Today, with most insurance companies in India offering online services, buying and renewing motor car insurance has become easier than ever before. Read on to know more about how to apply for a motor car insurance online.
A motor car insurance is a type of insurance cover that offers complete protection to your vehicle from the damages caused due to accidents, natural calamities or man-made situations. It protects you from incurring financial loses that may result due to unpredictable events like accidents, fire, or theft of the vehicle.
In India, motor car insurance is a mandatory requirement by law. When it comes to purchasing an insurance policy, you have two options to choose from – Third Party motor car insurance and a Comprehensive motor car insurance. As the name suggests, the third-party insurance covers damages caused to the third-party due to your involvement in the accident. The comprehensive insurance, on the other hand, provides much more extensive coverage. It covers damages to both the third party as well as damages to your vehicle.
So, to comply with the law and protect your vehicle from all possible risks, it is paramount that you purchase an insurance cover. But, before you start applying for a motor car insurance policy online, you must know the importance of buying an insurance cover.
- The cost of repairing the damages to motor vehicles can be expensive. This is where an insurance cover can come handy, depending on the type of cover you have, the insurer will bear the repair cost of your vehicle and the third-party’s vehicle
- In the worst-case scenario, if a car accident leads to your demise or if you suffer from any form of disability, the insurance company will provide monetary compensation to the family.
- If the car gets damaged beyond repairs due to a natural calamity like flood, earthquake or storm, or if your vehicle gets stolen, the insurance company compensate for the loss equal to the IDV (Insured Declared Value) of the car, which is fixed at the time of buying the policy.
- If you have a comprehensive insurance cover, you can extend the scope of your coverage by purchasing add-ons or riders at an additional premium. Add-on options like a zero-depreciation cover, roadside assistance, further help you lower your expenses.
- Having a valid insurance cover gives you the peace of mind knowing that you are complying the legal requirement and that you have sufficient protection cover for your vehicle against the damages.
How to Apply for Motor Car Insurance Online?
When you look for the best motor car insurance online, you may come across a plethora of plans claiming to the best. But, don’t for all any advertising gimmick. Make sure that you do your research well about the different plans and compare the premium amount, claim settlement ratio of the insurer, the additional benefits, inclusions and exclusions of the policy, etc. before making the final choice.
The insurance premium is an essential factor to consider. Often the insurance companies may try to sell their best plan, which has a high premium, but it may not be suitable for your needs. So, assess the terms and conditions of the policy carefully and choose the one that provides decent coverage and has an affordable premium.
Most insurance buyers fail to consider the quality of customer services offered by the insurer while buying a policy. But it is a crucial factor to consider so that you don’t have any hassles with availing any assistance in the future.
Make sure to read the policy documents carefully. It lists down the terms and conditions. Go through the inclusions and exclusions and check if it suits your needs before you sign the policy papers and complete the purchase.