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Should you buy car insurance online?

January 11, 2016 14:46 IST

Go for it! Buying insurance online is a cost-effective way that will save you both money and time, says Naval Goel

After purchasing a car with your hard earned money, you also need to pay for its repairs and damages – in case the car gets damaged due to any reason -- with the same money which can be quite painful on your pocket and affect your savings as well. In India, it is mandatory to have an insurance policy for your vehicle, which is a blessing in disguise as it provides financial coverage for any damages or theft of the vehicle.

Buying car insurance

The first question that arises before opting to buy such insurance is how much do you need to pay for your car insurance policy. Will it require high premium payment? Will you receive all benefits? Which type of insurance is good? How to buy online, is it safe?

Contrary to the perception, buying a car insurance policy online is not a difficult process. You just need to have your documents in place and basic knowledge of computer and internet. Buying insurance online is a cost-effective way that will save you both money and time. First, understand your needs and then go for the right insurance plan that meets your requirements. There are two types of car insurance plans:

1. Third party liability coverage: It provides coverage for the damages caused by you to the third party. It does not provide coverage for the damage to the car. Third party liability coverage is compulsory in India.

2. Comprehensive coverage: This coverage generally provides financial protection from the damages caused to your vehicle or any third party due to fire, accidents, theft, natural calamities and external damages among others.

If you are planning to buy a new car or want to change the insurance of the existing one, then here are some tips that will really work for you. As we all know that driving without insurance is not a smart thing and is even illegal.

Start with an online research

It would be better if you research online as it is one of the easiest ways to get the desired result for choosing your car insurance policy. You can get a better company online for your car insurance as many of the big companies are switching to the online market place for different reasons. You may even get free quotes from them.

Choose the right web aggregator

Visiting individual policy provider’s website can be an arduous and irritating process for potential buyers as there are numerous companies offering their products. Hence, it is advisable to choose a right web aggregator for the same. There are many online aggregators that will provide you with quotes, analysis of plans, premiums etc and may even assist you with all the legal works.

In short, they make your life easy by suggesting you which policy to buy based on your preferences.

Free of cost

You don’t need to pay anything as online insurance web aggregators provide you with free quotes. All you need to do is fill a simple form that contains some basic information about your desired car along with some personal details like name, contact details etc. Once that’s done, you are ready to browse through the different products available on the platform.

Buy the policy easily

Once you get the quotes and have decided on the policy, you don’t need to visit any other place as you can directly buy it from the same page easily.

In short, buying a car insurance policy online is a simple and effective way of getting a hassle free experience. It really works; try it the next time you plan to buy or even renew you auto insurance policy.

Photograph: Pictures of Money/Creative Commons

Naval Goel is CEO and Founder, PolicyX

Naval Goel