Step by Step Procedure of Acquiring Car Insurance Online

Step by Step Procedure of Acquiring Car Insurance Online

Car insurance is mandatory in India. It is prudent to give it some thought and not blindly settle for any policy. In the modern, digital era, buying insurance has become easy and one can buy car insurance online with ease. 

Here is the step-by-step procedure to purchase car insurance online:

Research is the Key

The world of insurance is very vast and various insurance companies are offering various policies. It is important that you do not rush it and do proper research before settling for a policy. There are official websites of insurance companies and insurance comparison sites where one can learn about the insurance market. Here are a few points to keep in mind while comparing policies:

  • Customer Service: With the amount of competition, insurance companies are trying to ensure seamless customer service to earn the goodwill of customers. Choose an insurer that offers excellent pre-and post-sales service
  • Premium: Compare the premium rates between various insurance companies and policies. Make sure you choose a policy with adequate cover for the premium that is paid. 
  • Coverage: Comparing policies will prevent one from buying a plan with low coverage and high premium

Choose the Type of Insurance Plan

There are various car insurance plans available such as third-party insurance, comprehensive car insurance, own damage insurance, etc. It is important to understand the requirements of the vehicle and choose the insurance plan necessary. While Third-Party insurance covers damages incurred to only the third party, Own Damage insurance covers loss incurred to the policyholder (first-party). Comprehensive insurance on the other hand covers damages for both involved parties

Documents/Details Required

Make sure you keep the following documents/details ready before getting started with purchasing insurance online:

  • Vehicle registration number
  • Make and model of the vehicle
  • Complete personal details – name, address, ID proofs, passport size photos, etc.
  • Payment details – bank account number, IFSC code, UPI ID, etc.
  • Details of the car insurance policy
  • Details of add-on covers if necessary

Deciding the IDV

Once you have all the details in hand, it is important to select the Insured Declared Value for the vehicle. This refers to the total amount the insurance company will pay in case any unfortunate incident occurs. One can either increase or decrease the IDV of the vehicle as per their preference but, it is important to remember that the amount of premium one pays is directly proportional to the IDV set for the vehicle. A higher IDV will attract a higher premium to be paid and a lower IDV will attract a lower premium but, low coverage

Choose Add-Ons

Once the IDV of the vehicle is decided, the additional covers can be chosen. Keep in mind that each add-on requires an additional premium. Select add-ons only if necessary

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The Online Process

The final step is to log into the official website and complete the purchase:

  • Visit the insurance company’s official website. Click “Car” and a page with car insurance policy details will appear
  • Add details of the vehicle
  • Add personal details
  • Select the coverage you require 
  • Choose the IDV and add-ons that you require
  • Finally, complete the online payment using a convenient payment mode

After purchasing car insurance, it is important to renew the policy on time and not allow it to lapse. A lapsed policy will not allow one to make a claim when the need arises. To know more about car insurance policies, click here!

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