Many of us are fooled into buying car insurance at a relatively higher rate at the time of buying a new car. We usually ignore vital aspects and end of paying more for less protection. While some pick car insurance with low premium and miss out on adequate production cover during a mishap. With online market place gaining popularity in the last few years, it is indeed viable to look for car insurance online. In a bid to select a suitable option that fits your budget and most importantly your requirement, we bring you five important things to keep in mind before buying two wheeler insurance and car insurance online.
1. Third Party Insurance is Compulsory
In compliance with Indian Road Safety Act and Indian Motor Vehicles Act, it is mandatory to buy third party insurance plan. This is important for the first time car and two-wheeler buyers, before they drive home a new vehicle. While the insurance is usually provided by the dealer, one can compare policies online to ensure to pick the most suitable cover.
What is Covered in Third Party Insurance
The third party insurance will cover claims for the harm caused to the third party including injury, disability etc. Remember one cannot claim for any damage caused to one’s own vehicle. Since online marketplace is booming, this implies fierce competition. Therefore to retain customers, online portals offer lucrative premium to expand their customer base. Hence buying car insurance online or two wheeler insurance from an online portal costs relatively less.
2. Opt for a comprehensive Cover offering better protection
While searching online, make sure the plan you have picked for yourself covers damages caused to you and your vehicle during an accident. This will also ensure that your car is protected against thefts, accidental fires etc. You might have to pay a bit extra for this, but it is an important aspect and should not be ignored. People usually ignore these parameters before selecting car insurance online. Same goes for two wheeler insurance, you should make sure to pick a comprehensive cover to protect your vehicle against possible damages.
3. Look For Additional Covers if Required
Most of us do not opt for additional covers, but buying add-ons will ensure proper protection for your vehicle. Here is an example to help you understand better, in case your car breaks down in the middle of nowhere while returning from work, the road side insurance team can immediately come for your rescue. Before you finalise the roadside assistance cover, you should consider the following factors-age of the car, plan prices and number of services available.
4. Save On Premium
If you think you are spending too much on your car insurance, here are few tips to lower the premium of car insurance. One such way is to opt for voluntary deductibles, which means you agree to share cost of repair in case of any claim. Customers can also benefit from the no-claim bonus, offered to the vehicle owners from the insurance company. Vehicle owners, who do not make a single claim during the term of insurance, qualify for the discount on the renewal of the policy.
5. Always Renew on Time
As much as it is important to choose a good insurance for your vehicle, it is also equally important to renew insurance policy on time. Car insurance can be easily renewed online on your insurer’s website. The car insurance is usually renewed every year and vehicle owners receive reminder either through a phone call or an e-mail well before the renewal time. It is beneficial to renew motor insurance well in time to prevent the trouble caused due to lapse in insurance. Vehicle owners end up paying higher premiums and hefty fine in case of significant lapse in period.
Caveat – Saving money shouldn’t be the only motive for buying car insurance online. Ensure to read insurance quotes carefully, before enrolling and save yourself from being conned. A good insurance should protect your vehicle from all possible damages.