Easy Steps to Insure Your Car Instantly Online
Jatin bought his car almost a month back. He was using his car without any worries until today. He ran into one of his friends who told him this horror story of how one of their common friends suffered from a huge financial loss because that person didn’t have a good enough car insurance policy.
Jatin has been bothered since then about his own car insurance policy. He bought the first third-party insurance he saw and didn’t even think about proper coverage. Now, he is worried if it’s too late for him. Can he even buy instant car insurance? And even if he can, then what should he look for to make sure that he doesn’t make the same mistake again of selecting inadequate insurance?
If you are facing the same dilemma that Jatin is, then don’t worry as we have got your back. Today, we are going to look at everything that you need to know about buying a four-wheeler insurance policy and car insurance renewal.
Understanding the Importance of Car Insurance
A car insurance policy protects a vehicle against unexpected and accidental risks. The more comprehensive the policy is, the better protection you have. This should also point to the fact that there are many different kinds of car insurance policies available in the market.
An individual has to be very thorough before purchasing an instant car insurance policy. One needs to make sure that the policy has a good number of benefits and will act as a life-saving toolkit for the insurance holder during their time of need.
Everything You Need to Know Before Selecting a Car Insurance Policy
There are some very important factors that you need to keep an eye out for before buying a car insurance policy. These factors are:
- Learn How to Compare Car Insurance Online
Before getting on the internet to purchase a car insurance policy you need to be prepared. Make sure that you are aware of the basic terminologies and have an idea about the budget that you would want to spend on your car insurance.
- Checking What is Covered
Always make it a point to check the different lists of inclusions and exclusions. Go through the rules and regulations and the terms and conditions of your car insurance policy.
- Claim Settlement Ratio
The claim settlement ratio is also known as incurred claim ratio. One must make sure that the ICR and CSR of the general insurer selected are high.
- Additional Covers
Beyond the basic coverage, it is ideal if the plan also comes with a wide range of riders or additional covers. Some riders that you should look out for include personal accident cover, roadside assistance, and zero depreciation.
The Types of Car Insurance Policies
We have mentioned earlier that there are different types of car insurance policies available in the market. Let’s take a look at these types of policies.
- Comprehensive Car Insurance
As the name suggests, a comprehensive car insurance plan provides complete protection against property liability, personal liability, and third-party liability. It also protects damages like theft, accident, and the collision caused to the vehicle.
Comprehensive car insurance policies come with a wide range of rider options, including roadside assistance, personal accident cover, zero depreciation, and additional key. All these features and benefits are provided at an additional premium cost.
- Third-Party Car Insurance
Athird-partyy car insurance cover provides protection against death, disability, and injury incurred to a third party or property. It should be noted that third-party car insurance does not provide cover for the car or the owner-driver.
The premium of third-party insurance policies is determined by the Insurance Regulatory and Development Authority of India. This value is also revised on an annual basis. It is mandatory for an individual to have third party car insurance according to the Motor Vehicles Act of 1988.
Jatin now remembers that he bought a third party car insurance policy at the time of purchasing his car. He is now sure that he wants to look at some comprehensive car insurance policies.
Inclusions in a Car Insurance Policy
Some benefits that should be included in a four-wheeler insurance policy are:
- Protection against any form of loss or damage to the insured’s vehicle
- Damages arising due to an accident or event like fire, theft, explosion, lightning, self-ignition, strikes, an act of terrorism, riots, and natural calamities
- Damages to the third person, third party, or third property
- Personal accident cover of up to INR 15 lakh
Exclusions of a Car Insurance Policy
Some common benefits that are often excluded from a car insurance policy are:
- Loss or damage caused when the policy is not in effect
- General wear and tear
- General depreciation
- Loss or damage caused while driving without a valid car license
- Loss or damage due to oil leakage to the car engine
- Loss or damage due to commercial use of a private vehicle
- Loss or damage caused due to driving under the influence of substance abuse, drugs, narcotics, or alcohol
How to Buy Instant Car Insurance Online?
Jatin is ready to buy a comprehensive four-wheeler insurance policy online. However, he doesn’t know the exact steps for doing that. If that is also the case with you, then you and Jatin should follow the steps given below.
- Go to the official website of the car insurance provider
- Click on the car insurance policy that you are interested in
- Go through the list of documents, including the rules and regulations and terms and conditions
- Once you are satisfied, click on the purchase icon
- Complete your payment online
Once your payment is done, you will receive all the official documents from the policyholder on your registered mobile number and email ID. You can even visit the nearest branch office of the insurance provider to get a physical copy of the required documents.
Benefits of Purchasing Instant Car Insurance!
Till now Jatin has only heard that purchasing car insurance online is extremely easy and without any hassles. However, now he has experienced the same and he couldn’t be happier!
Did you follow the steps that we have mentioned above to purchase the best four-wheeler insurance policy for yourself? Or are you still looking for that perfect car insurance policy?