Best Way To Buy Car Insurance Policy- Local Agent or Online
Choosing the cheaper car insurance policy with optimum benefits isn’t so simple. A dilemma for policyholder whom to opt local insurance agents or online insurance? Find out which is the best ideal choice to ensure your policy. The comparison of online policy and agent policy gives you the ideal to configure yourself.
You can buy a car insurance policy in online or offline mode but the premium to be paid is less in the case of online car insurance when compared with the offline modes. This is due to the fewer administrative charges involved with online purchases. Some other benefits of the online policy are listed below make a look before buying the car insurance policy.
Buying Car Insurance Online is Worthy
E-commerce market has soared high in the past three years gaining millions of consumers. This digitalized insurance marketing is easy as well as cheap. Consequently, insurance market too joined their hands with e-commerce business to improve their sales strategies at the same time making the insurance process less complicated. Car insurance online marketing has benefitted the most with this development. The process of insuring is not only made easy but also the car insurance renewal process became fast.
Online car insurance India platform has introduced car insurance calculator, a very productive tool where the consumer is given a simple form which asks for some basic information about the motor that is going to be insured and straightaway displays varied insurances policies based on the customer preferences with a single click. This facility of car insurance calculator has made the process of shifting insurers and car insurance renewal uncomplicated. In a word, acquiring insurance online is convenient, fast and usually cheaper.
Prominent insurers market their car insurance policy with catchy ads like “Buy car insurance policy online at lower premiums” or “Renew car insurance policy with additional bonuses” where the consumer gains additional benefits or discounts on the premium. Additionally, policy distribution efficiency also affects the final prices of insurances.
The biggest benefit that a consumer gets through online platform is the single step car insurance policy comparisons, which aids in weighing the pros and cons of the policy. This process also benefits the consumer with the reviews of other buyers who are benefitted through the process. Buying car insurance online yields many benefits as
- Online car insurance India is not limited only for sale. They manage to provide certified insurance assistance to the consumers who are trying to buy insurance after comparing the policies from their car insurance calculator.
- Car insurance India is not only offering offline assistance the consumer but also facilitating them with online assistance process where the insurance support team guides the consumers who are buying car insurances or trying for car insurance renewal.
- Online car insurance has significant benefits when compared to offline policies in terms of saving premiums as one can benefit instant gratifications or benefits provided through online transaction.
- This process additionally saves the expenses on the brokerage charges occurred during offline transaction.
- Car insurance calculators are a single click away to get varied insurance plans from different insurers.
On a final note, car insurance online or car insurance renewal processes are heading forward with the implementation of online car insurance calculators benefiting the consumers by offering value for money. The online purchases of car insurance India are not only simple and easy-to-use but also offer secure transactions.
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
- Online Insurance
- Stress-free Claims
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: Before you start looking for the best car insurance and the best insurance company, assess your needs and know the type of policy you want. In India, there are two types of car insurance policies – Third-party Insurance and Comprehensive Insurance.
Compare the plans: Once you are sure about the type of car insurance policy you need, it is a good practice to compare the plans from different insurance companies before making the purchase decision. You must compare the plans in terms of the sum insured, inclusions and exclusion of the policy, type of add-ons offered, claim process, deductibles, etc. Choose a plan that is cost-effective for the premium you pay.
Ask about the add-ons: Add-ons or Riders are additional coverage options that you can purchase by paying an additional premium. The riders widen the scope of the policy and provide coverage against specific damages that are not included in your usual plan. You must ask the insurer about the add-ons offered and choose the one that best suits your needs. However, you must know that add-ons are available only to comprehensive insurance policyholders.
Check the claim process: One of the primary objectives of purchasing a car insurance policy is to get immediate financial assistance in the event of an accident. So, it is paramount that you choose an insurance that has an easy and quick claim process. The last thing you would want during an emergency is going through a complicated procedure to get compensation for the losses.
Know about the claim settlement ratio of the insurer: Not many car insurance buyers understand the importance of claim settlement ratio (CSR). You must check the claim settlement ratio before finalizing the insurer. The CSR indicates the number of claims the insurer has successfully settled against the number of claim applications they received in one year. It is better to purchase a policy from a company that has high CSR, as it would mean that you have better chances of getting your claim approved.
