If you have a car you must avail a car insurance plan. In India, availing third party liability motor insurance is must. Third-party motor insurance will cover the loss and damage caused to life and property of the unrelated third party in the case of an accident. Apart from third-party liability motor insurance, you can also avail comprehensive motor insurance which covers own damage to the vehicle.
As availing third party liability motor insurance is a must in India, a lot of people avail it. After the new motor vehicle act was introduced, the number of people availing and renewing their motor insurance plans has gone really high.
When compared to the past, availing a car insurance plan is actually easy and hassle-free as it can be done online. There is no need to deal with lots of paperwork and a tedious application process. But, there are some points which you must keep in mind while availing car insurance online.
In this blog, we will discuss the various things which you need to keep in mind; while availing a car insurance policy.
The first thing you must do while availing car insurance online is a comparison of policies. There are many websites which allow you to compare the different car insurance policies just by sitting at home. To choose the best car insurance policy, compare different policies online.
2. What you need
There are two types of car insurance plans. One is a comprehensive car insurance policy which covers both third party damage and own damage, the other one called third party motor insurance covers only third-party damage and loss of life. So, you must choose the policy depending on your needs. Before availing the car insurance policy, you have to consider things like your location, parking area, how often you drive the car and many other factors. Based on these things you have to decide which policy suits you best.
3. Price of the policy
Premium is one of the most important things you must consider while availing a car insurance policy, but this must not be your main priority. When you give more importance to price; you often neglect other things which may leave your car under insured. Leaving your car underinsured might cost you heavily if your car is damaged in an accident.
4. Insured Declared Value (IDV):
You have to set a proper Insured Declared Value (IDV) while availing a car insurance policy as it decides your cover. IDV is the approximate market value of your car. Setting a higher IDV will make your car insurance policy costlier and setting lower IDV will leave your car underinsured.
Your motor insurance policy comes with many types of add-ons or riders. These add-ons provide extended coverage. But, you will be charged for add-ons. Buying too many add-ons will make your policy very expensive. So, it is advisable to choose only those add-ons which are relevant to you.
6. Read the fine print carefully
It is very important to read the fine print carefully while buying a car insurance policy online. Not reading the fine print will lead to not knowing all the inclusions and exclusions which means insurance claims get rejected. You must go through all the terms and conditions and situations where you can raise a claim and where you can’t.
See Also: How to Renew Car Insurance?
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