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Why Should You be Careful While Buying Car Insurance Policy Online?

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Why Should You be Careful While Buying Car Insurance Policy Online?

Car Insurance Policy Online? Following the Motors Vehicle Act in India, vehicle owners are obligated to buy at least a third-party insurance cover.

This ensures that if you are liable for third-party losses or charges in case of an accident or a mishap, the same is covered.

However, having third-party car insurance is not enough. It is in the best interest of the car owners to buy a comprehensive car insurance policy.

Buying a car insurance policy has become super-easy, for one can buy car insurance online, in just a few clicks, at any point in time, from wherever they want.

Why is Buying Car Insurance Online a Better Idea

Buying a car insurance online plan comes with significant advantages. Some of them are –

  • Easy documentation: The online process requires less documentation, thus making the process a little less cumbersome. Gone are the days of lengthy forms with online car insurance.
  • Time-saving: Online purchasing an insurance policy saves both time and money. But, unfortunately, a lot of time gets wasted in the otherwise commuting process.
  • Slashed pricing: Because of the fewer statistics in the online process, insurance companies don’t need physical offices, bringing down the expenses incurred by the company.
  • Comparison with other policies: Online websites provide comprehensive car insurance online policies and are transparent enough so that customers can compare them with other approaches.
  • Easy renewal: A car insurance policy needs to be renewed from time to time to enjoy the uninterrupted benefits. Renewal of car insurance online is much easier and hassle-free, than renewing the policy in offline mode.

Buying car insurance online policies give you complete peace of mind and assure no financial difficulties in case of any loss or damage to your vehicle.

Having understood how buying a car insurance online comes with a wide range of benefits over the manual process, it is important to take note of some aspects that one tends to ignore while buying or renewing car insurance

Mistakes to Avoid When Buying or Renewing Car Insurance:

  • Not doing basic research: It’s imperative to do basic research on the various policies available to compare them with the other policies public. The details like the Insurance Regulatory and Development Authority of India registration number and CIN number can authorize authenticity. The websites mention the brand’s ethos and the various terms and conditions. Researching them can help you avoid many mistakes while panicking about a policy or car insurance online.
  • Not equating the policies: Regarding car insurance policies, it’s a good idea to compare the various policies available online. It helps in avoiding getting inadequate insurance coverage. One can browse multiple websites and devote time and effort to reach them. It may sound like a cumbersome process, but it will reap a thousand benefits later. You need to have a comprehensive analysis because if a comprehensive car insurance Policy is at a low cost, that doesn’t mean you grab it without paying attention to it.
  • Not Being aware of the coverage: The sole purpose of car insurance is to have financial backing in case of unfortunate events. The need to comply with the land law is another purpose of the car insurance policy. The Third-party Liability Policy (TLP) offers a minimalistic cover. As a result, the insurance is cheaper than the comprehensive car insurance policy.
  • Opposing the online mode: Over time online policies are turning out to be more affordable and convenient to buy. The benefits, as mentioned earlier, lead to the ease of purchasing the policy anywhere and without documentation. In addition, every company selling car insurance online has a well-educated and equipped support team that assists all its customers in the right direction.
  • Choosing inappropriate add-ons: Add-ons are simple tools that offer comprehensive coverage and services compared to the standard policy. They come at an extra cost but are worth the money invested. The add-ons enhance the convenience quotient and elevate the premium significantly attached.
  • Not utilising No Claim Bonus: The payable premium can be significantly reduced by accuratelY managing the No Claim Bonus. The NCB is a renewal discount to reward those who have not claimed anything during the policy period.
  • Not paying heed to voluntary excess: Voluntary Excess is one of the most undervalued features when buying a Comprehensive Car Insurance Plan. Therefore, paying attention to this particular feature while deciding about the car insurance online policy is vital. More famously called the Voluntary Deductible, voluntary Excess is the amount paid by the policyholder while settling the claims. Opting for a Voluntary Excess allows the customer to fix an amount that he can pay to the insurer in case of any claim.
  • Inaccurate Information: It is essential to be ethical while sharing information when purchasing the policy. While filling out the forms online, the insurance executives pose specific questions to the customers to clear out the policies. Therefore, the customer must stay transparent and share the details as truthfully as can be. The correct Information can help avoid various faux pas. Most insurance policy companies take each word the policyholder attests as a line marked on the stone. Any shared information can harm the trust factor and thus reduce the premiums due to miscommunication.

While buying car insurance online could be an easy task as compared to buying an offline policy, they are associated with several mistakes. Hope the above-stated mistakes provide a better insight into buying car insurance online.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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