Things To Know Before Buying Car Insurance Online
Purchasing a car is an important decision in a person’s life. It is equally important to protect your car with the right car insurance policy. Many insurers offer their products online. Though buying car insurance online offers a lot of convenience, you need to do your own research before you decide what is best for your car. There are several factors to be considered before you buy car insurance online.
# Type of coverage
See the type of coverage offered by a policy. Third-party insurance is compulsory in India. This would cover damages and injuries caused to third parties due to an accident caused by you. This will not cover any damage to your vehicle. For added protection, you need to buy a comprehensive car insurance that covers damages to your vehicle due to an accident. It also covers damages caused by theft, fire, natural calamity, etc. It makes financial sense to buy comprehensive insurance cover for your car.
# Make comparisons before you buy
It’s essential to compare car insurance online before buying. Choose a policy that is economical and serves your specific requirements. Taking some time to assess and compare policies will ensure that you end up buying the best car insurance policy on offer.
Look out for discounts that can reduce the premium amount that you need to pay. If you are a good driver and do not make a claim during the year, you become eligible for “No claim bonus” that can substantially reduce the premium for the next year. Installing anti-theft system and safety equipment can fetch you further discounts.
Before you get car insurance, look for the add-ons. Most car insurance policies offer additional benefits for the payment of a small, additional amount. Choose such add-ons or riders if they fit your requirement. For example, if you are a regular night driver, it would be sensible to buy roadside assistance as a rider with your policy. If you are a person who spends a lot of time on the road, you need to include a personal accident cover as a rider.
# Market value of your car
The insurance premium charged by the insurer is dependent on the market value of your car. It is important for you to know the market value and the depreciation rate of your car in order to negotiate with the insurer for a lower premium.
# Timely renewal
Most insurers offer the facility to renew your car insurance online. It is important to renew your policy on time to avoid higher premium and hefty penalties due to lapsation of the policy.
It is important to check the claim settlement process of insurance companies before you choose one. Choose a company that is known for a smooth and hassle-free claim settlement process.
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