Car insurance is a vital aspect of owning and driving a vehicle in India. It provides financial protection against any damage, loss, or third-party liabilities that may arise due to accidents or unforeseen events. Traditionally, customers would have to visit insurance agents or companies to buy car insurance policies. However, with the increasing penetration of the internet and the rapid digitalization of the insurance industry, it is now possible to compare and buy car insurance policies online in India.
In this article, we will explore the benefits of buying car insurance online, how to do so, and what factors to consider while choosing a policy. We will also discuss the challenges that customers may face while buying car insurance online and how they can overcome them. Overall, in 2023, comparing and buying car insurance policies online in India is the best option for customers due to its convenience, cost-effectiveness, and transparency.
A motor insurance policy is a security to your vehicle against man-made or natural disasters. As a motor car is your long-term asset a small investment in your car might save you from unfortunate accidental damages. Repairs and replacement costs for the new vehicle are pricey, an insurance company will bear the risk of accidental claims. A motor insurance policy is made mandatory by Govt. of India to keep a copy of the insurance policy renewal handy while driving.
Benefits of Buying Motor Insurance Policy Online:
Overall, buying motor insurance policies online in India offers several benefits to customers, making it a popular and convenient option. The following are some benefits of buying motor insurance policies online in India:
- Quick and Hassle-free
- Zero Paperwork
- Quotes Comparison.
Why it is Important to have Motor Insurance Policy?
Motor insurance is crucial for vehicle owners in India for the following reasons:
- Legal Requirement: As per the Motor Vehicles Act, of 1988, it is mandatory for all vehicle owners in India to have a valid motor insurance policy. Driving a vehicle on public roads without a valid motor insurance policy can lead to legal penalties.
- Financial Protection: Motor insurance policies provide financial protection to vehicle owners against damages or losses caused by accidents, theft, fire, and other unforeseen events. It covers the cost of repairs or replacement of the vehicle, as well as third-party liabilities in case of accidents.
- Peace of Mind: Motor insurance policies offer peace of mind to vehicle owners, knowing that they are financially protected against any unforeseen events that may cause damage to their vehicle or third-party property.
- Third-party Liabilities: In case of accidents, motor insurance policies also cover third-party liabilities, including bodily injury or death and property damage. This protects vehicle owners from potential lawsuits and financial losses.
In summary, motor insurance is essential for vehicle owners in India as it provides legal compliance, financial protection, and peace of mind in case of unforeseen events.
What to consider before buying a motor insurance policy?
Before buying a motor insurance policy online in India, customers should consider the following factors:
- Coverage Options: Customers should evaluate the coverage options provided by different insurance policies and choose the one that best suits their requirements. They should check the inclusions and exclusions of the policy and ensure that it covers all the potential risks and damages.
- Premium Rates: Customers should compare the premium rates offered by different insurance policies to choose the most cost-effective option. They should also check for any discounts or offers that may be available.
- Insurer's Reputation: Customers should research the reputation of the insurance company they are considering purchasing the policy from. They should check for customer reviews and ratings, claim settlement ratio, and financial stability of the company.
- Claim Settlement Process: Customers should evaluate the claim settlement process of the insurance company, including the turnaround time for claim settlement, ease of the claim process, and the documentation required.
- Customer Support: Customers should check the customer support offered by the insurance company, including the availability of online support, toll-free numbers, and other communication channels.
- Additional Benefits: Customers should check for any additional benefits provided by the insurance policy, such as roadside assistance, personal accident cover, and no-claim bonus.
By considering these factors, customers can make informed decisions about the motor insurance policy they want to purchase, ensuring that they get the best coverage and value for their money.
Types of Motor Insurance Policies:
In a major, there are 3 types of car insurance policies where a policyholder can claim from carriers.
- Third-party cover: Policyholder can raise a claim against the property damage caused to the third party, third party damage includes third party injury/death and third party liabilities property total loss.
- Own damage: Damage caused due to an accident can get claimed by the general insurance company. The claim amount may vary depends on the policy you choose. A comprehensive insurance policy protects you from damages caused due to floods, earthquakes, theft, riots, terrorist attack, and other natural calamities.
- Personal accident cover: This coverage is helpful for the policyholder in case of an accident while you are in drive. All medical expenses and the expenses incurred for surgeries, hospital charges will be claimed by the policyholder.
