Buying a car is a momentous occasion, and signifies good times ahead. But in order to maintain these good tidings, there are a few things you need to consider. The most important amongst them is purchasing a car insurance policy. With the recent lockdown forcing most of us to stay at home 24x7, there are fewer opportunities to go to an insurance provider’s office to carry out your purchase.
Thankfully, you have the option of buying car insurance online. You can purchase car insurance online from the insurance providers’ own portal or through an insurance broking portal like CoverFox, that gives you access to multiple plans at one spot.
What is car insurance:
Car insurance policy or auto insurance is a type of insurance that gives you assistance in case of any issues related to your car. It provides cover from damages caused from accidents, thefts or natural disasters. With a car insurance policy by your side, you can be financially secure in case of any losses that could happen due to such unforeseen circumstances.
There are two main types of car insurance policyavailable in India - third party car insurance and comprehensive car insurance policy . Third party insurance is mandatory and offers financial assistance in case of any damages made to a third party’s property or person in an accident. Comprehensive car insurance policy on the other hand offers a more inclusive cover for factors like theft, man made disasters, damage to your vehicle and more.
Steps of purchasing car insurance policy online:
Buying car insurance online can be an easy task, provided you follow the step-by-step process explained below. With this, you can get a car insurance policy that meets your exact requirements and gives you optimized benefits.
Understanding and assessing:
Before purchasing your car insurance online, you need to first understand what a car insurance policy entails and how it pertains to your needs. As mentioned earlier, there are different types of car insurance policy available in the market and you must take the time to first identify your needs and then get a thorough understanding of how a car insurance policy works.
Comparison of plans
Don’t just buy the first plan you see. There are a large number of insurance providers in the country, each having different offers. You need to compare all available plans carefully, and choose the one that offers benefits that match your requirements. The easiest way to go about this is to visit an insurance broking portal like Coverfox, where plans from over 40 insurance companies can be compared in a single click.
Choosing add ons
A basic car insurance policy only contains base benefits. These include injury to a third party, self or vehicle directly because of an accident. But there are more factors that could cause damage to yourself and your car like flooding, riots, natural disasters and more. To make sure you are protected against any financial liability, there are multiple add ons available for you to choose from. These optional benefits give you the power to secure your vehicle in a more inclusive manner.
Your car insurance policy’s premium is decided on the basis of Insured Declared Value (IDV) . This determines the maximum claim your insurer will pay in case of irreparable damage to your car or theft. IDV can also be called the current market value of your car. It is calculated by subtracting depreciation from the manufacturer’s selling price.
Benefits of buying car insurance online
There are a number of benefits you get when you purchase car insurance online. They are as follows:
Convenience: You can buy your car insurance online at any time, and from the comfort of your own home
Saves Time: When buying your car insurance online, you are spared from the hassle of waiting in queues, or waiting to talk to an agent, thus saving your time.
Saves Paper: Purchasing a car insurance policy online is usually a paperless process, thus being environmentally conscious.
Secure Payments: Your payments can be done securely online with the use of debit/credit card or via Net Banking.
Process Happens Instantly: Buying a car insurance policy online happens instantly. Once you are done with your purchase, the policy document is issued immediately and sent to your registered email id.
To get complete details of buying car insurance online, head to Coverfox and get assistance for choosing the right car insurance policy for you.