February 17, 2024
Car Insurance Online

There is a contract between a car owner and a general insurance company that sets out the terms of a car insurance online policy or motor insurance policy. According to the contract, the insurance company is supposed to protect the owner of a car from any financial losses that might be incurred as a result of an unfortunate incident that may occur as a result of the car. 

Read: How to File a Car Insurance Claim with Easy Steps

Type of New Car Insurance

Depending on the level of coverage, there are three different types of auto insurance policies: Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance. To continue enjoying the benefits of these policies, policyholders should renew their auto insurance on time.

1- Third-Party Car Insurance

In India, it is required by law to have this policy. If the insured’s vehicle causes an accident that injures a third party, then the third-party car insurance is designed to provide financial recompense. Additionally, third-party auto insurance is a requirement for all drivers. However, if the insured’s vehicle is harmed, there is no coverage.

2- Standalone Own-Damage (OD) Car Insurance

As the name suggests, Standalone Car Insurance provides cash compensation in the event that the insured’s vehicle is damaged. Third-party auto insurance is another option for purchasing this kind of auto insurance policy.

3- Comprehensive Car Insurance

It is not necessary by law to purchase this policy. However, because of its major advantages over the basic plan, it is advised to choose a Comprehensive Policy, especially while shopping for new auto insurance online. Mandatory insurance protection is part of a Comprehensive Policy. Additionally, it covers theft and damages (causes of accidents, etc.) to your vehicle. Also, you can add a number of riders to this plan, such as 0% depreciation cover, roadside assistance cover, and more to further increase the advantages of this plan.

Benefits of Online New Car Insurance Purchases

A car insurance policy that is offered online instead of through the car dealer can be of benefit to you in the long run. The advantages of choosing this option are as follows.

  • Good Decision

When you get vehicle insurance online, you can quickly compare coverage and choose a plan that is best for your needs. In the case of insurance given by the dealer, there is no such option.

  • Save cash

Dealer-insurer alliances frequently include agent commission and may raise the policy’s final cost. Go online instead of through a dealer to avoid paying commission.

  • Stay informed

By carefully reading the policy’s features, coverages, and exclusions, you may insure your automobile online with confidence. The more you understand about auto insurance, the better it will be for you in the long run.

How To Buy New Car Insurance Online?

The following are some of the procedures you must take to enroll in a new car insurance plan online:

  • Research

It’s crucial that you thoroughly enquire about the various auto insurance packages that India’s auto insurance providers are offering. Check the plan’s coverage, customer support, premiums, and pricing while conducting your research.

Check the plan’s coverage, customer support, premiums, and pricing while conducting your research.

  • Choose the Car Insurance Plan Type

The kind of car insurance policy you need to buy, such as Comprehensive Car Insurance, Third-Party Car Insurance, and Standalone Car Insurance, must also be decided.

  • Keep your papers nearby

Your vehicle registration certificate, the specifics of the vehicle’s model, your driver’s license, your identity documents, and other related documents should all be kept on hand for your car insurance plans.

  • Choosing the Add-Ons

To your convenience, you may also add various add-ons to your car insurance coverage.

  • Setting the IDV

The IDV, or insured declared value, is the sum that your insurance company will pay out if your car is destroyed. You must calculate the IDV in accordance with how the IDV would affect the auto insurance plan’s premium.

  • Make the Payment

Now that you have entered all the necessary data, you can finally pay the premium for the auto insurance policy you have chosen. The payment may be made using UPI, debit cards, credit cards, and others. 

Popular Add-Ons in Car Insurance Plans

You can easily add a variety of add-ons to your auto insurance policies to increase your coverage’s advantages. The most common add-ons for vehicle insurance plans are listed below:

  • No Claim Bonus Protection Cover

Policyholders who have never filed a claim are granted a No Claim Bonus, or NCB. This kind of bonus is accrued annually, but it expires if you file a claim. However, you will be able to preserve your no-claim bonus with NCB cover.

  • Zero Depreciation Coverage

Your car’s value and the value of its various components both depreciate annually. You can therefore get Zero Depreciation Cover and lose-protect your vehicle to avoid this depreciation.

  • Consumable Cover

A consumable cover reimburses you for the cost of consumables like nuts and bolts that are needed to repair the car.

  • Roadside Support Cover

If your car breaks down, needs to be towed, or runs out of gas, the Roadside Assistance Cover will offer you roadside assistance services. Adding Roadside Assistance Coverage to your auto insurance policy is advised.

For First-time Buyers Checklist for Car Insurance

The following is a list of items you should do or have on hand when getting vehicle insurance for the first time:

  • Car Specifics

The only information about your car that exists is its registration number and engine size. The size of the engine plays a significant role in determining the cost of the insurance premium.

  • Zero Depreciation Coverage

Your car’s value and the value of its various components both depreciate annually. You can therefore get Zero Depreciation Cover and lose-protect your vehicle to avoid this depreciation.

  • Consumable Cover

A consumable cover reimburses you for the cost of consumables like nuts and bolts that are needed to repair the car.

  • Roadside Support Cover

If your car breaks down, needs to be towed, or runs out of gas, the Roadside Assistance Cover will offer you roadside assistance services. Adding Roadside Assistance Coverage to your car insurance policy is advised.

  • Insured Declared Value (IDV)

This represents your car’s current market worth. Refer to the following table to determine the rough value:

  • Deductions

You must pay a mandatory deductible from the claim’s total cost. Voluntary Deductible is another option, however, you must reveal this sum when you buy the coverage.

  • Calculator and Comparison

It is with the help of technology that you may compare car insurance policies and figure out the cost of the premiums before buying a policy. To determine your car insurance rate, use an online premium calculator.

  • An insurance provider

Select an insurance provider that offers appropriate post-purchase support. Online user reviews are one approach to learning more about the services. Once you’re pleased and satisfied, choose your insurer.

  • Payment Information

During the process of purchasing the policy online, you will be asked to provide your payment information, which includes your account number or customer ID, password or ATM pin, and a One Time Password (OTP), if you choose to do so. Take note of this and insure your vehicle.

Conclusion

Hence, by following the above-mentioned steps, you will be able to acquire a new car insurance plan with ease. If you like the post then you can share it with others thanks for reading this post.

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