Here's a quick guide for buying Motor Insurance online


05 May 2023

Streamline the Process of Insuring Your Vehicle with Our Easy-to-Follow Steps

In the last three years, the e-commerce sector has grown significantly, garnering millions of customers. Almost anything we need can now be purchased online due to advancements in technology. This also applies to financial items like insurance.

It is efficient and simple to purchase a variety of insurance packages online to protect yourself and your assets. The procedure of insuring has been simplified, and renewing a car insurance policy has become quick.

Here, we'll walk you through the simple process of purchasing car insurance online.

Decide on a policy type - Two types of Motor insurance coverage are available in India:

Third-Party Insurance - In the event that you caused the collision and must compensate the other party for car damage, this will reimburse you for those costs.

Comprehensive Car Insurance - Both your personal damage and third-party damage are covered by a comprehensive policy.

Select the add-ons with your comprehensive Motor Insurance policy - If you choose a comprehensive policy, you will next be needed to select any add-ons you may want. Here are a few add-ons to think about:

1. Zero-Dep Cover

2. Engine Protection Cover

3. Return to Invoice Cover

4. Personal Loss Cover

5. Tyre Cover

6. Key Protection Cover

7. No Claim Bonus Protect Cover

8. Roadside Assistance Cover

Verify the policy documents - After choosing an insurance plan, make sure to read the policy details carefully before continuing. A thorough understanding of the policy will enable you to make the best choice and safeguard you from future disagreements.

Fill up your basic information - When obtaining or renewing four-wheeler insurance online, you no longer need to provide any paperwork. Only the most basic information about you and your vehicle must be provided. Remember that depending on whether you are purchasing a vehicle insurance policy for the first time or renewing one, the information needed may vary.

Make a payment online - You can proceed to pay the policy premium online once you've submitted the required information. Once all the information has been filled out and you have decided which optional add-on covers to purchase, you will be redirected to the payment page.

Download a copy of your policy - A digital copy of your insurance will be sent to your confirmed email address shortly as the payment is completed. Once you have the policy, be careful to review it to look for any errors. After you have double-checked the information, print it off, and save it in your car.

How are premiums decided?

The cost of comprehensive car insurance relies on a number of variables, including:

• The brand and model of the vehicle; often, newly purchased vehicles command higher rates.

• The cubic capacity

• No-claims bonus

• Add-ons you choose

• Your car's declared insured value

Advantages of purchasing car insurance online

When you get car insurance online, you gain a lot of benefits:

• In the convenience of your own home, you may purchase car insurance online at any time.

• You may save time by purchasing vehicle insurance online and avoid the inconvenience of standing in line or waiting to speak to an agent.

• Using a debit or credit card or Net Banking, you may safely make payments online.

• Getting online insurance for car purchases is quick. The insurance document is promptly provided and delivered to your registered email address as your transaction is complete.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.