More and more people planning to buy car insurance have now started taking the online route to buy a policy for their vehicles, primarily because of convenience and also due to better pricing of products on the platform.
If you are also interested, but are not sure on how to buy car insurance online, here’s a detailed guide that can help you get the right cover for your car all without leaving the comfort of your home.
1) Collect all relevant information about your vehicle
Before you start searching online about various insurers and their insurance plans, it’s recommended that you first collect all important information about the vehicle that you want to insure.
To buy car insurance online, you’ll need to submit some information ahead of time, like your car’s make, model and year, registration number, installed safety equipment, etc. Besides that, you might also have to submit personal details like your name, address, contact details, driver’s licence number, etc. to get quotes from insurance companies for coverage.
2) Decide on the extent of coverage
Once you have collected all the information about your vehicle, then it is time to decide on what kind of coverage you want to get for your car. Car insurance policies offer mainly two types of coverage: Third-party Liability-Only Insurance and Comprehensive Insurance.
Third-party car insurance is the most basic form of car insurance that covers just the financial liabilities towards a third party in the event of an accident. It does not pay for any loss or damage to your own vehicle. This type of cover is mandatory for all vehicles plying on Indian roads.
Meanwhile, a comprehensive car insurance policy includes both the third-party liability as well as own damage (OD) component. It pays for any kind of damage or loss to your own vehicle as well in case of an accident or theft. Because of its wider coverage, premiums for this type of policy are higher than third-party insurance policies.
So, make a decision on which type of policy you want to buy depending on the usage of your vehicle, its age, risk factors, etc.
3) Compare different policies
Once you know your requirements clearly from your insurance policy, it’s time to start looking for different plans. You can find details of the policies online either on the official websites and portals of insurance companies, or you can use insurance web aggregators to compare different policies of different insurers at one place.
While making the comparison, you can also check the price quotes mentioned along with the details of the policies in order to get an idea of how cost-effective a plan is. Remember that the lowest premium quote doesn’t mean it is the cheapest policy. Sometimes insurers can compromise on the coverage net to lower down the premium cost. So, check all the features and coverage of the policy in detail. And shortlist some plans to narrow down your search.
3) Selecting the right add-ons
Once you have shortlisted some plans, look for the add-on covers provided by the chosen insurers. Remember that you can buy add-on covers only if you are buying a comprehensive car insurance policy. They cannot be bought as stand-alone covers or along with the third-party insurance cover.
Some of the useful add-on covers that you should definitely consider include roadside assistance cover, zero depreciation cover, no claim bonus protection cover, consumables cover, key protection cover, personal accident cover, among others.
4) Check for discounts
After you have chosen your main policy and the add-on covers, you can check if the insurer is offering any discounts or schemes. For instance, an insurer may offer you some discount on your premium if you have installed any vehicle safety features.
Once you have got the final quote and coverage of all your shortlisted policies, it’s time to make a decision and choose the insurer you want for your car insurance.
5) Make Payment Online
The last step is paying the premium for your chosen policy. You can pay using any online payment method like credit/debit cards, Net Banking, wallets, UPI, etc. Once your payment goes through successfully, you will receive your policy papers instantly on your registered email ID.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.