5 Stages Of Buying Car Insurance Policy Online In India
Today, buying a car insurance policy has become easier with the availability of internet. You can easily get an insurance coverage for your car from the convenience of your home by purchasing the plan online. These days, you can buy your policy using a computer or even a smartphone in just a few clicks.
Buying Car Insurance Online - Process
Below are the five stages which you need to go through while buying a car insurance policy online in India.
Step 1: Assessment of Own Requirement
Before you make any decision on purchasing a car insurance policy you should know that there are three types of insurance policies available in the market. The first one is a third party car insurance policy which is the minimum compulsory requirement for all cars plying on roads in India. Third party liability only insurance policy covers the damage/expenses of the third party including property damage, bodily injury and death and is the minimum insurance coverage offered by insurance companies.
The second is a comprehensive car insurance policy. This type of policy offers total coverage of expenses on personal damage, theft, vandalism or natural calamities in addition to third party liabilities.
The third is a standalone own-damage insurance policy which provides coverage against own damages incurred to an insured’s car. This policy does not provide any third party liabilities.
Thus, a car owner needs to first ascertain what kind of insurance plan he/she wants and then check which policy best suits their requirement.
Step 2: Comparison of Different Available Plans
The next step is to compare the different available plans on the basis of your requirements. You should compare the plans on the basis of coverage, premium, strength of cashless garages network among other factors. To compare different policies and their premiums you can visit our platform, the Insurance Dekho website and a policy issued in just 5 minutes.
Step 3: Selecting Necessary Add-ons
Car insurance add-ons refer to additional covers which enhance the protection of a standard insurance policy. These add-on benefits are available only with comprehensive and standalone insurance policies. The following are the common add on benefits you should consider for better insurance coverage:
- Zero-Depreciation cover
- Engine Protection
- Roadside Assistance Cover
- Consumables Cover
- Licence Loss Cover
- EMI Cover
- Personal Belongings Cover
- Tyre Cover
- Lifetime Road Tax Cover
- Lock and Key Cover
- Registration Certificate Cover
You can read about them in detail here.
Step 4: Ascertain Correct IDV of Your Car
Be sure to check the insured declared value (IDV) of your car and make sure the amount is comparable to the market value of your car. The IDV of your car will depend on the age of your car. A six-month-old car has an IDV depreciation rate of 5%, whereas a six-year-old car will have an IDV depreciation of 50% or more.
IDV plays an important role in calculating the Own Damage premium amount. The IDV is paid to the consumer as reimbursement if the insured’s car is beyond repairable damage or in cases of theft.
Step 5: Make the Purchase
This is the final stage of enrolling your car for a policy. The process of applying for car insurance online policy purchase is simple. You will be required to furnish your personal details like your name, address, age, occupation and the vehicle’s details like make, model, the engine’s no, chassis no, RTO, seating capacity and more. Once the vehicle is assessed through the online process you can then complete the payment and register a policy for your car.
Buying a car insurance policy online is a hassle free process and takes not more than a couple of minutes to get completed. The process is transparent and several insurance companies provide attractive premium rates while offering plans online.
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Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.