A step-by-step guide to choose the best car insurance plan online

Normally people avoid investing their money in Car Policy but they don’t understand that it is for their own benefit. Usually, a Car Insurance Policy covers the damages or loss done to the property of any third party involved in an accident as well as the policy holder’s car as well. Ms. Asthana purchased a new car and afterwards she had to buy the best Insurance plan available in the market for her car. Before everything she needs to know about the types of Insurance plans.  

What is the different type of Insurance policy available?

In India there are two types of Car Insurance policy available:

1. Third – party Car Policy Insurance.
2. Comprehensive Car Insurance Policy.

How to get a Car Insurance Policy?

 Select the best Car Policy available. – There are only two types of policy available in India, the        people have to choose the best policy from them only. 

1. The first is third- Party Car Insurance Policy, this policy covers for the damages done to the third party only and not to self. This policy provides for the coverage from any legal ability that arises out from the injury to the third – party when the policyholder is at fault only. The premium for this Car Insurance Policy is comparatively lower than the Comprehensive Car Insurance Policy. According to the Motors Vehicle Act 1988, it is mandatory for every motor vehicle holder to buy the Third –Party Insurance Policy in India.

2. Second is Comprehensive Car Insurance Policy, it provides complete coverage for the third – party damages as well as it covers the policy holders cars damage. For example, if the policyholder cars get damaged due to some unnatural act of Mother Nature, the company will provide for the damages done to it. The premium of this, Insurance policy is comparatively higher than the Third – party Insurance.
3. The above-mentioned Insurance plans are the oneswhich are always available in India, but recently the IRDA Indian Insurance and Regulatory Authority of India has started a new type of Car Insurance Policy, known as Pay As You Drive. In this the policyholder is supposed to take Insurance for 1 year for both the Comprehensive and third party Car Insurance Policy. This insurance is in Pilot basis mode for now where the policy holder takes the policy according to the kilometers the car will be driven, like 2500km, 5000km, 7500km. This policy can extend up to 2 years after the completion of the pilot basis and if there is any recommendation of an amendment draft is agreed upon.

  Are there any add – on available? – Besides the normal Car Insurance Policy there are other benefits of Add – on Coverage too, though the policy holder had to pay extra for these but at times it comes handy. They are:-

             Zero Depreciation

             Engine Protection

             Invoice Cover

             Roadside Assistance

What is required for Car Insurance Policy? 

Documents- The first basic and most important thing is documents.he customer needs to enter the details like their name, mobile number, Registration number, Car’s age, City of Registration, on the insurer’s assigned website for collecting the above information regarding Car Insurance Policy.

Question regarding your Car – After the basic information the next steps include questions regarding your car like, when your insurance will expire or if it’s already expired. Or if you have raised any request before or not regarding the Car Insurance Policy if yes then. These are some of the related questions that are generally being asked.     

Do your Study Thoroughly – Before choosing any plan it is important for the customer to do their homework thoroughly. They should check the insurance plan that they need and once it is selected they should compare the insurance policy amount with the other companies also and they should check if the company is credible or not by reading reviews and feedback from customers before selecting any plan.

  Choose the Plan – After answering the above question the customer can choose the Insurance plan, that is Insured Declared Value IDV, it is calculated by deducting the depreciation amount from the manufacturing amount which is the current market amount of the car. 

After this go through the policies, terms and conditions and choose the best plan according to the suitability of your budget. Once the payment is done, the customer can check the details of the Insurance Policy on the registered email address of the customer with the company.

The Last Step – Since the Pandemic, people are more motivated to buy the insurance online so that they can avoid less interaction with people and resulting in more and more awareness regarding online availability of Car Insurance Policy. By choosing the online Car Insurance Policy, the whole process of Insuring any car is becoming more transparent, and providing the customer with a wide range of options to select the policy from them.    

Why choose the best Insurance Company?

Bajaj Allianz General Insurance Co. ltd. is one of the main firms that were named the best motor insurance in 2020 by Money Today. It provides both comprehensive and liability-only vehicle insurance policies. The programs are cost-effective, adaptable, and may be tailored to the distance or time of day.

Which company is best in India for Four- Wheeled Insurance Policy according to IRDAI? 

1. Bajaj Allianz Car Insurance.
2. Bharti Axa Car Insurance.
3. Chola MS Car Insurance.
4. Digit Car Insurance.
5. Edelweiss Car Insurance.
6. Future Generali Car Insurance.
7. IFFCO Tokio Car Insurance.
8. Kotak Mahindra Car Insurance.
9. Liberty Car Insurance.
10. National Car Insurance.