The Motor Vehicles Act,1988, stipulates that you must have a valid insurance policy for any car you drive. If your existing policy is about to lapse, you have to renew your car insurance online or offline. You should complete this requirement before the due date. It gives you financial protection, coupled with protection from an echallan.
In case your car insurance has expired or is about to expire, you renew the policy without delay.
You could contact an agent and renew it by submitting your details and then making payment. But the offline process can be cumbersome.
You can search online for the best car insurance policy in India and see if it suits you. There are some advantages to the online process:
First, you can get an instant quote, by typing your car details and some basic information. Likewise, you could easily compare rates offered by different providers. You can further reduce your premium amount by choosing the provider that offers a no-claim bonus. Equally important, you can port your existing policy easily to a new provider, if it suits you.
Second, you can save on the commission that a physical agent may charge. Furthermore, there is no paperwork to renew your car insurance online. You need to mention your valid, existing policy number, that's all.
Third, you can make a quick payment online if you are satisfied with the premium amount. Since this payment is credited immediately to the insurer's account, the policy comes into effect instantly. Moreover, this instant process ensures interrupted coverage as long as you renew before the due date.
Once you have renewed your car insurance online, you don't even have to carry the hard copy. Install the mParivahan app on your phone and all documents are available digitally on the app.
There are a few things you have to keep in mind while purchasing car insurance online.
In your search for the best car insurance in India, first, you should decide the coverage you want:
The RTO rules state that, as a bare minimum, your policy should have third-party insurance coverage. You can purchase such a plan if your car is an old model or if you use it infrequently.
But it's always wise to go for a comprehensive plan. In addition to third-party damage, it covers your health and also damages your own car. Theft, floods, and man-made calamities like riots too are covered under a comprehensive car insurance policy.
Then you should decide how much the Insured Declared Value(IDV) is, for your car. The maximum claim amount is the calculated basis of the IDV.
It is equally important that you choose important add-ons like zero-depreciation and roadside assistance. They will reduce out-of-pocket expenses for you in the event of a claim.
Finally, you should check the Claim Settlement Ratio (CSR) of each insurer.
Also, do not forget to look at the claim settlement process of the company. It should be a procedure that is completed without any hassles and within the shortest time possible.
Always make sure you choose the best car insurance in India for your vehicle. You can head over to our blog to know more about getting car insurance online.