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Car insurance online compensates the policyholder if their vehicle is stolen or damaged due to unforeseen circumstances. Third-Party Car Insurance, Comprehensive Car Insurance online, and Standalone Own Damage Car Insurance online are the three types of car insurance available to individuals.
What exactly is car insurance?
Car insurance is a contract between a car owner and a general insurance company in which the latter promises to protect the car owner from financial losses caused by an unfortunate event involving his or her vehicle. There are three types of car insurance policies based on the scope of coverage: Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance. To continue receiving the benefits of these policies, policyholders must renew their car insurance on time.
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Car Insurance Online That Is All-Inclusive
A Comprehensive Car Insurance Online policy is the most comprehensive car insurance policy, under which an insurance company is obligated to pay for financial liabilities incurred towards a third party as well as for the insured's car's own-damage. In addition to car accidents, the policy covers natural disasters, man-made disasters, self-ignition or lightning, explosion, fire, theft, and so on.
Third-Party Automobile Insurance
In India, a third-party car insurance policy is required for driving a car. It is the most basic type of car insurance policy and is also known as Liability Only Car Insurance Policy. The insurance company is obligated to pay for the bodily injuries, permanent disability, temporary disability, and death of a third party caused by an accident involving the insured's car under this policy. This plan also includes coverage for third-party property damage up to Rs. 7.5 lakh.
Car Insurance Online for Personal Injury
The Insurance Regulatory and Development Authority of India (IRDAI) launched the standalone Own-Damage car insurance policy in September 2019. This plan only covers the insured's own-damages sustained by his/her four-wheeler in a road accident, natural/man-made calamity, fire, explosion, theft, or any other mishap. A standalone own-damage car insurance policy aims to provide the insured with the freedom to select the insurance provider of their choice.
How to Choose an Online Four Wheeler Insurance Policy
You can select an ideal car insurance online plan by considering the following factors:
- Determine the Type of Plan - Evaluate your car insurance online requirements and decide on the type of policy you require. Depending on your needs, select either third-party or comprehensive coverage.
- Policy Comparison - You should compare various car insurance plans online. The comparison helps you choose the best car insurance plan for your budget and needs.
- Examine the IDV and Premium - The IDV refers to the current market value of your car and the maximum amount that an insurer can pay you in the event of total loss or car damage beyond repair. A higher IDV can provide more coverage, but it also raises the premium. So, check the amount of IDV and choose the one you can afford and need.
- Request Add-on Covers - Add-on covers supplement your policy's coverage. You can obtain it by paying an additional fee. Inquire about the add-ons and select the one that best meets your needs. These coverages, however, are only available with the comprehensive insurance plan.
- Examine the Claim Process - Look for an insurance company with an easy and quick claim process. Before finalizing a claim, you can confirm the quality of the insurer's claim process by looking at their Claim Settlement Ratio (CSR). It is the percentage of claims settled by an insurer in a given year. It is preferable to purchase a plan from a company with a high CSR.
What Are the Advantages of Purchasing Car Insurance Online?
A car insurance online policy provides numerous benefits to its policyholders. The following are the primary advantages:
Assists You in Staying Legally Compliant
A car insurance policy keeps you legally compliant, as every car owner in India is required to have at least a third-party car insurance policy, according to the Indian Motor Tariff. Absence of which is punishable by a Rs. 2,000 fine and/or imprisonment for up to three months.
Defense Against Third-Party Liabilities
A car insurance policyonline protects you against third-party liabilities such as bodily harm, temporary or permanent disability, death, and property damage. While third-party property damage compensation is limited to Rs. 7.5 Lakh, there is no cap on compensation for third-party bodily injuries, disability, or death.
Protection from Self-Damage
A car insurance policy online protects you financially against your vehicle's own-damage expenses. Damages incurred in car accidents, natural disasters, man-made disasters, fire, explosion, vandalism, and other incidents are covered by standalone own-damage and comprehensive car insurance policies.
Protection Against Theft
A car insurance policy will also cover you if your vehicle is stolen. If your car is stolen, your insurance company will give you the Insured Declared Value (IDV), which is the market value of your car.
Personal Accident Insurance
With a car insurance policy, you can also get a personal accident cover of up to Rs. 15 lakh, which provides coverage in the event of the policyholder's death, bodily injury, or disability in a car accident.
How Do I Purchase Car Insurance Online?
Purchasing car insurance online is a simple and straightforward process. Here's how to buy the best car insurance online from us.
Fill in Your Vehicle Information
Enter information about your car, such as its make and model, to compare car insurance quotes from top insurance companies around the world.
Car Insurance Quotes Comparison
Choose the best car insurance plan for your budget and needs from among all the options available.
Make an Online Payment
Pay your policy premium online and receive your car insuranceonline document in your inbox immediately.
Advantages of Purchasing Car Insurance Online
Purchasing car insurance online provides the following advantages:
- Convenience - Purchasing and renewing car insurance online is far more convenient than doing so in person. People used to have to go to the insurance company's branch or meet with their insurance agents, but now that online car insurance is available, they can compare and choose a policy from the comfort of their own home.
- Minimal Paperwork - When you buy a car insurance plan online, there is minimal or even no paperwork involved, such as a digital proposal form, the requirement of scanned document copies, and so on. A soft copy of the policy document is also sent to the registered email address after purchase. Simply put, purchasing car insurance online allows you to avoid the time-consuming process of paperwork.
