By getting comprehensive car insurance, you are saved from many problems. In an accident, the insurance company pays compensation to your car and the damage caused to you. Your insurance company also settles the damages caused by your vehicle to someone else’s vehicle or property or body. If caught driving a car on the road or in a public place without insurance, there can be a penalty of up to Rs 2000 and even jail. In this article, we will know how to get car insurance online? How to do car insurance online? What are the documents required for this?
Note: You can get car insurance done by visiting the office of an insurance company or you can also get it done through its agent. If you know how to operate a computer or smart phone, then sitting at home, you can also insure your car online. This saves you from paying agent fees etc.How to get car insurance online?
All major General Insurance Companies provide the facility of online insurance on their websites. By completing some easy steps, you can buy car insurance in minutes.
Step 1: First of all you have to fill a form regarding your vehicle. In this, information about the type and make of your vehicle has to be given. On the basis of this, it is decided that how much premium (cost of insurance) you will have to pay.
Step 2: – After this you are asked for personal details about yourself. For example name, address, e-mail, phone number etc.
Step 3: Finally pay the premium for your insurance policy. You can pay through Debit/Credit card, Netbanking or UPI at your convenience.
How to renew car insurance online
The process of renewing car insurance is very similar to buying a new policy. Nowadays many insurance companies are offering the facility to renew insurance online. Here we are giving the process of Online Insurance Renewal as a sample-
You have to go to the website of the insurance company and select the insurance renewal online form. Fill in the details sought in relation to your previous policy.
After this, by going to the next page, you can see the details of the new policy. Let’s approve its terms and conditions (Rules and Regulations).
Now the option of payment for the policy comes in front of you. Pay through your Debit/Credit card or Online Bank Account. With this the renewal of your policy is completed.
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You can buy car insurance online in two ways
You have two options to buy car insurance online-
Through the website of the insurance company
through aggregator companies
Getting car insurance through the insurance company’s website
Nowadays almost all insurance companies have started making their products available online. Here we are giving the names of the major General Insurance Companies of India who insure the car and the link of their website-
New India Assurance Company Limited – www.newindia.co.in
United India Insurance Company Limited- uiic.co.in
National Insurance Company Limited – nationalinsuranceindia.nic.co.in
ICI Lombard – www.icicilombard.com
The Oriental Insurance Company Limited- orientalinsurance.org.in
Bajaj Allianz – www.bajajallianz.com
HDFC ERGO- www.hdfcergo.com
Tata AIG – www.tataaig.com
Reliance General- www.reliancegeneral.co.in
Cholamandalam- www.cholainsurance.com
State Bank Car Insurance- www.sbigeneral.in
Car insurance through an insurance aggregator
An Aggregator Company is a company that does not sell any of its own products to customers. Instead, it makes others’ products available through its website. In return for providing this service, she takes her commission.
There are also many companies in India that work as Insurance Aggregators. They offer valuation and comparison of the products of other insurance companies. The customer chooses from those products according to his need. There is also a link to buy that product on the Aggregator itself. When someone takes a policy of an insurance company through this link, the aggregator gets a commission.
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Following are the names of some of the companies working as aggregators in the field of auto insurance in India.
Policybazaar.com
coverfox.com
www.policyx.com
www.comparepolicy.com
www.bankbazaarinsurance.com
Myinsuranceclub.com
Take care Insurance Aggregators are recognized by the Insurance Regulatory and Development Authority of India (IRDAI) for only 3 years at a time. You can see the list of which insurance aggregators are currently valid on the IRDAI website. For this you can use this link-
https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?mid=9.6.1&page=PageNo2337
Documents required for online car insurance
To buy an online car insurance policy from a company, you need the following documents-
Photocopy of your driving license
Documents related to the registration of your vehicle, along with a photocopy of RC (Registration Certificate)
Address proof
A Cancel check, if you opt for EFT (Electronic Funds Transfer) to pay the premium
Documents of your existing policy (if renewing insurance or changing insurance company)
Be careful while getting car insurance
Where are the discounts available?
Car insurance companies announce discounts on their policies from time to time. Keep an eye on such announcements. Even while getting insurance, see whether the offer of any company is running. If the coincidence is good then you can get good savings on your premium.
IDV calculated correctly?
While taking the policy, also keep an eye on whether the insurance company has put the Insured’s Declared Value (IDV) of your vehicle properly or not. This is the amount that you can get in lieu of total destruction of your vehicle in an accident or if it is stolen. Your premium installment also depends on the IDV of your vehicle. Know in Detail: What is IDV in Auto Insurance?
Choose the Deductible Wisely
A good car insurance should have the best combination of premium and deductible. Deductible is actually the part that you pay on your own behalf when the car is repaired. The remaining part is paid by the insurance company. The higher the deductible you choose, the lower will be your premium installment.
