How many of us are fooled while buying vehicle insurance at a relatively higher cost at the time of buying a new car or a bike? Almost everyone! But this does not come as a surprise as we usually ignore vital aspects and end up paying more for less protection. Also, a majority of us are not aware that a good vehicle insurance plan is needed to keep all the claim related issues at bay. However, time has changed as the online marketplace is gaining popularity. Therefore, it is feasible to look for your vehicle insurance online in a bid to select an appropriate plan, which fits your budget as well as your requirement. This read will help you to find the right vehicle insurance online.
Before choosing a comprehensive policy online, it is vital to know why online insurance is the need of the hour.
- Works in your favour
One does not have to visit an insurance agent to purchase their vehicle policy. You can buy your desirable plan from the comfort of your home or your office. This entire process of buying vehicle insurance is swift, hassle-free and saves a lot of time and energy. Therefore, most of the insurance companies offer user friendly interface/platform to allow you to buy a policy instantly.
- Online plans are affordable
This is the main USP of buying your vehicle insurance online as most of the insurance companies offer them at lower premiums. And in case you opt to buy through broker or aggregator website, you may end up paying almost 50-60% less than the actual premium. This is because the insurance companies, are able to reduce their overhead cost by removing the agent’s commission.
- Online sites are informative and self-explanatory
There is extensive amount of information available all over the internet. Most of the online portals will allow you to compare plans, benefits, coverage, features, and premiums offered by various insurance companies. One can research about the plans, look for reviews, and information with regards to their specific requirement. The best part about buying your vehicle insurance online is that you can choose a policy that suits your personal needs.
- Automated
Online websites facilitates easy and quick payment procedure. They are secure and safe and ensure smooth transaction. And most importantly, you receive instant premium quotes, download policy brochures, and file claims through the online medium.
- Swift assistance
Even if you are not tech-savvy or you may not know how to buy vehicle insurance online, you don’t have to worry as most of the insurance companies offer assistance on call and chat to help you understand plans, features, and process. They also help you in understanding the payment process which helps in obtaining instant policy.
What to Look For Before Buying Vehicle Insurance Online?
There are few things you must keep in mind while buying your vehicle insurance policy like:
- Type of Vehicle Insurance Plan
Be it a two wheeler or a motor insurance policy, there are two types of plans available for both.
- Third Party Liability Coverage
This type of coverage will compensate for damages to the third-party and their property. The TP (Third Party Coverage) is mandated by the Indian Motor Vehicles Act, 1988 and consists of the below components.
- Basic third-party premium
- Premium for personal accident cover for owner-driver– Rs. 100
- GST (Goods and Services Tax)
- Comprehensive or Package Coverage
This is the most recommended type of vehicle insurance cover and will cover both own damage and third-party liability. It consists of the below components like:
- Own damage premium
- Third party premium
- Premium for personal accident cover for owner-driver– Rs. 100
- On- on cover charges (if opted)
- GST (Goods and Services Tax)
- Network Garages
Selecting an insurance company with an extensive list of network garages is important. Make sure that the insurer you select has tie-ups with garages in your vicinity that would provide faster access for repair services of your vehicle.
- Look for add-on coverages
The add-on benefits will enhance your comprehensive policy coverage and provide extra protection. Some add-on covers like the following are a must have.
- Zero Depreciation: If you happen to choose an insurance plan without a zero depreciation cover, you are liable to pay for the parts depreciation of your vehicle (like fibre, plastic, rubber, metal etc.) However, with a zero depreciation cover, vehicle parts are 100% covered.
- NCB Protector: This cover will allow you to keep the NCB discount intact even if you have claimed in that particular year. Otherwise in case of any claims in your policy, the NCB stands zero.
Apart from the above three points, it is also essential to look at the following points before you finalize an insurance plan.
- Check for the features offered in the plan by the insurance company.
- Check for the claim settlement ratio of the company.
- Select IDV offered by the insurance company.
What Are The Best Deals Available Online For The Vehicle Insurance?
Below are the top 5 vehicle insurance Companies in India for the year 2018. You are ought to get best deals depending on the type of vehicle, manufacturing year, model etc.
- HDFC Ergo
- Bharti AXA
- Oriental General Insurance
- The New India Assurance Co. Ltd
- Bajaj Allianz General Insurance Company
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Therefore, finding the right insurance policy is not rocket science. One has to research and compare to find the desirable vehicle insurance policy.
