With digitalisation, the trend of buying car insurance online has gained a lot of traction. A car insurance policy offers compensation in case your vehicle suffers damages due to natural or man-made calamities such as flood, earthquake, lightning, theft, riots etc. In case you are looking forward to purchasing this policy online, here are the ways to do so:
- Buying from the insurer’s website or aggregator
You can buy car insurance online either directly from the insurer’s website or through an aggregator. While the former lists products specific to the insurer, the latter offers plans from multiple insurers. When you buy car insurance from an aggregator, you can compare quotes, read reviews, and go through the features of multiple policies simultaneously.
If you want to compare quotes and features before buying, an aggregator is your best bet. On the other hand, if you have already zeroed in on the policy from an insurer, you can purchase it directly from the company’s website.
- Fill up the proposal form
Once you have finalised the policy that best meets your requirements, you need to fill up the proposal form. This is an essential exercise and needs to be done with utmost caution. Any mistake or misinformation in the form can lead to claim rejection.
The information you need to fill when you buy car insurance policy are:
- Your personal details
- Details of your car (it’s model, make, age, etc)
- Add-ons which you would like to purchase
After filling up the form, make sure to go through it carefully to ensure there are no mistakes. Once you are satisfied, it’s time to take the next step.
- Make payment
The last step while car insurance online is to pay the applicable premium. Note that car insurance price varies across insurers. Also, the information filled related to your car plays a crucial role in determining the premium amount.
In case your car is new, the premium amount is high. Also, note that if it’s fitted with expensive accessories, the same will push up the premium. You can pay the premium online by either through net banking or debit or credit card. Once you pay the premium, the soft copy of the policy is sent to your registered email id. Download and go through the terms and conditions well. The hard copy of the policy goes to your registered address within 4-7 days.
Things to keep in mind before buying car insurance online
Before you buy a motor insurance policy, there are a few things which you need to keep in mind. You must choose a policy that best fits your requirements. Often, there are policies which offer coverage or add-ons that you may not need. At the same time, you must be well-aware of the financial jargons used in the policy’s terms and conditions. In case of a doubt, clarify the same from the insurer.
At the same time, know the claims procedure. Today, insurers allow you to file claim offline and online. Also, most insurers have a toll-free number where you can call and make a claim. It’s important to choose an insurer with a high claim settlement ratio.
To sum up
The biggest advantage of buying a car insurance policy online is that you can buy the policy anywhere, at any point in time, as per your convenience. Considering, you don’t have to set and attend meetings with agents or company representatives, buying insurance online will save you both time and energy. Also, buying a policy online can help you save on premiums. This is because the insurer saves on overhead costs, the benefits of which are passed on to consumers in form of lower premiums.