Choose the best Add On/riders
Riders are a type of add-on covers, with the help of which you can customize your insurance plan according to your needs. The better riders you can choose, the better your insurance plan will prove to be. Know in detail: What are add on insurance?
Know about the claim process
It is not enough just to choose the insurance policy with more benefits. It should also be timely and fast-paced. That is, what is the method of the company to settle the claims? Also find out the company’s record in claim settlement. Your insurance company should have a good customer support facility.
Is there online renewal process or not?
After the expiry of the car insurance period, it will also have to be renewed. It would be better to choose the policy of such a company which is providing online renewal facility. Otherwise, you will have to take out separate time to get renewed and will have to worry.
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Keep in mind regarding renewal of car insurance
Insurance should be renewed before it expires
According to the rules, before the completion of the term of the vehicle insurance policy, it should be renewed. However, a Grace Period is available even after the completion of the term of an insurance policy. According to different company it can be from 3 to 30 days. Even during the grace period, if you renew the policy, then you are saved from the penalty.
New insurance has to be done after the grace period
Even after the grace period, if you have not renewed the insurance, then you have to take a new insurance policy. And the new policy is costlier than the previous policy. Apart from this, you do not get many benefits due to the previous policy, such as the benefit of No Claim Bonus is not available. Your vehicle will be re-valued in a new way. For the lapse time between two policies, you have to pay penalty and late fee.
If there is an accident between the two policies…
If there is a serious accident with your car during the time lapse of the policy, then you will have to pay all the compensation on your own. This compensation will also be according to the status of the person who has been harmed by your vehicle. Similarly, you will not get any kind of help even if the car is completely destroyed or stolen.
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Can I get insurance from outside instead of the car dealer?
Perhaps this question must have arisen in your mind that can car insurance be done anywhere other than the car dealer? In one word the answer is yes.
Generally, car companies provide car insurance along with the car in their showroom. They do this by collaborating with insurance companies. In return, they also get some commission from the insurance companies. But, it is mandatory to get car insurance from Car Dealer only, it is not like that at all. If you want, you can get your car insured separately anywhere.
How is it beneficial to get car insurance from outside?
If you have some basic information regarding buying car insurance, then buying insurance from outside will be beneficial for you. Do you know how?
The insurance policy that the car dealer will provide to you, many such things (Add On) can also be attached to it, which you may not need. Every Add On gives you some convenience, then in return it also takes some cost from you. In this way, in lieu of every Add On, the premium (installment) of your insurance also increases somewhat.
You will be able to include those things in your insurance, which you really need. And then you will be able to get discounts etc. in a better way by talking directly to the representative of the Insurance Company.
If you are taking insurance from the car dealer only then…
The best way for this is to ask the car dealer for the invoice of that transaction before paying the on-road price of the car. After this, ask for their quotations (details of facilities and premium) from at least two to three insurance companies. Now you see all those quotations. Compare and understand which insurance company’s offer is the best according to your needs. In this way you can save at least 10 to 25%.
Insurance can be taken for both new and used cars
Whether you have bought a new car or you can get online insurance for both types of old cars. But, be careful! Many companies do not do online insurance for cars older than a certain period of time (above 10 years).
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What is Comprehensive Insurance? what are its benefits
Choose the car insurance type as per your requirement
There are mainly two types of policies under car insurance – Third Party Insurance and Comprehensive Insurance Policy.
Under third party insurance policy , compensation is paid for injury caused to someone else or damage to someone else’s property caused by your vehicle. This compensation is given to the person who has been harmed.
Under the comprehensive insurance policy , you not only get the benefit of third party insurance, you also get compensation for damages caused to your own vehicle. In both the cases, the insurance company pays compensation.
Add on Covers : These are for different types of ancillary insurance covers in addition to the main insurance policy. Such as No Claim Bonus Protection, Accident Cover, Invoice Protection, Roadside Assistance, etc.
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How is car insurance premium determined?
You have to select the insurance policy in advance according to the type of your vehicle and other facts. Its premium (insurance installment) is decided according to the benefits available from the insurance policy. Your insurance premium will depend on the following factors.
What is the vehicle type and engine capacity?
The premium of a car insurance policy depends on how old it is, what brand it is, what is the make and model, what kind of fuel (diesel, petrol, CNG) it runs on. What is Engine Capacity? The better condition the vehicle is, the lower the insurance premium.
How is your claims record on old insurance?
If you have not made any claim on the previous policies, then you will be charged less premium for taking further policies. It will be better if you avoid making claims in very small accidental repairs in future.
What is the city or place of the driver and registration?
If your vehicle remains in the hands of a single driver (single user drive), then its premium will be less. In which many drivers are required, their premium is higher. Similarly, the insurance premium for people living in big cities is higher than those living in small towns.