With a mandatory requirement to purchase car insurance, it is not just a legal requirement, but also helps to extend protection for your vehicle. It offers a financial cushion to protect against unexpected damages to your car. With that, financial setbacks due to steep repair costs can also be mitigated.
Over the years, there has been a change in the way how car insurance policies are purchased. Once restricted to offline brick and mortar establishments, can now be purchased online. Not only does it simplify the entire purchase experience, but also eliminates the hassles in the process. However, there are quite a few pointers to be kept in mind when buying a four wheeler insurance online. This article elaborates on the same.
Know your requirements
The starting point in buying car insurance is to know your exact requirements. It is same for online as well as offline purchases. These requirements provide a guideline in choosing among the plethora of insurance policies. Among the two types of policies you can buy, third-party or comprehensive plans, analysing your requirements will help to arrive at a decision of what your coverage needs to be. Whether it is buying comprehensive or third party car insurance online, your requirements will help you narrow down which policy to look for.
Take into the account the insurer’s repute
Even if the brand does not matter, it is essential for you to consider the insurer’s repute at the time of purchase. This is because many customer reviews as well as policy features may contrast each other helping you stay aware of such policies. On the other hand, positive review for policies can ensure you are looking a reliable insurance company. At this stage, also make a thorough comparison for the best deals on your insurance policies.
Check the coverage of your policy
Before finalising a policy online, check the coverage of your policy. A third-party policy can be bought to comply with the law however, a comprehensive policy provides a broader coverage. Moreover, these comprehensive covers are customisable so that you can fine tune your requirements to suit your needs.
Add-ons of your policy
Add-ons are additional coverage that can be purchased with comprehensive policies. These additional riders increase the scope of your policy significantly. Nevertheless, since they are additional features, they add to your based policy cost. A car insurance premium calculator can be used to assess its impact on your premiums.
Understanding policy clauses and terminologies
Once you select the coverage of your car insurance policy, it is necessary to understand the implication of your policy terms. These terms are listed in your policy document where different events covered under the policy are mentioned. A thorough understanding of these terminologies and clauses helps to clarify any ambiguity and the scope of your insurance cover.
Insured Declared Value (IDV)
The IDV or Insured Declared Value is the maximum amount which your insurance company pays in the event of complete damage or total loss. In addition, this IDV also helps increase or decrease your premium since its direct relation with the risk the insurer needs to undertake. So, make sure you have opted for the right IDV ensuring adequate coverage.
These are some important checks that you need to make at the time of purchase. With all of them in place, a policy bought online can be of sufficient coverage covering all probable risks to your car. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.