Suggestions to Consider Before Buying a Motor Insurance Online
In today’s world, buying a two or a four-wheeler vehicle is as much a responsibility as it is a necessity. A motor insurance policy is a contract between the insurance company and the vehicle owner that comprises various benefits and pays off in numerous ways. It acts as a shield against financial ramifications in case of any loss or damages arising from an accident, theft, third party liability, fire, or natural disaster. The most important thing to remember here is that, as per the Indian Motor Vehicles Act, 1988, it is mandatory for a car owner to hold a valid insurance cover before running their vehicle on Indian roads. It is indispensable for a vehicle owner to buy an adequate Third-Party Liability Only Cover for their car before using it.
Buying motor insurance online lets you choose from and compare the best possible options suitable for your needs after considerable due diligence and without the hassle of insurance agents and additional paperwork.
To help you better in your process of buying motor insurance online, here are few suggestions:
1. Do Market Research: Know the types of motor insurance.
The first point to consider is understanding the types of motor insurance plans offered by the insurance companies.
Third-Party Insurance: This type of insurance plan is compulsory according to the Indian Motor Vehicles Act of 1988. It covers the third party from any damages done to their vehicle or property by your car, in such cases, the third party will be compensated by the insurer.
Comprehensive Insurance: Comprehensive insurance covers third-party liability as well as damage cover to your vehicle from an accident, theft, Man-Made or natural disaster.
2. Look for a Comprehensive Insurance Policy:
While you look for insurance online, you must pay close attention to how much coverage the insurance policy offers. It is the list of things for which you can claim and receive compensation. A comprehensive car insurance policy gives you maximum cover against the damages.
3. Look for Motor insurance Add-ons:
When buying insurance online, you should consider choosing add-on covers for a more comprehensive package. Zero Depreciation, Engine Protection, Roadside Assistance, Consumables Cover are some of the add-on covers you can look for to give your vehicle extra security.
4. Compare Policies online:
With the booming online presence of the insurance market, it is easier than ever to get insurance quotes online. After obtaining various quotes, it becomes easier to compare them and find the one that suits your needs and requirement. Comparing policies online is an essential practice.
5. Read Inclusions and Exclusions of the Insurance Policy:
When you have zeroed in on the policy suitable for you, be aware of the things included and excluded from the insurance policy. Under the inclusions, look at all the objectives covered.
Under exclusions, check all the things excluded from the plan such as sub-limits, clauses, and events.
6. Know Your Insurer:
It is of utmost importance to know what your insurer has to offer. Check and compare the Claim Settlement Ratio (CSR) of insurance with other insurance policies to get the bigger picture. CSR is the percentage of claims disbursed by the insurer. Check if they have an extensive network of garages to offer, providing cashless service in an unforeseen circumstance.
7. Understand the Claim process:
An insurance claim is made in two ways - cashless claim or reimbursement claim. When you visit a network (partner) garage for repair work, that has a tie up with your insurance provider, the insurance company settles the expenses (claim) directly with the garage using cashless facility. In a second scenario, when you visit a non-network garage of your choice for repair, you have to settle the expenses on the spot and later get reimbursement from your insurance provider.
You may consider the above suggestions while buying motor insurance online.
In order to navigate through numerous insurance policies and narrow down your search to make a well-informed decision by saving your time and money in the process, visit Kotak General Insurance for all your motor insurance needs online
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.