Having a car in India means having plenty of fun but also bearing much responsibility. You enjoy driving on the road, spending weekends in your car, commuting every day. However, whenever you use your car, you expose yourself to some danger which cannot be completely avoided despite being an exemplary driver. Sometimes accidents happen, vehicles are stolen, damage caused by natural disasters is inevitable. These factors explain the high demand for car insurance online India and why it ranks among one of the most important and popular searches when it comes to finance.
Car insurance is not only required by law in India (Motor Vehicles Act), but it is also a tool to cover any potential costs in case of any issues which could reach hundreds of thousands of rupees. What is more, thanks to the opportunities offered online, finding the best option and buying it has never been easier.
Why the Online Route Makes So Much Sense
Car Insurance Purchase in Online India has changed the perspective for the people buying such an important thing. There will be no more visits to different offices, long sales talks, filling up pages of forms, not knowing fully what kind of commitments you are making.
With the online system, all the power is in your hand. You will get different insurers in one place and will choose whatever fits best. Reading policy and comparing coverages is done very conveniently and easily.
The premium amounts will depend upon your personal information about your vehicle, and the payment as well as the policy delivery will be instant. In case of renewal, you just need to pay and the policy will reach your email account.
Understanding the Types of Car Insurance Available
While purchasing car insurance online India, it is important that one gets familiarized with the various kinds of insurance plans available in the market.
The most basic form of car insurance, which is also the mandatory kind in India, is the third-party insurance plan. It provides financial compensation for damage and injuries caused to a third party due to any accident involving the insured vehicle. It does not provide coverage for any damage to the insured vehicle.
The comprehensive plan provides much broader coverage, offering coverage both for damage caused to third parties in case of an accident and for any damage caused to the insured vehicle. Coverage extends to damage caused by accident, theft, natural disasters such as floods and earthquakes, and damage by vandalism.
One can also choose their own damage cover as a separate plan while keeping their third-party insurance plan active.
Add-Ons That Strengthen Your Coverage
Another benefit of purchasing car insurance online India is customization of insurance policies using add-ons which take care of certain types of risks. These are the top add-ons for car insurance in India:
Add-on cover against zero depreciation to ensure claims pay out the full price without any deduction for depreciation
Engine damage protection for repairs/replacements due to flooding and/or oil leakage
Roadside assistance for breakdown, flats, fuel assistance, and towing services throughout India
Invoice value of the car in case of total loss/steal, and not the depreciated market value of the vehicle
No-claim bonus cover which ensures that even after making a claim, you maintain your no-claim discount
Car key replacement insurance to cover losses from stolen or lost keys
These add-ons address very real risks which aren’t covered under basic policies.
What Affects Your Car Insurance Premium
Knowing the drivers behind your premium is crucial when it comes to making better choices while purchasing car insurance online in India. Some of the key determinants of car insurance premiums in India are the make and model of your vehicle, its age, Insured Declared Value, geographical area, claims history, no claim bonus, type of insurance and add-ons selected by you, and fuel type of your car.
A good claims history and no claim bonus over several years of consecutive insurance policies can help you get a much lower premium. Increasing your voluntary deductible also results in lower premiums in return for paying a share of your claim amount.
Insurance Guru assists vehicle owners in securing car insurance online in India with complete transparency, expert advice, and best deals on insurance plans from top insurers.
