Buying vehicle insurance is mandatory under the Motor Vehicles Act, 1988 and it is thus required to get your vehicle insured before you go for a ride. A comprehensive motor vehicle insurance ensures protection against financial losses that may incur due to any third-party liability or damage caused to own vehicle.
In order to get complete protection when riding, it becomes a vital move to get vehicle insurance. When you are heading to insure your vehicle, it would be beneficial for you to get insurance online. Buying online vehicle insurance provides you an option to compare and choose the best insurance policy for your motor vehicle. Online buying also provides a cost-effective option, as you can get the policy quickly and in a hassle-free manner by providing some basic details about your vehicle.
Following are the key tips that you need to consider while buying the best vehicle insurance online.
- Do a Proper Research: There are a number of insurance companies offering vehicle insurance online, but you need to choose the best one. Different insurance web portals help you compare the policies and the benefits associated with them. You also need to compare car insurance, when looking to buy insurance for your car. There are instances when some insurance products seem low-priced but it may turn into a pricey affair. So, it is advisable to read the insurance policy terms & conditions before buying one. Also, don’t forget to read the claims settlement policy of the company, so you can easily get the vehicle claim settled.
- Check Company History: Prior to online vehicle insurance purchase, it is advisable to check the history of the insurance company. It also needs to make sure that the company has a higher claims settlement ratio along with a sound financial condition. IRDAI is the regulator of the insurance market in India, so you can check the IRDAI website for getting reliable information regarding an insurance company. Checking company history is quite crucial before making a purchase.
- Be Truthful: When buying vehicle insurance online, you need to provide the correct and complete information. Any minor mistake such as providing an incorrect year of manufacturing or model number may lead to an increase in the premium. Be wary in providing the required details while buying vehicle insurance.
- Valuation Factor: All vehicles are not the same and so, their valuation also differs. The sum assured allotted to a vehicle may also vary. It would be a wise move to pick an insurance company that offers a higher valuation for your vehicle. The higher the sum assured allotted, the better the benefits you can avail yourself in case of a claim.
- Pay Early: There are some insurance companies that offer discounts on premium payments when paying in advance. After all, you need to pay the premiums on or before the due date, so why not pay them beforehand to save on the insurance cost.
- Security Installations: Installing anti-theft or other safety features in your vehicle, especially a car or commercial vehicle would make it less prone to theft. By getting security installations, you can avail a premium discount of 2 to 5 percent. By providing details of such installations while applying for vehicle insurance, the insurance company takes those into consideration while computing premiums.
No doubt, Buying online makes your policy purchase cost-effective, however, by considering the above-mentioned tips, you can make your vehicle insurance purchase quite convenient and affordable. In order to buy the best insurance policy for your vehicle, it is a prime tip to go through the policy details, its benefits, and the exclusions associated. It helps you pick the right policy that caters to your vehicle insurance needs.