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Steps to Buy Car Insurance Online

By Finserv MARKETS - Jun 3,2019
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Steps to Buy Car Insurance Online

How To Buy Car Insurance Online

No matter how experienced a driver you are or how well you maintain your car, there’s no way to completely avoid the risks of driving. Even a tiny dent caused due to a slight bump can result in heavy repair costs. Buying a comprehensive car insurance is the most effective way to stay protected against the financial risks of owning and driving a car. A comprehensive insurance policy offers coverage against financial losses that you might incur due to theft, accidents or even natural calamities. By paying a small premium, you can even recover the entire cost of the car in case of theft or total damage. However, given the wide number of insurance policies available online, choosing the right one can seem tricky. So to help you buy the right car insurance online, we have outlined the steps that you need to follow: –

Steps to buy car insurance online:

  • Know the different types of Car Insurance
  • Compare Car Policies Online
  • Never Undervalue
  • Apply Online

1. Know the Different Types of Car Insurance

Car policies are of two types – Third Party car policy Liability and Comprehensive. A third party liability only covers the damages caused to third parties involved in the accident. Moreover, a third party liability insurance is mandatory by law in India.

On the other hand, a comprehensive insurance policy offers a wide coverage against various damages caused to you and your car in the event of accident, theft or damage due to natural calamities, including third party liability. Hence, if you want to secure complete protection for your car, a comprehensive car policy is the ideal choice.

2. Compare Car Insurance Policies Online

It is essential to do a detailed comparison of various car insurance policies available online. Compare the premium of various policies vis-à-vis the coverage and features. You can also consider reading testimonials from existing policyholders to get a better idea of the products offered. You can compare the policies either by visiting the company website or insurance aggregator websites. Comparison is the key to buying a good insurance policy.

3. Provide The Correct Insured Declared Value

Your car insurance premium is dependent on the Insured Declared Value or IDV of your vehicle. If your insurance premium is low, there are high chances that your IDV may be low. In case your car is stolen or damaged completely in an accident, you won’t get adequate compensation. Hence, undervaluing your car for lower premiums is a grave mistake.

4. Apply Online

Once you found the appropriate policy for yourself, visit the chosen insurance provider’s website and fill up the online application form. You can buy car insurance in a simple and quick process. By filling in a few details, you can buy insurance online with just a few clicks. Once you make the payment, the policy will be mailed to you instantly. Moreover, by buying a car insurance policy at Finserv MARKETS, you can enjoy exclusive benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock assistance and much more. You can also check the premiums for car insurance plans available on Finserv MARKETS by using the car insurance calculator. The tool not only provides a quote but also allows you to compare quotes offered by insurers in India. Based on the results, you can then choose a car insurance plan that is affordable and fulfils your needs.

To know more on car insurance in depth, you can check out these blogs:

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522