Getting behind your dream wheel takes a lot of hard work, persistence and dedication. It doesn’t matter which car you buy, protecting it should always be your priority. It is very important to take all reasonable precautions to guarantee its safety and security. To do the same, car insurance is necessary to protect your precious life and your beloved vehicle. It doesn’t matter whether you go for car insurance online or offline, but it’s highly advisable to go online to get the best deal.
Now, car insurance costs vary for every driver depending on the state they live in, their choice of an insurance company and the type of coverage they have. So, to compare these mandatory factors, it is vital to research online first, which is easy nowadays.
What is car insurance?
It is an agreement between an insurance company and a car owner wherein the car owner will pay premiums, and the company covers loss or damage caused to the vehicle. Remember, as per the Indian government, car insurance is mandatory in India regardless of whether it is a personal or commercial vehicle. It fulfils the vehicle owner’s legal liability arising due to bodily injury, loss or damage caused to any third party or property.
Car insurance online or offline?
Even though the end product is the same, going for car insurance via online modes is super easy due to our smartphones nowadays. So not only does it save you a lot of time, but also money, energy and fuel.
Recently, when I purchased my new car, one of my friends told me about the Bajaj Finserv mobile application. With just a few taps on my phone, I quickly got my car insurance on this app. Highly recommended!
What are the types of car insurance?
1. Third-party liability insurance cover
It offers limited protection. If you go for this type of car insurance, it will protect you only against the costs incurred from the damage done by your vehicle to another vehicle, property or person.
2. Comprehensive insurance cover
It offers cover against damage to the vehicle, death of the driver
or passenger(s) and damage caused by the vehicle to a third party vehicle, property or person.
What are the top three tips to get the best car insurance online?
1. Requirement
Knowing your requirement here is very important. As I’ve mentioned above, the two types of car insurance, it is highly advisable that you purchase the latter one as it offers both third-party liabilities and own damage. Also, keep in mind your daily needs with respect to your vehicle. For example, how often do you drive? Where do you often park? And so on.
2. Set the Right IDV
The IDV (Insured Declared Value) is your car’s approximate market value as you don’t want to set its lower value, which might leave you underinsured. However, notably, IDV forms the base for deciding the cost of a car insurance policy. Therefore, when you are planning to get car insurance online, you first need to decide how much IDV you wish to set. This is because setting a higher value will also increase the cost of your insurance policy, and as I said, setting a lower value might leave you underinsured.
3. Don’t rush
Not only car policy, but if you are planning to buy any other type of policy, don’t rush. Always read the situations under which you can raise a claim and under which you cannot. Also, go through the terms and conditions and ‘fine print’ once you receive it.
How to buy car insurance online from your smartphone?
I’ll share my personal experience here, and I’m not promoting any organisation. As I had a very effortless experience, I’ll mention a step-by-step guide.
1. Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application. It is available on the Play Store (Android) and the App Store (iOS).
3. On the homepage, you’ll see the ‘Insurance Bazaar’ section.
5. Enter your vehicle registration number and city pin code
7. Choose the best, whichever suits you.
