Are you planning to purchase vehicle insurance for the very first time? It is very important to insure your car at the earliest as it is obligatory as per the regulations of the Indian Motors Act, 1988. Whether you intend to purchase online car insurance for a new or second-hand vehicle; or wish to renew the coverage for your old one; you may like to go through some sound steps to get the best deal. Here we help you take a quick look at some of the important guidelines for purchasing auto insurance in India.
Processes Involved in Applying for an Online Car Insurance Policy
These days, it is very easy to compare, buy or renew car insurance online. Coverfox.com and other insurance comparison websites will help you buy the policy you need. Given below are the steps that you need to follow to get the highest coverage at a low premium.
1. Compare Policies
At the very onset, you need to know your car insurance needs and the amount of premium that you are comfortable spending at this stage of your life. Once done, browse through the various types of auto insurance plans available for sale online on the insurance comparison portal of your choice. It is essential to figure out the best car insurance online policy for yourself by comparing the features, the scope of protection, IDV, claim settlement ratio of the insurance company, and related factors of comparison.
2. Select Add-Ons
Once you have decided upon the car insurance that fits your bill, the next step pertains to estimating the add-ons and premium amount for the same. Insurance portals present helpful premium calculators to facilitate your buy. In case you need full protection for your car, and personal coverage as well, it makes sense to opt for comprehensive online car insurance rather than third party liability car insurance only. It is equally essential to go through the list of add-ons provided by the plan selected by you and choose only those add-ons that are truly applicable to your needs.
3. Compile Documents before Applying
The next step involved in applying for online car insurance relates to gathering all supporting documents before buying the policy. Generally, , copy of driving license, and a copy of the RC of your car will be required for the act. Online applications usually need basic documentation only. Once you have made the payment through reliable online payment channels of your choice, you may look forward to getting your policy document at the earliest.
After you receive the policy document, do read all the fine print matter carefully to ensure that it covers all that you require coverage for.
Things You Need to Know Before Getting an Online Car Insurance
As you prep yourself to about the purchase of online car insurance, you may want to know a little more about what it takes to go about the act in the best manner possible.
1. Know Your Facts
Your car insurance premium cost would be dependent on the engine capacity, the city of registration, make, model, year of manufacture of the vehicle, etc. in question. It is important to keep these facts ready when you initiate your buying process. If you are buying car insurance for a second-hand car, the general condition and age of the vehicle will have to be considered as well. The premium payable would increase in line with the price of your car, the chosen add-ons, and the features of the plan chosen by you – choose accordingly.
2. Which Policy Should You Buy?
Premiums charged for car insurance policies would differ as per the terms and conditions laid down by the online car insurance company chosen by you. These products are guided by the strict regulations laid down by IRDAI. Third party liability insurance is the cheapest and minimal requirement for your car insurance. Although it is recommended to go for comprehensive car insurance cover as it protects you financially from the huge expenses on repair for your own car. The premium you pay for own damage component for comprehensive insurance is very less compared to the financial protection you get in case of an unfortunate accident.
Buy online car insurance
Insurance aggregator sites like Coverfox.com are immensely helpful when you decide to purchase or renew vehicle insurance online. Log in at the earliest and get yourself the coverage you need at the lowest possible costs!