Online comprehensive car insurance provides superior protection to your motor vehicle. Since the law mandates third party liability cover, comprehensive insurance also covers third-party risks. In the era of the online market, one can look up various insurance policies available and choose the policy that suits one the best. Buying a car insurance online is regarded as a ‘hassle-free’ process, owing to its multiple benefits.
Why online car insurance is a good option?
Online car insurance providers display the relevant details of the offering on their website. Some even offer advice online on how to go about choosing the policy that suites one the best. They brief the customers on various car insurance terminologies such as Insured Declared Value (IDV), no claim bonus, add-on covers, zero depreciation cover and so on. They also provide the factors on which the premium is calculated such as car model, cubic capacity, age of car etc and the appropriate taxes that are levied on the premium amount. Some may even offer tips to save on car insurance policy premium. Hence while looking for car insurance online make the insurance provider is providing you the above mentioned details to facilitate you in choosing the plan that is best for you. Apart from the insurance providers, several insurance web aggregators like Coverfox.com also assist in comparing online car insurance plans of companies on various parameters mentioned previously.
The benefits of searching, comparing, choosing and buying online car insurance can be summarized as follows:
- The offline process of buying car insurance involves calling up insurers several times and making several trips to the agent in order to confirm the policy benefits. With online car insurance once can easily compare the quotes online, choose the best policy and finally buy the policy by following a few easy steps.
- Online car insurance also helps the buyer to compare available policies using reviews of other policyholders.
- Online car insurance companies offer a good deal for e-buyers. Buyers can easily pay online securely using debit card, credit card or through net banking. The policy is issued instantly thus eliminating the need to visit the insurance office. Also policy documents can be accessed online anytime without having to visit the insurer or an agent.
- Systematic and timely email reminders are sent regarding renewal and next premium date.
- A 24/7 online customer support is present for any queries on the insurance.
The process of buying online car insurance
Two types of risks are covered in ‘comprehensive car insurance’. The principal risk covered by the insurer is the damage (minor/major accidents, thefts etc) caused to your vehicle. The other risk is the damage caused by you to other vehicles, called third-party coverage. It is a mandatory coverage that a car owner should buy in India.
- According to Indian road safety act and Indian motor vehicles act, 1988 buying third-party insurance coverage is compulsory for every vehicle owner. In general, this policy is provided by the dealer; however, one gets to compare them and choose according to the purpose.
- Perform an extensive research online before settling for the cover. Single out the comprehensive online car insurance which benefits you in case of damages caused to the motor vehicle in an event of accident, theft or fires. The following points need to be considered during your research.
- IDV: Insurance Declared Value is the maximum assured amount provided by the insurer owing to loss or theft of a vehicle. Select an insurance company that offers best IDV at right premium cost.
- No claim bonus: When no claim is made during the policy period, a discount offered on the next renewal premium. This is called no claim bonus. Ensure that insurance company offers a significant discount as no claim bonus.
- Add on covers: Ensure that online car insurance company offers a wide range of add on covers
- Savings on premium: Check with your insurer as to how you can save on car insurance premiums. Normally premiums can be saved by becoming an AAI member, installing security devices in your car etc.
- The other important tool to be compared is ‘Claim Settlement Practice’. Make sure your insurer has a good feedback with respect to their claim settlement procedure.
- Get quotes from different insurers for the selected comprehensive online car insurance. Select a budget-friendly online car insurance plan which covers the essentials.
- Complete the online formalities and make the payment to avail the online car insurance policy instantly.
After buying the car insurance, renew it at regular intervals to avoid paying a higher premium in case of significant lapse time. Ensure the details received by the insurer coincide with the information available in the web. The ultimate target is to obtain a complete cover for the motor vehicle.