A car is a necessity for some and a luxury for others. If you do purchase a car, it comes with the responsibility of maintaining it and protecting the car and yourself against any unforeseen circumstances.
Having car insurance will ensure you are protected from various car-related risks. This blog outlines what car insurance is, the different policies you can choose from, and how you can purchase it online.
What is car insurance?
Car insurance is a vehicle insurance policy that protects a car owner from any monetary losses that may arise from unforeseen damages to the vehicle. It is a contract whereby the insurance company provides on-road coverage against third-party damage and own damage as well as personal accident cover to the driver of the car.
What are the different types of car insurance policies in India?
Own-damage car insurance
The Insurance Regulatory and Development Authority of India (IRDAI) introduced the standalone own-damage car insurance policy in September 2019. Under this policy, the insured party receives insurance coverage only for any own damage incurred on their four-wheeler due to a road accident, natural catastrophe, theft, or any other mishap. A standalone own-damage car insurance policy provides the insured party some flexibility with regards to the insurance company they wish to choose.
Third-party car insurance
Having a third-party car insurance policy is mandatory in India according to The Motor Vehicles Act, 1988. It is also known as a Liability Only Car Insurance Policy because it is the most basic type of car insurance.
Under this policy, the insurance company offers coverage against third-party liabilities like injury, death, and permanent and temporary disability.
Comprehensive Car Insurance Policy
A Comprehensive Car Insurance policy covers the benefits under both the third-party car insurance policy and own-damage insurance policy. It is essential to obtain third-party insurance if you own a car in India; by purchasing comprehensive car insurance coverage, you receive that and more. Apart from road accidents, this policy also includes coverage for theft, fire, explosions, man-made disasters, and auto accidents.
How to Buy/Renew Car Insurance Online
To buy a new car insurance policy online, follow these steps:
- Go to your insurance provider’s website and fill in details such as your car registration number, mobile number, and email address.
- Enter the policy details and choose which add-on cover you would like.
- Finish the process by making an online payment for the premium.
Following this, you will receive a confirmation email with your policy details.
To renew your existing car insurance policy online follow these steps:
- Visit the website of your insurance company and choose to renew your existing policy.
- Enter your details and details of your existing policy.
- Finish the process by paying the premium online.
Once the steps are completed, the renewed policy will be sent to your registered email address.
Buy new car insurance online or renew it online since it is easier than ever through online portals and only takes a few minutes. Visit our website to know more.