Buying Car Insurance Online In India

Insurance is required to offset potential financial loss due to any reasons like motor accident, hospitalization or risks in travel. Car insurance is a part of motor insurance.

In India, the Motor Vehicle’s Act (1988) makes it compulsory for all owners of cars to get a valid insurance policy for their cars. Also, one should get one’s car insured as it saves one from all types of financial loss caused by theft, damage or accident. An insurance policy in addition, ensures safety of pedestrians, someone else’s property and co-passengers.

 In India, there are two types of car insurance: ‘Comprehensive insurance’ and ‘Third party insurance”. Third party insurance gives protection from losses, which occur from death or injury to body of third party or any damage to his property. Third party insurance is mandatory by law.

Comprehensive insurance is bought when you require to be compensated for losses to you, your vehicle and your co-passengers in addition to damages to any third party.

Motor insurance policy can be conveniently bought online. To buy motor insurance online, zero documentation is required.

But one must provide details like:

One must also possess RC book of the car.

There are many benefits of buying a car policy online. Some of these are:

·         Convenient: You can take the insurance policy from the confines of your home instead of driving to the insurance company office.

·         Easy: It simplifies your purchase decision. This is because you can compare policies offered by different companies and calculate premiums online. This solves the confusion of deals offered by many insurance companies.

·         Other facilities: Online purchase also provides you additional benefits like secure gateway of payment, tracking of policy and reminders for renewal.

·         Make payment: Payment can be made easily by credit/debit cards or net banking

·         Renew online: You can easily renew your policy online. What are required are your policy number and engine number.

Renewal of policy can be done online if your policy has expired. The insurance company will generate your inspection ID and policy will be issued after proper inspection and recommendation by surveyor. This applies only to three and two wheelers policy and not for third party liability. After you have logged in with request for renewal, inspection of vehicle will be completed in 24 hours.

If you’re changing your job and location, your policy usually remains unaffected except for your contact details. But premium may change according to the city you move into. The reason is that premiums are fixed according to the car’s registration zone.