A guide to buying four-wheeler insurance online for the first time
The first step in buying a car is choosing the right one. The next is opting for the right four-wheeler insurance. The best way to do so is to buy four-wheeler insurance online. Here is a guide to buying car insurance online whether it is your first car or your fifth!
There are two types of car insurance in India -
Third-party liability insurance provides protection from legal liabilities arising from a third-party’s accidental death, injuries, or property damage.
Comprehensive insurance provides third-party liability insurance along with a personal accident cover which protects the vehicle owner from accidental injury or death. It also provides protection of the vehicle from theft and damages due to natural calamities, accidents, and man-made disasters.
Compare insurance online:
You need to compare insurance online so that you choose the best option for your needs. Various websites provide essential information on four-wheeler insurance online at zero cost to you. Read online about the insurance company’s claim settlement ratio, customer service, and so on.
You must know all the typical jargon used by auto insurance companies. Some of the terms used are -
First party is the owner of the vehicle, i.e., the person buying the insurance. The second party is the insurance company that is issuing the insurance policy.
Third-party is any individual affected by the insured vehicle, for example, by way of an accident.
Own damage is the damage sustained by the vehicle or the owner’s injuries.
No Claims Benefit (NCB) is the discount offered on the insurance premium when the policyholder or a third party does not raise a claim during the policy period.
The Insured Declared Value (IDV) is the prevailing market value of the insured vehicle. By default, the IDV accounts for the depreciation of the car.
The claim settlement ratio is the ratio of the number of claims settled by the insurer against the number of claims received by the insurer in a single year.
To compare insurance online, use online premium calculators to calculate the premiums on each policy.
Add-ons provide enhanced coverage at an extra cost. Before opting for them, assess how relevant they would be for you.
The insurance policy should have a wide network of garages that can come to your aid when required.
Buying four wheeler insurance online gives you access to online-exclusive discounts on premiums.
Keep your address proof, car details, driving license, registration number, and other such details in hand. Then you can just log on to the website and start inputting the relevant information. Once your purchase is done, the insurer will send a hard copy of your insurance policy to your address.
Make sure you know the terms and conditions of your car insurance policy before purchasing it. So research thoroughly. Select the one that provides the best coverage for you. Don’t be caught on the back foot at a time when you most need the protection!