6 Steps to Follow While Buying Car Insurance Online
The traditional process of buying or renewing a car insurance policy involves scheduling a call with your insurance agent or having to visit the insurance company’s office physically. Moreover, renewals required a heavy-weight files to add to our frustration, time-consuming compilation of countless papers into
Nowadays, all it takes is a few clicks, a couple of minutes and you’re done. This article will help you discover the simple steps to buy/renew your car insurance online.
Step 1: Start with Extensive Research
The world of insurance offers enough for you to comprehensively compare and buy the best car insurance which is tailor-made to your needs. So, don’t rush it, and make sure that you do your research before you do anything else. Following are a few basic parameters for a judicious comparison:
- Customer service:With increasing competition in the insurance space, a lot of companies are trying to ensure seamless customer satisfaction. Make sure that you go for that car insurance company that offers excellent pre and post-sales service
- Price: Going the extra mile to compare price plans between various car insurance policies offered can save you from regretting buying similar plans with lower coverage at a higher price.
- Coverage:Make sure that the policy you’re buying has adequate coverage for your car, otherwise you would lose more than gaining by spending your hard-earned money.
These were the most basic things you can do as a part of your research before buying a car policy. Make sure that you also read customer reviews about the insurance policy so that you get the user’s point of view and can buy the best car insurance for your vehicle.
Step 2: Finalize the Type of Insurance Plan You Wish to Buy
Done your research? Now is the time to filter the most appropriate policy for you. Car insurance plans are fundamentally classified into the following 2 types:
- Third-party insurance: The coverage in this plan is limited to damages done by a third party. It is mandatory by law to at least buy third-party car insurancefor your vehicle.
- Comprehensive insurance: This type of insurance covers both third-party liabilities as well as damage caused by the owner. You can go for this in case you wish to secure your vehicle with 360-degree coverage. Besides, you can also opt for add-on covers in a comprehensive insurance policy.
Step 3: Keep Your Documents Ready
Now that you have filtered out your preferred car insurance policy, everything else will seem to be a cakewalk. To speed up the process, make sure that you keep the following details handy before you begin with buying insurance online:
- Vehicle registration number
- Vehicle make year and model details
- Complete personal details including address, photo, and identity proofs
- Preferred payment mode details (Bank account number, IFSC code, UPI ID)
- Preferred car insurance policy type and details
- Add-on covers details if any
Step 4: Add Your Details
Now is the time to log in and start adding your details. Start by inputting the details you had kept ready previously. Keep in mind that the requested details might be different depending upon whether you’re buying a car insurance policy for the first time or renewing one.
Ensure that no mistakes are made while adding in your vehicle details as they can make a direct impact on the insurance amount to be paid by you.
Step 5: Set the IDV value and Choose Appropriate Add-ons
Note: This step is only applicable to those who have opted for a comprehensive car insurance policy.
Once you have added all the requested details, you would now have to set an Insured Declared Value (IDV) for your vehicle.
Insured Declared Value is the total amount the insurance company will pay in the unfortunate incident of total loss or damage to your vehicle. You can increase or decrease the IDV as per your preference, however, please keep in mind that the amount of premium you will pay is directly proportional to the IDV you set for your vehicle. A higher IDV will attract higher a premium amount to be borne by you.
Now that you have set the appropriate IDV for your vehicle, you can choose add-on covers for your vehicle to enhance the overall coverage offered by the insurance policy. Following are the most useful add-on covers you can opt for:
- Zero-depreciation cover
- 24x7 roadside assistance
- No claim bonus protection
- Engine protection cover
- Return to invoice cover
As these covers are an addition to your basic insurance policy, please keep in mind that they will have an impact on the insurance payment required to be made by you online.
Step 6: Make the Payment
The final step involves making the payment via the preferred mode chosen by you. You will be directed to the payment page once you have completed filling all the details, set the IDV value, and chosen optional add-on covers to buy.
You can choose amongst multiple payment options including UPI (being the latest addition), credit cards, debit cards, and net banking for purchasing the insurance.
Once you complete making the payment, the insurer will share the policy with you over mail, in a PDF format, along with a payment acknowledgment.
Make sure that you keep multiple copies of this document as well as keep a mandatory physical copy with you while driving your insured vehicle.
In a Nutshell
So, Ladies and gentlemen, this is how easy it is to buy a car insurance policy online nowadays. Ensure renewing your insurance periodically so that it remains valid and legal. For more details you can speak to our insurance experts or write to us at email@example.com
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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.
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