Car Insurance April 30, 2021

The second wave of the COVID-19 pandemic has once again made it necessary for people to meet their needs online. One such need is the insurance for your loved possession i.e. car. But some may argue by saying why there is a need for buying car insurance now as they may not drive much given the pandemic that exists. Well, a pandemic might force you to visit hospitals via your car should you face any medical emergency. So, if you don’t have car insurance and meet with an accident resulting in damages to third-party individuals and properties, you may have to pay a hefty fine and face legal hassles, besides facing damages to your car and inflicting injuries for yourself. You can buy a car insurance plan online amid COVID chaos to stay protected financially if you face these unfortunate incidents.

But how will you select the best online should matter to you more. In case you don’t know how to approach, we are here to help you out. Let’s read this post where we have focused on the process to follow when buying car insurance online.

Compare Multiple Car Insurance Plans Online

Compare different car insurance offers online and see which one gives you more value for the premium you need to pay. The Insured  Declared Value (IDV) is the maximum amount up to which you can get covered for damages to your car as well as casualties to third-party individuals and properties, etc, due to an accident. So, look for a high IDV when buying a car insurance plan online. You need to feed some details related to your car to get the IDV online.

See Which Offers Impressive Cashless Claim Settlement Services

Damages to cars would also result in massive repair costs that you need to pay in case you don’t have insurance for the four-wheeler. With car insurance, you can get your vehicle repaired at the network garages of the insurer. As accidents can inflict injuries that need treatment, you should also look at the number of cashless hospitals that insurers have. See which has maximum garages and hospitals for cashless claim settlement. Check below the list of network garages and cashless hospitals that different insurers have.

Car Insurance CompaniesTotal Cashless GaragesTotal Cashless Hospitals
HDFC ERGO General Insurance7900+10,000+
ICICI Lombard General Insurance8,800+6,500+
Tata AIG General Insurance7,500+-
Edelweiss General Insurance1,500+-
Bharti AXA General Insurance5,200+4,500+
Bajaj Allianz General Insurance4,500+6,500+

Hunt for the Best Premium Amount

The premium amount depends on the IDV of the vehicle, its age, usage, etc. Once you submit your car insurance application, the insurer will send it to its underwriting department, which will study your application thoroughly before deciding the premium. Ensure you get the lowest premium with the maximum cover.

Check Which Insurer Offers You Maximum Discounts on Policy Renewal

In a bid to retain their customer base, car insurers offer premium discounts to people, who don’t claim in a year, on renewal. This is called No Claim Bonus (NCB), which can be around 10-50%. So, if you don’t meet with a situation that warrants a claim, you could then earn discounts. So, look for a company offering you maximum discounts on renewal.

Look for Zero Depreciation Cover

The value of cars depreciates sharply over time. And due to this, having a Zero Depreciation Cover can come to great use when filing a car insurance claim. While settling insurance claims, insurers often deduct the depreciation from the claim amount. With a zero depreciation cover, the insurer will honour the full claim amount, up to the IDV limit. You will need to pay an extra premium though for enjoying the benefits of this cover. So, if the overall premium (base premium + zero depreciation premium) comes to your budget, no harm in going for it!

So How Can You Apply for a Car Insurance Online?

You can do so by visiting the official website of car insurance companies. Just fill in your personal and car details, and you will get custom quotes on your screen. You will need to submit your photo IDs and address proof, along with a car ownership letter to the insurance company for verification. The company’s underwriters will assess your application thoroughly before approving it. Upon approval, you will get SMS and email confirmation. A few days later, you will get the policy document on your email ID and in-person.

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