Buying car insurance is not just a necessary, it is mandatory. Under the Motor Vehicles Act 1988, you must get your vehicle insured as soon as you buy it. Now that you have parked yourself on the driving seat, it is time to look for the right vehicle insurance policy.
According to CarWale.com, India’s largest auto media vehicle, you can save up to 17.5% on the premiums just by buying car insurance online. Where else can you find better deals than finding it online?
Buying Car Insurance Online: What to Look For
The modern day, tech-savvy internet users prefer hassle-free, quick and instant car insurance purchase online. It is convenient, fast and easy to buy. Following are important factors that need to be considered when shopping for vehicle insurance online.
- Understand the valuation factor first - Valuation of different vehicles would be different. The sum assured amount allotted to your insured car may also vary from case to case. While buying a car insurance online, look for a provider that offers higher valuation for your vehicle. The more the amount allotted, the better the benefits would be in the event of a claim.
- Pay early, save more - There is a smart way to save on your premium payments online. It is by paying car insurance premiums online in advance. Although this method will require saving extra to pay early, you must see the silver linings on the other side of the cloud. You stay protected in advance and also save some money.
- Making the correct disclosure - Your car insurance premium may get reduced by 10-30 percent, if you can provide correct and adequate information to the insurance provider, according to an article published by NDTV Profit.
- Installing safety features - You can get a discount of 2-5 percent on premium by installing safety features in your car. Installing anti-theft or other safety features from reputed makers would make your car less prone to burglary and thefts. When you provide details of such safety installation in your car, the insurer takes those into considerations while calculating premiums for the insurance.
- Checking policy offer document in Details - Read the insurance policy offer document carefully before investing. This is necessary to understand the terms and conditions of the car insurance policy to look for requisite as well as irrelevant features. There may be some features, which are not required.
For best results, you should buy car insurance from a company that has been in the business for at least 2-3 years. Relying on a fly-by-night provider would be a risky affair.
Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals as well as corporates. For individuals, there are products like Car Insurance, Two Wheeler Insurance, Travel Insurance, Health Insurance, Personal Accident Insurance, Home Insurance and Crop Insurance. For SMEs and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Engineering Projects, Engineering Operations, Liability Insurance, Marine Insurance, Fire Insurance and Miscellaneous Insurance.