Getting a car insurance policy is the most essential requirement for your four-wheeler. As per the Motor Vehicle Act of 1988, having third-party car insurance for your four-wheeler is mandatory.
Moreover, with the availability of online car insurance, you can purchase and compare car insurance from the comfort of your home. Continue reading to learn more about four-wheeler insurance and why it is the most essential requirement for your car.
What is Online Car Insurance
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An online car insurance policy financially protects you if your four-wheeler gets damaged due to an accident. Without a valid car insurance policy, you will have to cover the expenses of getting your car repaired out of pocket.
While with a car insurance policy, your insurance provider will cover the expenses associated with repairs. In India, there are three policies available. Let’s discuss them in detail.
Comprehensive Car Insurance Policy
This policy offers the most extensive coverage for four-wheeler owners. A comprehensive car insurance policy protects against third-party liabilities and damages caused to your four-wheeler due to natural calamities, fire, accidents and theft.
This policy also offers coverage of the expenses of towing charges, personal accident cover and hospitalisation fees for drivers and passengers under optional add-on covers.
Third-Party Car Insurance Policy
Having third-party insurance for your four-wheeler is mandatory by law in India. This policy provides protection against legal liabilities to a third party due to unexpected accidents that lead to property damage, death or bodily injuries.
However, a third-party car insurance policy does not cover damages caused to the policyholder’s four-wheeler.
Own Damage Car Insurance Policy
This policy provides protection for the insured four-wheeler against damages or losses caused by natural calamities such as storms, floods, hurricanes, etc. Additionally, an own-damage car insurance policy provides coverage for losses incurred due to man-made incidents such as accidents, riots and theft.
Benefits of Car Insurance Policy
Financial Protection Against Accidents or Damages
Car insurance provides financial coverage against damages incurred due to natural disasters, riots, theft, etc. It can also protect against third-party damages and damages to the insured’s four-wheeler.
Offers Add-on Coverage for Four-Wheelers
Most insurance companies allow you to upgrade your car insurance policy. You can further extend your comprehensive car insurance coverage by opting for add-on covers.
These add-on covers include zero-depreciation cover, NCB (No Claim Bonus) protection cover, return to invoice cover, passenger cover, consumables cover, key replacement cover, engine protection cover and more.
Offers Large Network of Cashless Garages
Most insurance providers like Tata AIG offer a good network of garages across India. As a policyholder, you can get cashless repairs from one of the network garages nearest to you whenever needed.
How to Buy Car Insurance Online?
Below are steps to purchase car insurance online:
- Choose a reliable and reputed car insurance provider.
- Visit the official website of the insurance company.
- Fill in all the necessary details, including mobile number, email address, car registration number, etc.
- Secure the car insurance policy by paying the premium amount.
- Once you have made the payment, confirmation and the policy will be mailed to you by the insurance company.
Key Things to Consider About Car Insurance Policies
The Policy Type
Make sure you choose a type of car insurance policy that aligns with the requirements of your four-wheeler. For example, you should opt for a comprehensive car insurance policy if you require extensive coverage for your four-wheeler.
Add-on Covers
You must opt for suitable add-on covers to avail adequate coverage for your four-wheeler. For example, you must opt for a zero-depreciation add-on cover if you own a car up to 5 years old. This will ensure that you get the entire claim without deductions.
Policy Premium
To secure the best policy coverage at the lowest cost, you must compare car insurance providers’ coverage and premiums.
To Wrap it Up
You should be aware of several other factors before purchasing a car insurance policy online.
These factors include IDV (Insured Declared Value), policy exclusions and limitations, claim settlement ratio, car policy renewal process, claim settlement process (how long it takes to settle a claim) and network of cashless garages. Being aware of these aspects of a car insurance policy will allow you to make an informed decision while choosing a policy.