- Affordability - Purchasing a car insurance policy online is less expensive than purchasing a policy in person. When car insurance is sold online, the overall operational cost decreases because the insurance agent and other mediators are removed from the process, lowering their commission expense. As a result, insurers can offer you lower-cost car insurance policies.
- Easier to Check Credibility - It is much easier to check the credibility of any insurance company online than it is offline. You can easily find the Incurred Claim Ratio, Claim Settlement Ratio, claim settlement process, and reviews to learn about an insurance company's actual working quality. Obtaining all of these details offline can be time-consuming and tedious.
- Make the Process Faster - The online car insurance online renewal or purchasing process is always faster than the offline process. It only takes a few minutes to buy a car policy online by entering basic information about yourself and your vehicle. In the offline process, you must meet with an insurance agent or visit an insurer's branch and fill out lengthy forms. As a result, online car insurance expedites the process.
Why Should You Buy Car Insurance Online from InsuranceDekho?
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Why Should You Get Comprehensive Car Insurance Online?
There are several reasons why every car owner should purchase a comprehensive four-wheeler insurance policy. Here are some of its main advantages:
- Third-Party Liabilities - Comprehensive car insurance includes coverage for third-party liability, which will come in handy if your vehicle is involved in an accident that causes damage to a third party. Additionally, it provides legal compliance with the basic cover in hand while driving a car.
- Own Damage Coverage - In addition to third-party liability, comprehensive car insurance covers damages or losses incurred by your car as a result of an accident, theft, fire, burglary, man-made disaster, or natural calamity. It also covers damage or loss to vehicles while in transit by rail, air, and other modes of transportation.
- Personal Accident Coverage - Personal accident coverage is also available with comprehensive car insurance online plans, and it protects against permanent total disability and death as a result of an accident. This coverage can be extended for additional passengers for a fee based on your vehicle's seating capacity.
- No Claim Bonus - The No Claim Bonus (NCB) feature is one of the most significant advantages of comprehensive car insurance online. This benefit provides a policyholder with a discount on the following year's premium for not filing a claim during the policy year. Discounts accumulate with each year of no claims, making car insurance online more affordable.
- Cashless Claims - A cashless car insurance claim is an important part of any policy. Insurance companies with a nationwide network of garages ensure active cashless services in all of these locations. This service allows policyholders to obtain repair services without having to pay anything.
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How Can I Obtain Free Auto Insurance Quotes?
Here are two methods for obtaining free car insurance quotes:
1. On the internet. Many car insurance companies provide free online car insurance quotes. You can compare insurance quotes by visiting the websites of various insurance companies. Use a website that provides quotes from multiple companies to save time.
2. Over the phone or in person. Speak with or visit a local insurance agent who can assist you in locating low-cost car insurance options and obtaining a car insurance quote.
Insurance agents are classified into two types:
- A "captive" agent works for a single insurance company and can only provide you with quotes from that company.
- An "independent" insurance agent can sell policies from multiple insurers and obtain quotes from various insurers.
Both approaches have advantages, and there is no law prohibiting you from contacting multiple insurance agents. It doesn't hurt to get online quotes as well as speak with an agent who can help you identify your coverage needs and tailor the best policy for you.
What information do I need to obtain car insurance quotes?
It is helpful to have the following information on hand to make the process go as smoothly as possible:
License to drive. If you have any other drivers in your household, you will also need their driver's license information.
Identification number for a vehicle (VIN). Your VIN is usually located on the driver's side dashboard or on a sticker in the driver's side door or door jamb. If you haven't bought the vehicle yet but know what you want, ask the seller for the VIN. If you haven't decided on a vehicle yet, you can usually get a quote based on the make and model.
Mileage. Have the odometer reading handy if you own the car.
How much coverage do you require? You'll need to know what types of coverage you want to purchase and how much coverage you require. If you're unsure, speak with an insurance agent who can assist you in answering your questions.
Additional information about you will be gathered by the auto insurance company, such as your driving history, previous auto insurance claims, and (in most states) your credit.
What Is the Lowest Cost Car Insurance?
According to our analysis of the best cheap car insurance quotes nationwide, USAA has the cheapest car insurance quotes on average. However, USAA auto insurance is only available to active military personnel, veterans, and their families.
If you do not qualify for a policy through USAA, we discovered that Erie, Geico, and State Farm offer competitive rates based on national averages. It's still a good idea to get multiple quotes because the cheapest car insurance companies can vary depending on your state, driving record, and other factors.
2022 Car Insurance Rates Comparison
Comparing auto insurance quotes is all about gathering information in order to find the best car insurance companies.
Car insurance comparison:
- By business
- State by state
- Based on age and gender
- According to credit score
- Drivers who have a DUI
- For drivers who were at fault in an accident
- For drivers who have received a speeding ticket
- For the elderly
- To add a teen driver
- Car Insurance Quotes by Company
Not all car insurance companies charge the same rates for their policies. That is why it is critical to compare car insurance quotes from various companies. Here's a look at some of the largest insurance companies and the national average rates for drivers with a clean driving record (meaning no traffic violations or at-fault accidents).
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