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IIFL has 6 easy steps to get Car Insurance Online

Rohan is a student pursuing an MBA at a premier institute. He plans to buy a new car and is working out the price he will have to pay for the car. He is told that he should add the cost of insurance to the overall price of his car. How would he know how much the insurance is going to cost him? If he can buy motor vehicle insurance online, he can perhaps also find out the prices of each auto insurance plan.

He conducts exhaustive research and comes up with all the facts about buying an auto insurance plan online. Here he describes the steps required to purchase vehicle insurance online.     

  1. Select the plans you want to buy

A car owner or driver needs different types of auto insurance plans to ensure maximum coverage in the event of a mishap. Here are some of the plans that need special mention.

  • Third-party insurance

This is a must-have insurance plan for all kinds of vehicles before they are driven on the streets. A third-party-only insurance plan is mandatory under the Motor Vehicle Act 1988. It offers protection against liabilities to the third party in the event of a mishap.

  • Comprehensive Car Insurance Policy

Third-party only insurance is mandatory, but it does not cover you against bodily injury or death and your vehicle for damages. A comprehensive car policy includes the components of Private Vehicle Insurance and Personal Accident Cover. You can take comprehensive car insurance that includes Personal Auto Policy, Private Vehicle policy, and third-party only insurance.  

  • Add-On Auto Insurance Policies

On top of standard auto insurance policies, you can take add-on policies to cover specific concerns. The list of add-on policies can be pretty long and may vary with insurers. You can ask your insurer for any specific plan you may have in your mind. Here is a small list of add-on auto policies you can choose from:    

  • Zero Depreciation Cover
  • Engine Protection Cover
  • Roadside Assistance Cover
  • NCB Protect Cover
  • Key Protection Cover
  • Tyre Cover
  1. Choose your insurance company

Many insurance companies are on the market. While choosing your insurer, you need to do a little research about their reputation, reliability, dependability, professionalism, financial strength, and customer review. An insurance company needs to stand by you in a moment of stress and crisis. It must have a proven track record of serving the customers with compassion and professionalism. You can compare the policies and their inclusions. An insurance company may have a better private vehicle insurance plan, while others may have a more attractive option on their third-party vehicle insurance plan. Keeping all these factors in mind, you should choose your insurer. A checklist should include:

  • Number of cashless garage network
  • Claim filing process and time
  • Claim settlement ratio
  1. Fill the online insurance form

To buy or renew vehicle insurance online, you don’t need to submit any documents. Basic personal details and some important information about your car will be required to complete the formalities. However, you should keep your Driving License, Registration Certificate, and the original invoice of your car handy. Information from these documents will be required to establish the identity of the insured vehicle and the person. To this end, you will have to provide your car’s make, model, and chassis number. You will also need the manufacture and purchase dates.

  1. Make payment to buy your insurance plan

The last step in buying your vehicle insurance online is to make the payment for your first premium. Making a payment to buy motor vehicle insurance is no different from making an online transaction for buying any other goods. Most insurance companies would accept payments through net banking, debit, and credit cards.    

  1. Check the insurance documents

After you make your motor insurance plan payment, the insurer will send you the insurance documents to your registered email. It is very important to check the documents and verify the details. Even a small typing mistake can spoil your case while making a claim. Ensure all the details such as name, dates, vehicles’ make, model, chassis number, etc., are correct.

If you find any mistake or inconsistency, you should immediately bring it to the insurer’s notice and ensure that the mistakes are corrected.

Check policy details

You should check the details of the policies. The documents should have a mention of everything that your policy covers. It’s better to be sure than to be in the dark about your insurance plans. If the documents don’t mention an essential item, you can ask the insurer to include it.

How to Buy Vehicle Insurance Online?

To buy car insurance online, the process can be completed in a few simple steps. For example, we will describe how you can purchase car insurance from an online insurance marketplace. The process may differ slightly from one marketplace to another, but it will be largely the same. Here is how you can buy car insurance online:

Step 1: Visit an online marketplace or the website of your favorite insurance company.

Step 2: On the homepage, the site may have an online form promising you an instant quote for your insurance requirements.

Sept 3: Fill up this form, which may ask you for personal details and details of the vehicle such as registration number, RTO, make, model, and chassis number.

Step 4: The marketplace will offer you quotes from different insurance companies. You can choose one which you like the most and move ahead in your insurance buying journey.

Step 5: Make an online payment towards your first premium through net banking, credit, or debit card.

Step 6: You will receive the insurance documents in your email. Check the documents to see if all the details are correct for every single letter. If there is any mistake, you must immediately bring it to the notice of the insurer and get it corrected at the earliest.

Step 7: Keep the soft copy of the insurance documents safe on your devices at a location where it’s easy to access them. Also, keep a printout of the insurance plan in your car.

Summing Up

Buying car insurance online is a simple and easy process. You need some computer and internet knowledge to buy an insurance plan online. However, it’s a good idea to conduct vehicle insurance online detailed research about the insurance companies and policies before choosing one to go ahead with.

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