Shopping for Car Insurance Online: Tips and Tricks
When individuals invest a lot of time and money in purchasing their dream car, the same priority should also be given to its insurance. One of the most important things in the current digital era to keep in mind is purchasing car insurance online.
Not only does going digital saves time and money, but it also helps in comparing and choosing the best one. It is well known that purchasing the dream vehicle always requires hard work, patience and persistence. It is not a matter of days but months and years. However, it hardly matters which car an individual buys as long as it is the dream vehicle. But protecting it should be the number one priority.
(Note: The insurance cost varies depending on the state, insurance company, and coverage type.)
What is car insurance?
It is an agreement between an insurance company and a car owner wherein the car owner will pay premiums, and the company covers loss or damage caused to the vehicle.
As per the Government of India, it is mandatory regardless of whether it is a personal or commercial vehicle. This is because it fulfils the vehicle owner’s legal liability arising from bodily injury, loss or damage caused to any third party or property.
What are the top tips and tricks to get the best car insurance online?
1. Right IDV
The Insured Declared Value (IDV) is the car’s approximate market value, and it forms the base for deciding the cost of the policy. Therefore, setting the right IDV is very important as you don’t want to set its lower value which might leave the vehicle underinsured.
2. Right insurer
Choosing the right insurer is significant as the car insurance policy’s value hugely depends on the insurer that issues it. So, to get the best deal, it is essential to compare car insurance online and opt for the best one that suits you. Two important things to remember are that your insurer should have a good consumer support facility and a healthy claim settlement record.
3. Look out for discounts
Every car insurance provider offers deals and discounts from time to time. So when looking for it, make sure you are always on the lookout for these deals and discounts. If you come across a good deal, the car insurance decreases.
4. Visit IRDAI
While comparing car insurance online, do one more thing: visit the official website of IRDAI (Insurance Regulatory and Development Authority of India). Basically, it has all the required information, including dos and don’ts, while buying the insurance. Moreover, it also includes important information such as the list of insurers, annual reports, public notices, press releases, penalties, and insurance laws, among others. This will definitely help you make an informed decision.
Personally speaking, I also purchased car insurance online via the Bajaj Finserv app. Now, I’m not promoting this brand here. It’s just that it’s been over a year now that I’ve been using this application for my smartphone and broadband recharge.
So, when I purchased a car recently, I came across the facility of car insurance on the application only. With just a few taps, my dream car was insured.
How to buy car insurance from your smartphone?
- Download the Bajaj Finserv application
- Sign up with your details
- On the homepage, you’ll see the Insurance Bazaar section
- Tap on Car
- Enter your vehicle registration number and city pin code
- Tap on View Prices
- Choose the best that suits your requirement