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Fincash » Insurance » How to Buy Car Insurance Online

How to Buy Car Insurance Online?

Updated on September 27, 2022 , 9618 views

E-commerce has impacted our buying preferences and consumption habits in many ways. Looking at such trends, different financial products including insurance, are going digital and creating a strong online presence.

car-insurance-online

According to sources, recent trends state that 24 percent buyer prefer to buy car insurance online. Also, the willingness of consumers to renew a policy, collect prices and compare Car Insurance Online is soaring high day by day. However, before buying car insurance online it is important for you to look at the right parameters to evaluate the different car insurance quotes and get the best car insurance policy.

Benefits of Buying Car Insurance Online

Helps you save cost

Buying four wheeler insurance online, helps you get discounts, which are often offered by the car Insurance companies while buying. Hence, you can get a very cost-effective deal online.

Easy and convenient

Buying car insurance online takes less time compared to the conventional method, which makes more a convenient and quick way to buy a policy.

Premium renewal reminders

You get premium renewal reminders in advance for your policy.

Multiple quotes

This is one of the biggest advantages of buying car insurance online. You can collect quotes from different insurers and choose the one that suits you the best.

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Features of Car Insurance

1. Risk coverage

Car insurance covers risk against the damages by man-made disasters like fire, riots, theft, etc. It also offers cover against natural disasters like earthquake, flood, landslide, etc and damage during transit, etc.

2. Premiums

The premiums for car insurance are decided on the Basis of:

  • The type of vehicle, model number fuel type, capacity, etc
  • City
  • Age and profession
  • Accessories added or any modifications made in the policy

These factors help in determining car insurance quotes which you are required to pay to buy the policy.

3. Add-ons

Add-on feature allows you to opt additional or extra cover to get protection against the risks that may not be covered under the standard policy. Some of add-ons are no claim bonus protection, accident hospitalization, zero Depreciation, cover for co-passengers and driver, etc.

4. Tenure and claims

Today all most all insurance companies have gone online, so the process of claims and renewals has become quick and hassle-free. An insurance policy is valid for a year after you have to renew. The claim settlement process has also been simplified by reimbursement or cashless services.

Why Getting your Four Wheeler Insured is Important?

Reduces the cost of damage

Car insurance is a great way to reduce the cost of damage during serious incidents. The policy reduces the cost of damage caused to the vehicle, cost of repair, legal liabilities, loss of life, hospitalization cost, etc.

Reduces your liability

Third-party liability cover is mandatory in India. It covers you against the legal liability for an accident, injury or death caused to any third party by you. For instance, if you happen to cause an accident to another driver or damage to other person's property, then the insurance will pay for their treatment. This will save you from the legal repercussions of the case.

Relieves mental stress

What can be better than having a stress free drive? Having a car insurance policy gives you peace of mind by supporting financially for unfortunate events.

Tips to Buy Vehicle Insurance Online

Consider these following factors before purchasing Motor Insurance online.

1. Get multiple car insurance quotes

It’s always a good idea to get multiple car insurance quotes from reputed car insurance companies. You can make a list of quotes, compare them, and select the one insurer who offers the maximum benefits at an affordable price.

2. Compare car insurance

The best part of online car insurance is that you can compare the policies that different insurers have to offer. Depending on your car model, date of Manufacturing and engine type, i.e. Petrol, diesel or CNG, you need to understand what covers are required for your car. Apart from this, check the availability of optional coverage such as roadside assistance, Personal Accident covers for driver & passengers and no-claim bonus discounts. Doing an effective car insurance comparison helps you in getting a quality plan from the top insurers.

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3. Use car insurance calculator and buy smartly

When buying car insurance online, you may need to use the car insurance calculator. It is a valuable tool that helps you get the best car insurance plans on the basis of your specifications. You can also compare car insurance quotes by using this tool. The car insurance calculator helps a buyer to evaluate their needs and get an appropriate plan.

While using car insurance calculator you may need to fill the following details, which will determine your car insurance premium:

  • Age and gender
  • Car make, model and variant
  • Insurance company
  • Fuel type
  • Year of Manufacture
  • Anti-theft discount
  • No-Claim Bonus

Best Car Insurance Companies in India 2022

Some of the reputed car insurance companies that you need to consider while buying a plan are:

1. National Insurance Company Limited

Motor insurance by National Insurance Company safeguards you against accidental damage, loss, injury or theft of the vehicle. It also covers against third party legal liability for bodily injury or property damage.It also provides Personal Accident cover for owner driver/ occupants of the vehicle.

The owner of the vehicle must be a registered owner to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or freedom from liability and stands to lose by any loss , damage , injury or creation of liability.

2. ICICI Lombard General Insurance Company Limited

ICICI Lombard Insurance offers a Comprehensive Car Insurance policy, which is also known as motor package insurance. The plan helps you to save money when your car is damaged in an accident or natural calamity. It also covers your vehicle against theft and burglary, and third party liabilities as well.

ICICI car insurance policy stays with you on the right side of the law and be covered against car damages, helping you to drive worry-free. It offers an affordable premium.

3. Royal Sundaram General Insurance Company Limited

Car insurance offered by Royal Sundaram helps you be prepared for the unforeseen. It covers you by a personal accident cover for a minimum of Rs.15 lakh. It also protects your car against loss or damage due to theft or accident. In case you are in an accident involving a third party, the car insurance plan also covers financial liability for damage to their property.

The key features of Royal Sundaram Car Insurance is the fast-track claims in less than 5 days.

4. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz Car Insurance helps you with a seamless process. It protects you from financial damages caused by unforeseeable circumstances like accidents, theft, and even natural calamities. The car insurance plan policy covers the damages caused to life and property of individuals, other than you. The other most common form of insurance by Bajaj Allianz is Comprehensive Car Insurance. It helps you cover majority of the liabilities such as damaged in a social unrest, natural calamity, or even gets stolen in a case of theft.

5. Reliance General Insurance Company Limited

Car insurance by Reliance protects you against losses incurred if your car gets damaged from unforeseen events like an accident, theft, natural or man-made disaster, such as floods, typhoon, hurricane, tsunami, lightning, earthquake, landslide, etc., are covered. The plan also provides third party liability, which acts like a financial shield in case any damage is done to a third-party person or property.

Conclusion

As you know, Motor Insurance is no more a choice now, it is mandatory! Ensure you pick the right plan and renew before the due date for a stress-free drive. The aforementioned tips will surely help you choose the most suitable car insurance plan online.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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