Steps to Follow When Buying Car Insurance Online

Car purchasing is one of the top goals after essentials like food, shelter, and clothing. Many dream of having the freedom to drive to their destination without concerns about weather or pollution.

Buying car insurance online can save you time and money. It’s convenient, fast, and offers a range of options. However, it’s important to follow certain steps to ensure you get the best deal and coverage. In this article, you will find a detailed guide to help you through the process.

1. Understand Your Needs

Before you start comparing policies, understand what you need. Consider the type of car you have, how often you drive, and where you drive. If you have a new or expensive car, you might need comprehensive coverage. If your car is older, third-party insurance might be enough.

2. Research Insurance Providers

Not all insurance providers are the same. Spend some time researching different companies. Look at their reputation, customer reviews, and financial stability. This will give you an idea of their reliability and how they handle claims.

3. Compare Policies

Once you have a list of potential insurers, compare their policies. Look at the coverage they offer, the exclusions, and the premiums. Use online comparison tools to make this easier.

Pay attention to the features that matter most to you. These include roadside assistance, zero depreciation, and personal accident cover.

4. Check the Insurer’s Claim Settlement Ratio

The settlement ratio is the percentage of claims an insurer settles against the claims received. A high ratio indicates that the insurer is more likely to settle your claims without hassle. Check this ratio on the insurer’s website or through third-party sources.

5. Understand the Coverage Options

Car insurance policies come with various coverage options. Here are the main types:

• Third-party Liability: This covers damages to other people or property. It is mandatory to have third-party insurance in India as per the law.
• Comprehensive: This covers both third-party damages and damages to your car.
• Self Damage: This covers damages to your car due to accidents, theft, fire, or natural disasters.

Check out all the options and choose wisel.

6. Look for Add-On Covers

Add-on covers provide extra protection beyond the basic policy. Some popular add-ons include:

• Zero Depreciation Cover: Ensures full claim amount without considering depreciation.
• Engine Protection Cover: Covers damages to the engine.
• Roadside Assistance: Offers help if your car breaks down.
• No Claim Bonus (NCB) Protection: Protects your NCB even after a claim.

Evaluate these add-ons based on your needs and the condition of your car.

7. Read the Policy Document Carefully

Before you buy, read the policy document thoroughly. This document contains all the terms and conditions of the policy. Make sure you understand what is covered and what is not.

Pay attention to the exclusions and limitations. If anything is unclear, contact the insurer for clarification.

8. Calculate the Premium

Use the premium calculator available on the insurer's website. Enter the required details, such as your car’s maker, model, year of manufacture, and location.

This will give you an estimate of the premium you need to pay. Compare this with other insurers to ensure you are getting the best deal.

9. Opt for the Right Deductibles

Deductibles are the amount you pay out of pocket before the insurer pays the rest. There are two types of deductibles:

• Compulsory Deductible: Fixed by the insurer
• Voluntary Deductible: Chosen by you

Choosing a higher voluntary deductible can lower your premium. However, make sure it’s an amount you can afford to pay in case of a claim.

10. Check the Network of Garages

Insurers have tie-ups with certain garages where you can get cashless repairs. Check the network of garages associated with the insurer. Ensure there are garages near your home or office for convenience.

11. Fill in Accurate Information

When buying insurance online, fill in details about you and your car. Ensure all the information you provide is accurate. Incorrect information can lead to claim rejection later.

12. Make the Payment

Once you’ve chosen the policy, you can proceed to payment. Most insurers offer multiple payment options. These usually include credit/debit cards, net banking, and UPI. Ensure that the payment gateway is secure.

13. Receive the Policy Document

After payment, you will receive the policy document via email. Keep a digital copy and print a hard copy for your records. The policy document is proof of your insurance and will be needed in case of a claim.

14. Know the Claim Process

Familiarise yourself with the claim process. Know the steps you need to take in case of an accident or damage. Keep the insurer’s contact details handy. Understand the documents required and the timelines for filing a claim.

15. Regularly Review Your Policy

Car insurance needs can change over time. Review your policy annually to ensure it still meets your needs. If you buy a new car or move to a new location, remember to update your policy accordingly.

16. Renew on Time

Car insurance policies need to be renewed annually. Set reminders for your renewal date. Renewing on time prevents lapse of coverage and ensures continuous protection.

Buying car insurance online can be simple and convenient if you follow these steps. Understanding your needs and comparing policies can help you get the required coverage at a low premium. You can get car insurance online on Bajaj Markets from a range of insurers. To get started you can visit the official website bajajfinservmarkets.in.

Conclusion

By following the above steps and carefully considering your needs, buying car insurance online will be as smooth as buying groceries. The steps mentioned will help you make an informed decision as per your needs, which in turn will help you choose the policy that best protects you and your car at a competitive price. Remember, a little research goes a long way in ensuring you're driving with peace of mind.

Disclaimer: The stocks, policies, and companies mentioned above are not recommendations from Finology Insider and should not be considered a substitute for professional advice. We strongly recommend consulting a financial professional or conducting thorough research before making any investment decisions.