There are enough numbers and statistics to show India witnesses a lot of accidents on the road. Though this does not ensure anything, it surely increases the probability of a person meeting with an accident. And accidents do not always happen due to your fault. You could be a recipient of someone else’s fault. The easiest way of keeping yourself secure is to buy car insurance.
Car insurance not only keeps you at bay from such incidents but also offers legal clearance for driving a car. If you are not aware, according to the Motor Vehicle Act of 1988, all cars must have a valid insurance on them at all times. If a policy holder is found driving without car insurance, he/she will invite a hefty fine and potentially other consequences.
The following are the two major car insurance types that one can buy. Depending on your needs and requirements, you can opt for any one of them.
- Third Party Liability
A third party liability is the barebones car insurance that a person can buy. The policy would compensate for any damages to third party person or property. In the event that a policy holder meets with an accident and it causes some damage or injury to third party properties or individuals, the policy comes into effect. In fact, the third party liability is the minimum requirement as per the Motor Vehicle Act.
The IRDAI or Insurance Regulatory and Development Authority has a predefined insurance based on the class of vehicles. This brings about a bit of uniformity, as the insurers must adhere to the same.
- Comprehensive Policy
A comprehensive car insurance policy is a more rounded product. It contains the minimal third party liability cover and builds on the top of it. When you opt for a comprehensive car insurance, you get cover against manmade and natural calamities. This means, that you need not spend money out of your pockets in the event of floods, cyclones, landslides, theft, burglary, strikes etc. A comprehensive plan also offers cover against own damage, again ensuring that your hard earned money is intact and not spend on your car repairs.
It is only obvious that a comprehensive car insurance costs a bit more than only the third party liability cover. But in return you get your hands on extensive features and benefits which simply cannot be ignored. Thus, it is recommended to buy a comprehensive cover.
How to Buy a Car Insurance Online
We are well past those days when one had to struggle to buy a car insurance or had to speak with insurance agents or company representatives for hours. The insurance industry is following the online shopping saga very closely. This means that now you can buy your car insurance from online platforms. Most of the major insurers are present in the digital form, making it easier for potential policy holders to buy car insurance.
You can visit the website of any insurer that you wish to buy the policy from and search for the buy or renew option. The websites usually ask you for details such as vehicle registration number along with personal contact details. On providing these, the insurer will send you a link with the policy details. You can go through all the features, benefits and the quote that the insurer has provided. Once you are happy with what you have in your front, you can go ahead and buy the policy.
The website will then lead you to an online form that requires only mandatory fields rather than an exhaustive form. You can then select any riders if you wish to enhance the capabilities of your policy. The website will then provide you with a summary of the policy and let you pay for the same. Most of the insurers will send you a digital copy of the policy within a few minutes of buying the policy.
Benefits of Buying a Car Insurance Online
You can buy a car insurance either through the online mode or the offline mode. Should you choose to buy it online, the following benefits are yours for the taking.
An online car insurance is more affordable than its offline counterparts, as insurers do not have to pay for the intermediaries.
Well, when you buy online, you can do so at any point of time according to your convenience and from anywhere as well.
- Less Paperwork
The online modes reduce the amount of forms that you must fill and documents that you need to submit.
Buying a car insurance online also helps you get a better understanding of your policy which can be very crucial in the longer run.