How to get Motor Vehicle Insurance Online Easily?
It is compulsory for you to have vehicle insurance as per the law. In other words, if you are to use your car or two wheeler legally in India, you must have a valid vehicle insurance policy, along with your other documents such as your driving licence. You can say that it is as important as your driving license.
In addition, a motor vehicle insurance gives you a certain level of peace of mind because in case of an accident, the damages will be covered by the insurance company. In case this is your first time obtaining a vehicle insurance you will be happy to know that it covers not just damages to your car or two wheeler but also damages (caused accidentally by your vehicle) to a third party’s vehicle. Very importantly it offers financial security in case of injury or loss of life of the third party in question. As such, it is certainly a small price to pay for your security as you navigate the impossible traffic that is characteristic to a lot of Indian cities.
Even if you are in an accident caused by another vehicle, you will get into trouble with law enforcement if you do not have a valid vehicle insurance. As a result, it is safe to say that you cannot do without it.
Did you know that some vehicle insurance also covers loss or damage to your car due to acts of terrorism or due to natural calamities?
Moreover, today getting a motor vehicle insurance policy can be extremely easy online. With most insurance providers, getting insurance online is a simple 3-step process.
If you, like most savvy and discerning Indian vehicle insurance buyers, would prefer to compare rates and benefits offered by a handful of insurance providers, you should most certainly begin your search on the IIFL website. On this platform you can select the type of vehicle and then race through a simple and quick online form to receive quotes from five or more of the country’s top insurance providers.
Step 1: log on to the IIFL website. You can just click this link https://iiflinsurance.com/ to get there immediately.
Step 2: choose your insurance product from the menu. Private car insurance and two wheeler insurance are available conveniently on two distinct tabs.
Step 3: An online form, divided into 3 parts with multiple choice questions will open up. Fill up vehicle registration related details. You’ll need to be ready with
- Registration date
- RTO Number
- Vehicle make
- Vehicle model
- Vehicle Variant
After you have filled up the details, simply click the navy blue button that says Next
Step 4: Now you have reached the second step on your online form. Now you need to choose whether your car is registered to you/ an individual or to a company. In case you are registering a parent, relative or colleague’s car, do be sure to have these details beforehand for maximum convenience. Once chosen, click Next.
Step 5: You are almost at the end of your sign up process. Yes, it really is that quick and easy! Now fill up your personal details and you click the box allowing insurers to contact you with their quotes.
Step 6: Go through the deals offered and choose the most affordable or most suitable one. You’re done! Possibly in under 5 minutes!
The magic of getting insurance on an online marketplace is that insurers are well aware that you will be comparing the quote that they send to you with that of their biggest competitors. As a result, they need to win your favour and in order to do so, all five – or more – of them will offer you the best deal that they possibly can.
When using the IIFL platform you can get vehicle insurance from a variety of brands including:
- Go Digit
- Bajaj Allianz
- Iffco Tokio
- HDFC ERGO
- Royal Sundaram
Or to put it more correctly, all of these brands will be vying for you when you shop for insurance using the IIFL platform.
You also get to choose and compare IDV which is the maximum amount payable to you in case of complete loss or theft of your vehicle when you buy nsurance online.
The IIFL platform also allows you to choose your OD type (Choose between 1 year own damage + 3 years third party and just 1 year own damage).
You can also choose from a range of add ons such as zero depreciation, No Claim Bonus protection, roadside assistance, engine protector, key replacement, loss of personal belongings and so on.
What are the exclusions of a car insurance policy?
Normal wear and tear, intentional accidents or accidents arising out of negligence or DUI (driving/riding under intoxication) are not covered by a car insurance policy or any vehicle insurance policy.
I am planning to ship my car to my new city of residence. Is there any potential damage during transportation covered or do I need to buy another insurance?
Any damage caused to your vehicle while it is in transit is covered by your comprehensive vehicle insurance policy.
Are there different levels of vehicle insurance?
Yes, there are three different types - which you may also refer to as levels - of vehicle insurance.
Third party insurance is the most minimal - it covers your financial liability in case of injury or loss of life to a third party. Hence the name third party insurance.
Comprehensive insurance has a wider scope - In addition to what is covered in third party insurance, this type of policy also covers damage to your vehicle and includes personal accident cover which offers compensation in case of death or disability of the driver due to an accident.
Standalone own damage plan is an add-on, you get additional cover for loss or damage due to fire, theft, natural calamities etc but you must already have held third party insurance for one year.