India is still amongst those countries where vehicle Insurance is not taken seriously in spite of the fact that it is a mandate by the Indian Government. Reasons to not insure are many. A recent survey by a popular news channel had all lame reasons to not buy a car insurance policy. Masses came out with reasons like, “it’s a tedious process”, “I am a good driver and never came across any accidents in my life”, “and Buying policy is an utter waste of money”! People who have suffered losses due to non-availability of car insurance policies have faced the repercussion for not having one. However thanks to the easy and fast access to the internet, Online Car Insurance is the most affordable, time saving and quickest mode of getting a Car Insurance today.
With faster accessibility, it is also important to choose a right and affordable Online Car Insurance plan for yourself. Below are few tips which will help you choose one:
- Compare plans online
This is the most simple and basic trick to apply while choosing car insurance policies online. Comparing is also important because there are fair chances that one insurer may offer a car insurance plan with higher price slab and another may offer a lower price with some additional benefit on it.
- Opt for additional covers if only required
It is not essential to opt for all the additional covers, basic add on covers like RSA (road side assistance or a zero depreciation can be opted as per one’s requirement.
- Mentioning correct vehicle details
Yes! It is as important as putting a right bank account detail for an online bank transfer. Your car insurance premium is highly dependent on factors like the RTO location, type of model, registration number of car, previous policy expiry etc. Which means it is vital to disclose all details correctly.
- Compare the features as well as quotes online
Comparing is the tool you must opt while buying online car insurance policies. All you need to do is go on an online broker’s website like Coverfox.com and compare the quotes as well as features offered by different insurers.
- Check the reviews online
Well, while buying a mobile phone or for that matter any product online, you first prefer checking the reviews posted by different users just to ensure you are making the right choice. Online car insurance is nothing different. Check the reviews about the online car insurance policy as well as the insurer before hitting the BUY NOW button!
Along with choosing a smart and convenient policy it is also equally important to save as much as you can while making your online car insurance plan purchase.
Saving-up On Online Car Insurance Premiums
- By choosing the right IDV
An insured declared value (IDV) is the maximum sum assured by any insurance company in case of total loss or theft of the vehicle. IDV can also be considered as the market value of your vehicle. Lower the IDV, lower will be the premium.
So it is important to choose the IDV wisely, ideally an IDV should be depreciating by 10% yearly.
- Availing correct No Claim Bonus
You’re driving skills are appreciated with a bonus of up to 50% on the premium for 5 consecutive claim free years. Making no claim will accumulate a NCB of 50%. This accumulated NCB serves as a discount in your premium thus reducing the cost.
- Compare and purchase online
Online comparing and purchasing are important factors which will save a lot of money. Comparing will make it easier for you to pick and choose the one that is affordable for your pockets as well as your requirement..
- Become a member of AAI
Just by being a member of Automobile Association of India one can get great discounts on the own damage premium.
- Installing Security Devices
As per the Automotive Research Association of India (ARAI), if you fit the anti-theft device, you can fetch up to 2.5% discount on your car insurance online premium.
Features of Online Car Insurance Plan
- Hassle-free policy issuance
The online process of car insurance issuance is easy and quick. Post making payment for your policy, you get instant and paperless issuance of your car insurance within minutes.
- Saves time
You don’t have to entertain agents anymore, who at times bug to renew your car insurance policy. Buying online car insurance policy obviously saves times, as you get to compare everything under one roof. Coverfox.com in that case not only helps in saving time, but also in finding a tailor made policy as per your requirements.
- Low cost policies
You find clothes, accessories, your favorite sports shoes online at great discounts. Than why not buy car insurance policy online? The biggest benefit of buying a policy online is that you can avail great discounts. Broker websites like Coverfox.com offers discounts up to 60% on own damage premiums upon renewal.
- Endorsements and corrections are fast
In case of any name correction or any correction in the policy you don’t have to run from pillar to post, with online its quick and you get the revised policy in no time.
- Easy back up
You don’t have to worry about losing your policy paper, as you always have an option to choose online to download your policy.
Thus by choosing an online policy you not only save money and time, but a faster and most convenient means of issuing policy.