Get a bumper to bumper add-on to include in an insurance policy for your brand new, compare car insurance price quotes from unbiased web aggregators online, and opt for the right insurance policy with a lesser premium quote.
Tips to make your Motor Insurance Premium Cheaper:
There is a push-up for the insurance costs. Now is not the time for a cheaper insurance price, but for 100% protection, you must invest more bucks. Buying a comprehensive cover might be economical but the complete security of your car is not guaranteed. We suggest going for better coverage car insurance plans to ensure the security of your dream motor and we give some tips to bring down your insurance policy premiums.
- Buy necessary: It is always recommended to crosscheck your auto insurance coverage plans. Remove all the excess coverage from your car insurance policy to reduce your car insurance premiums.
- Use NCB: If you are a safe driver, you might have benefitted from the No Claim Bonus. To reduce your auto insurance premiums use this NCB in your current insurance policy. Ask your car insurance company for NCB inclusion within your insurance plan.
- Sufficient Information: You are always advised to fill the documents with sufficient information. Your insurance company calculates your insurance premium based on this information. So, make sure to give accurate and complete information about your car and your driving history. Incorrect information will always land you in trouble.
- Memberships: Do you know you are a member of any automobile associations like AAI or any other affiliates that will gain you discounts on your insurance premiums? Before signing up for a policy ask your motor vehicle insurance company about the discounts entitled with membership cards.
- Add-ons: To improve your coverage options add additional coverage plans for your insurance policy. These additionally bought coverages will shield your dream motor completely from unforeseen situations.
Employ these premium reduction tips while shopping for an insurance policy and pay little for more coverage. Loss or damage to the car due to wear and tear is not covered under your car insurance policy.
Factors to consider While Buying Motor Insurance Online in India:
These are all important factors to consider while buying motor insurance online in India. By considering these factors, you can make an informed decision and select a motor insurance policy that provides adequate coverage and benefits at an affordable price. Here are some details about each factor:
- Policy coverage and benefits
- Claim settlement process and customer support
- Discounts and add-ons
- Credibility of the insurance company.
How to Buy a Motor Car Insurance Policy?
Before buying the policy firstly, a policyholder should compare the car insurance quotes from top companies to conclude the best car insurance online. PolicyBachat.com is the right destination to compare numerous insurance quotes in one place. Buy/Renew your motor insurance policy online and save big!
- Go to compare car insurance quotes online at PolicyBachat.com
- Fill in the required details and select your Car Model & Variant, RTO Location, Registration date, and Email address.
- Click on “START SAVING MONEY”.
- Choose between a Third-Party Liability Only and a Standard Package (Comprehensive Insurance).
- Premiums with different insurance companies are displayed with low premiums
- Select required Add-ons/Riders and discounts, or you can Edit Policy Details as per your requirement
- After that fill in the ‘vehicle owner details and personal details’.
- Purchase the best Car Insurance Policy using online payment
- If any queries are raised call: 1800–123–4003.
Compare & Buy Motor Insurance Policies:
||Additional Discounts & Covers
|1 Year Comprehensive
- Tyre secure, 24x7 roadside assistance, and key replacement.
- NCB & Commercial Discount
|1 Year Third Party
||Tyre secure & Roadside Assistance
|1 Year Comprehensive with OD Discount
||Tyre secure & Roadside Assistance
||Rs. 10, 713
|1 Year Comprehensive with 24x7 Roadside Assistance
||Tyre secure & NCB discount
||Rs. 17, 212
|Own Damage Coverage
||Tyre secure & Roadside Assistance
|Personal Accident Cover
||Tyre secure & NCB discount
*The Above-mentioned values are for user reference purpose only. For exact readings, compare car insurance quotes online at PolicyBachat. *
In conclusion, buying a motor insurance policy online in India offers many benefits, including convenience, cost-effectiveness, customization, instant policy issuance, and paperless transactions. By considering factors such as policy coverage and benefits, claim settlement process and customer support, discounts and add-ons, and the credibility of the insurance company, you can select the right policy for your needs. With the increasing use of the internet and digital platforms, the future of motor insurance purchases in India is likely to see a shift toward online purchases. However, some customers may still prefer traditional offline methods. Ultimately, the choice of whether to buy a motor insurance policy online or offline depends on your personal preferences and requirements.