customer's needs through car insurance policy covers. Policybachat leads you to choose the best car insurance policy needs.
- Comprehensive coverage: This Comprehensive coverage includes cover against damages to your own car or damages to a third party person/ property. And if this is not enough it can be customized with your choice of add-on covers, giving you coverage as per your requirement in a cost-effective way. while you secure your car with comprehensive insurance claims online in a matter of minutes.
- Third-party Liability Cover: This coverage only protects you against liabilities arising from damage, injury, or loss to a third party person or property. As established in the Motor insurance Vehicles Act 1987, this is a mandatory cover approved by the government and it is a punishable offense to not have a valid third-party liabilities cover.
- Stand Alone Own Damage cover: If your car already has third-party coverage? Well, then the stand-alone own damage cover is the perfect missing cover that helps you against financial losses arising to the car owner due to damages to your car.
- Coverage for Popular Car Brands: Bought a newly brand car? Then this cover offers 1-year coverage against damage to your own car along with a 3 year cover against damages to a third party car insurance person/ property.
- No Claim Bonus(NCB): No Claim Bonus can be gathered together as a discount on the premium amount over years. NCB discount ranges from 20% to 50% on the own damage premium. No Claim Bonus (NCB) can be claimed even if someone changes its vehicle, as it is transferable to the new vehicle bought by the policyholder.
The add on covers or rider improves the chance of claim settlement in case of any type of damage to the insured car. Few add-ons such as Roadside assistance, PA to paid driver, etc are available even for vehicles aged more than 5 years.
Benefits of Buying Car Insurance Policy:
Online Policy
- Paperless Process
- Comparison
- Assistance
- Competing Prices
- Fraud
- More Economical and Convenient
- Instant Policy Issuance & Faster Process
Offline Policy
- Personal Relationships
- Sum Assured
How Is The Premium Decided for Car Insurance Policy?
Most insurance companies determine the premium for your car insurance based on the following categories of risks:
- Risks related to the vehicle - This includes model and make of the vehicle, cubic capacity, fuel type, etc. Diesel vehicles have higher premiums than petrol cars. SUVs and commercial vehicles are also charged higher premiums. The age of the vehicle and its IDV at the time of renewal are also key factors that influence the premium.
- Risks related to the owner-driver - The profession and age of the driver influences the premium.
- Risks associated with location - The area of registration has a bearing on the car insurance premium. Premiums are usually high for localities that are densely populated and near the highways. If you live in an area prone to thefts, you are likely to pay a higher premium.
- Risks associated with claims history - Raising a car insurance claim can lead to higher premiums the following year.
How To Reduce Car Insurance Premiums?
You can bring down your car insurance premium to a certain extent by following these valuable tips:
1. Preserve your No Claim Bonus - Car insurance companies offer No Claim Bonus (NCB) to drivers who do not raise any claims in a policy year. The bonus accrued this way can provide you a premium discount of up to 50% at the end of 5 claim-free years. This is a very attractive benefit and you should look to preserve the NCB by refraining from raising claims for small damages. If you are shifting insurers, you can get an NCB retention certificate and transfer the accumulated bonus to your new insurance policy.
2. Opt for voluntary deductibles - A voluntary deductible is an amount that you agree to pay at the time of a car insurance claim. This is decided at the time of policy purchase. Opting for higher voluntary deductibles can bring down your motor insurance premium. But exercise caution while stating extremely high values as you will have to pay the promised amount at the taxing time of a claim.
3. Install security devices - If your vehicle is installed with a security device approved by the Automotive Research Association of India (ARAI), you will receive a discount on car insurance premium. This is because such vehicles have a good security system and are hence, less prone to thefts.
6 Factors to Consider while buying a New Car Insurance:
In India, most car owners buy a car insurance policy because it is an obligation. People, in general, do not compare car insurance policy and base their buying decision based on the low premium cost. This often leads to having inadequate coverage. Buying car insurance must be given equal importance to buying a car itself. So, if you own a car, you must be aware of the different aspects of car insurance and compare the different products available in the market before making a purchase decision. If you are a first-time car insurance buyer, understanding the nuances of car insurance will help you get sufficient coverage and enjoy better benefits.
- Having third party insurance is mandatory
- Look for a comprehensive cover
- Insured Declared Value
- Services offered
- No Claim Bonus
- Additional covers
Today, comparing car insurance quotes is easier than ever before; you can compare the quotes online. You can get quotes from as many companies as you want with just click of a button and choose the best policy and the insurance company that caters to your specific insurance needs.
FAQs in Car Insurance Online
How to Renew Expiry Date Of Car Insurance Online?
There is a concept of Grace period in every car insurance policy. If you are unable to pay the premium before the expiry date, then the insurance company would give you a grace period of a maximum of 30 days to pay the car insurance renewal premium.
If the premium is paid before the grace period the policy would be in force and all the conditions satisfied under the policy would remain intact. If you do not pay the renewal premium after the expiry of the grace period, the policy would lapse or voluntary deductible, and all the bonuses collected would be expired.
How to Pay Car Insurance Online?
It is known easy to pay Car Insurance Online the claim amount or claim process with net banking, debit, or credit cards, you can pay in your comfort of home. Make sure with fraudsters after completion of buying car insurance our customer service will support you to the further needs. Please verify our portal and get the customer care number talk to our agent if any queries.
Is Car Insurance Online Safe?
When you drive your car through some areas which will occur accidents theft happen person can ensure your claims-free instantly online. You can buy or renew car insurance online safely with PolicyBachat.
However, make sure to buy car insurance online from an IRDAI registered car insurance company only. The IRDAI issues a registration number to every car insurance company that acts as proof of the company's genuineness and originality. If you follow this particular questionary it is easy and way safe to purchase car insurance online.
Conclusion:
Buying a car insurance policy is not as hard as it may seem. Following the tips mentioned above can immensely help you choose the right plan online. Now that you are aware of things to consider when buying car insurance in India, make an informed decision and purchase a best-suited plan. Do not fall for mere gimmicks. Know the policy in and out. Call customer support if needed.