Buy or Renew Motor Insurance Policy
If you have a car or a two wheeler, it is compulsory as per the law, for you to have a motor insurance policy in place, even if it is only third party motor insurance (colloquially referred to as TP) which covers any damage you might cause to a third party or their vehicle. This kind of insurance policy also covers the financial liability to reimburse the third party for any injury or to pay their family members some amount in case of their death. This is what the law states.
But beyond this, what you need to do to keep your act legal, is that you need to consider your own vehicle and well-being to be secured. For example, in an unfortunate event, when you meet with an accident, you also need to consider repairs to your own vehicle and not to mention the accident cover in case you are injured. Also, there are other instances such as theft of your car, or its destruction in case of a flood or any other natural calamity, or even a terror attack. If 2020 and 2021 have taught us anything, it is that life is extremely unpredictable. Insurance of all types is aimed at offering some sort of financial security against life’s unpredictability . Motor insurance in particular, is aimed at alleviating any financial stress as you navigate fairly chaotic traffic situations across most Indian cities.
If your motor insurance has expired, or if congratulations are in order because you have just purchased your first car or your first two wheeler, you will be pleased to know that you can get insurance online in under five minutes and in a few simple steps. Resist the temptation of just calling the neighbourhood insurance guy because when you buy or renew motor insurance online, you are able to shop around sufficiently (and the insurance providers are aware that you can) thereby getting yourself a better deal. A better deal on what? On your insurance premium, on inclusions and very importantly on your Insured declared premium(IDV), which is the total amount payable to you by the motor insurance company in case of total loss or theft of your vehicle.
Here is how tobuy or renew motor insurance online, depending on what your requirement is.
Step 1: Click on this link https://iiflinsurance.com/ to access the IIFL website where you can shop around for insurance policies and choose the best deal.
Step 2: select the relevant motor insurance product for your needs from the menu in the home page that mentions a variety of insurance products. Private car insurance and two wheeler insurance are placed on two distinct tabs for the convenience of motor insurance policy buyers.
Step 3: After you select either private car insurance or else two wheeler insurance, you will see an online form. Don’t worry this is no long form, long answer question paper, but a simple multiple choice form that will be completed in seconds. First up you will need to put in several basic details linked to your motor vehicle registration. We’ve listed the points that will be covered here so that you can jump into the process ready with everything:
- Registration date
- RTO Number
- Vehicle make
- Vehicle model
- Vehicle Variant
Once you have filled up all details requested in step 1, click Next.
Step 4: Now you have reached step 2 of the quick, online form that you need to fill up to buy or renew your insurance online. We did say it would be done in minutes! Now you need to select whether your car is registered to you/ an individual or to a company and then click Next.
Step 5: You are already at the final step, that is step 3 of the online form and have almost successfully concluded the process of renewing or buying motor insurance online. Key in your personal details and check the box that welcomes contact from IIFL verified insurers so that they may reach out with relevant quotations.
Step 6: Put a few minutes of quiet time, minus any distractions, aside and carefully peruse the offers that IIFL’s insurance partners will share with you. Be sure to compare the premium, the inclusions, the IDV and if any of them are throwing in any freebies or add ons, compare those too. Leave no stone unturned and be sure to be fully attentive to this part of the process, in your own interest. Now simply choose the best deal and pay up.
While you are selecting your insurance policy online you might also want to consider what addons are relevant to you. For example, a lot of people tend to choose roadside assistance, especially for high end cars and two wheelers. Before you jump into the process – since you are doing your research in advance – why not consider the list below and sleep over which of the below addons you would like included in your policy. Do remember that add ons come at an additional cost, so be sure to choose the ones that are actually relevant to your context.
- Zero depreciation
- No Claim Bonus Protection
- Roadside assistance
- Engine protector
- Key replacement
- Tyre secure
- Return to invoice
- Loss of personal belongings, wherein you have four tiers to choose from
On the same page where you choose your add ons, you can also select whether you only want third party insurance or OD, that is your own damage cover as well. Simply select add filters.
You can also make a pitch for the IDV amount you are seeking. Each attempt is free so dribble and shoot; ask for the moon and see what you are offered.
I only want TP insurance. Can this also be purchased online?
Yes, it is very easy to only buy Third Party insurance when using the IIFL website. Simply use the process above to fill up the online form and after the third step and select add filters.
Why is my neighbour's motor insurance cheaper than mine?
Your insurance policy is linked not just to your vehicle but also the IDV and add ons chosen, not to mention your insurance provider. Use the IIFL platform to shop around and compare rates.
What motor insurance should I get if I am going to be transporting my car to another city during the insurance cover period?
A comprehensive insurance policy usually covers any accidents or thefts or damage that occur in transit but do read the offer document carefully.
How can I get my no claim bonus even if I change my motor insurance company?
When you buy motor insurance on the IIFL platform you can select NCB protection among the add ons so that you get NCB even if you switch companies.