Never provide any wrong information: A lot of first-time car insurance buyers tend to provide incorrect information about their age and driving history to reduce the premium amount. But such practices can prove to be a costly mistake at the time of filing a claim. If the insurer finds the information is misleading, your insurance will be cancelled. So, it advisable to be honest and provide accurate details in the application form.
Be aware of the policy terms and conditions: Last but not the least, before you sign the policy documents, you must take your time to read the terms and conditions carefully and check if the terms are favorable and meet your needs. This is a critical step to avoid any legal hassles at the time filing a claim.
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.
Benefits of Online Policy:
Paperless Process: A car insurance policy purchased online involves Zero paperwork. To begin with, the proposal form is filled digitally and the scanned copy of any required documents is submitted to the insurer online. Moreover, the soft copy of the policy document is sent to your registered email id once the policy has been issued to you. As a result, online purchase of car insurance does not require any filling because everything is done digitally by entering the details easily.
Comparison: One of the best things to purchase car insurance online is that you can compare different car insurance quotes online for free of cost with PolicyBachat. Policyholders can compare the quotes online and can choose the right policy by comparing prices with the benefits availed. The online comparison is the hassle-free process to know all the insurance companies in India under one roof.
Assistance: The customer can call our support team for any queries and further support in filing a claim process. This is the most relaxed process to get your claim settled. The customer call service team provides 24/7 support assistance to avoid any discrepancies.
Competing prices: Online portal gives the competing prices than offline; the reason might be the carrier does need not to pay for the agents as a part of the commission. Insurance companies have their pricing strategies varies from their competitors, this is the reason in boom car in an insurance policy. This insurance policy lets users know the right insurance policy online to generate the policy.
Fraud: There are zero fraudulent acts in online policy; everything is transparent in an online car insurance policy. Secured payment gateway with digitally signed copy helps you to get rid of a tedious process. In offline policy there might be fraudulent acts as an agent can influence policyholder to get higher premium without any additional benefits involved. In online policy, the payment method is not transparent and there might be a chance of cash embezzlement.
More Economical and Convenient: Buying car insurance online is more economical than buying it offline. When a car insurance company operates online, its overall cost reduces. Car owners buy the policy online themselves which eliminates the need for an insurance agent to enroll customers.
You can simply apply for car insurance any time of the day as the internet is at your needs all the time. Moreover, you can also pay the premium online using your bank cards or internet banking.
Instant Policy Issuance & faster process: When you purchase a car insurance policy online, your policy is issued to you almost instantly. You don't have to wait for days to receive your policy document. All you need to do is fill up a few basic details about your car and your contact details from the comforts of your home and you can get your policy in no time.
Benefits of Offline Policy:
Personal relationships: The agent can make a personal relationship with the policyholder, he visits the client's place frequently to help him purchase the insurance policy. At the time of the claim, the settlement agent will help the policyholder to get the claim smoothly. While taking car insurance renewal it is important to select the correct agent who can assist you even after the sale. We at PolicyBachat have a dedicated team of agents and a separate team of agents to assist you with the claim settlement.
Sum assured: Offline insurance agents provide higher Insured Declared Value idv for a lower premium. The amount of sum insured defines the premium calculation for your vehicle. Sum Assurance guarantees financial coverage in case of loss due to a certain event; such as death.
The event is certain to happen at any time during the policy period where the insurance coverage is applicable. The certainty of happening is covered under the term sum assurance.
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.
How Is The Premium Decided?
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.
How to configure?
To confirm the right insurance policy select the right carrier from the given quotes and compare the policy with your insurance agent, crosscheck the benefits of both the car insurance plans and buy the best policy. Mostly, the online policy gives you the best value for money policy as it hindrances the agent commission.
In a nutshell, declare all your correct details in the required fields avail the policy legally for easy number of claims. The online policy is convenient, transparent, legal with a fast document process. Make yourself comfortable by purchasing a policy online, further all your queries will be answered through our toll-free number: 18001234006/ 18001234003.
Compare the quotes by different insurance companies while looking for types of car insurance online and pick the one that provides more benefits at a lower price. We provide the best insurance companies include Bajaj Allianz, IFFICO TOKIO, HDFC ERGO, Bharti AXA, and a lot more companies that provide low premiums.
Please Visit Our Portal to compare car insurance policies from different car insurance companies and select the best car insurance policy which fits all your requirements.
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.
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.