Vehicle Insurance Online – Buying car insurance is compulsory under the Motor Vehicles Act 1988, so it’s important to insure your car before you get into it. Comprehensive car insurance protects against potential financial losses due to any third party liability or damage caused by car ownership.
In order to get complete protection while driving, car insurance is an important step. If you want to insure your car, it may be beneficial for you to take out insurance online. Buying car insurance online gives you the opportunity to compare and choose the best insurance policy for your car. Online shopping also offers a cost-effective option as you can get a policy quickly and hassle-free by providing basic information about your vehicle.
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There is no doubt that online shopping makes purchasing a policy more affordable, however, by considering the tips mentioned above, you can make purchasing car insurance easier and more affordable. In order to purchase the best insurance for your car, it is important to familiarize yourself with the details of the policy, its benefits and associated exclusions. This will help you choose the right policy to suit your car insurance needs.
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Sonia Nagpal is an insurance expert. He has over 25 years of experience in sales, marketing and business deals We store cookies on your computer when you visit our website. A cookie is a small text file that is stored on a user’s computer for record-keeping purposes. The main purpose of these cookies is to analyze how users move through our website. Our cookies allow you to view personalized pages when you interact with us. Our cookies do not contain any private or personally identifiable information. Because we use user session ID cookies, they do not track the user after they leave our website. The session ID cookie expires when you close your browser and is required if you want to purchase a policy from us online. We also use analytics tools to track website visitor traffic.
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Section 146 of the Motor Vehicles Act 1998 makes motor vehicle insurance compulsory. That’s why it’s important to buy car insurance before you hit the road. However, let’s say you don’t want to buy comprehensive insurance. If so, you should get a third party insurance policy as this is the minimum you are required to have to keep your car running.
As a rule, cars are insured at the insured value (IDV). IDV refers to the current value of your car based on its current market price. It is higher on a new car, and the value usually decreases over time.
To make an informed decision, you need to understand some of the major factors that deeply affect auto insurance premiums. Some of them are listed below:
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Comprehensive insurance, which covers both the insured vehicles and the third party, carries higher premiums than a third party policy.
Where you live is one of the important factors that determine your car insurance premiums in India. For example, if you live in a big city outside the city, vandalism and accidents are more likely. However, this ratio decreases if you live in smaller tier 2 and tier 3 cities. Thus, this factor prompts insurance providers to charge higher premiums for your car insurance.
This factor also plays an important role in determining the car insurance premium. For example, let’s say your car is equipped with additional safety features such as airbags, anti-theft devices, alarms, GPS tracking systems and anti-brake functions. If so, insurance companies take into account your efforts to protect your car. Therefore, they set reduced and affordable premiums accordingly.
If you’ve fitted expensive gadgets like roof racks or alloy wheels to your cars, chances are you’re looking at higher premiums. However, if you also wish to install these features, you must have these features installed by the relevant car dealer at the time of purchase.
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No claims or NCBs is the reward owners deserve if they drive carefully throughout the year and suffer no damage. Also, it is wise not to file a claim if the damage is minor. For example, if your windshield is broken, don’t fix it.
Car insurance provides peace of mind as owners know they will be financially supported in the event of damage.
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