By Alexis Adam
Are you looking to purchase a new car insurance policy? Without a car insurance plan, you might have to pay for many expenses from your pocket in the unfortunate case of an accident. Moreover, it is a legal mandate to have car insurance for a four-wheeler in India.
This blog will explore how to purchase a new car insurance policy online. But first, let us look at the available car insurance policies in India.
Car Insurance Plans for a New Car in India
Three major types of car insurance policies are available in India: these are:
Third-Party Car Insurance
Under the Motor Vehicle Act 1988, it is mandatory for every four-wheeler owner to have third-party car insurance coverage. This car insurance plan covers damages to third parties caused by the insured four-wheeler.
These damages can include disability, property damages and death. The IRDAI regulates the third-party insurance premiums for four-wheelers.
Own Damage Car Insurance
Own damage car insurance covers the damages to the insured vehicle only. It does not include coverage for third-party injuries or property damage. You can opt for this insurance type if you already have a third-party insurance.
Comprehensive Car Insurance
It is an all-inclusive car insurance policy that covers damages to your four-wheeler and third-party property or vehicle. A comprehensive car insurance policy ensures you are fully financially secure while on the road.
You can also boost your comprehensive car insurance coverage by opting for add-ons. Some of them are consumables cover, engine protector, NCB retention cover and more.
How to Buy a New Car Insurance Policy In India?
Below are steps you can follow to buy new car insurance plans online:
Choose The Right Car Insurance Company
You must choose the right provider to ensure you get the best new car insurance policy. Consider factors such as your insurance requirements, reviews from existing customers, available add-ons, claim settlement ratio, cashless garages network and quality customer service.
Visit the Official Website
Once you have chosen an insurance company, visit their official website.
Provide Necessary Details
Go to the insurance company’s car insurance page and enter details such as the car registration number, email ID and mobile number. Then click “View Prices.”
Select Add-ons, Insured Declared Value (IDV) and Discounts
Browse through available add-ons and opt for the ones that fit your insurance requirements. Choose the IDV and discounts (voluntary deductibles/ anti-theft devices).
Choose the Car Insurance Policy
Choose the car insurance plan you want to buy from several available options. Once you have chosen an insurance plan, click “Buy now”.
Check Out the Details
You will see all the details of your car insurance plan, including a breakdown of your car insurance premium, on the screen. Ensure you verify all the details before clicking “next” to proceed.
Verify Final Details and Pay
Confirm all the details displayed on your screen. Further, click “Proceed to buy” to purchase the car insurance plan online. Choose the payment method of your choice and make the payment. Your car policy will be sent to your email address.
To Wrap It Up
There are several benefits of car insurance, including personal accident cover, protection from third-party liabilities, coverage against theft, a network of cashless garages and more. So, you should get a car insurance policy for your brand-new four-wheeler to ensure compliance with the legal requirements and protection from financial losses.
