Today, cars and two wheelers have moved beyond being just a status symbol to being a necessity for every household. And if you have car or a two wheeler, you will also need to get motor insurance. Motor insurance is a necessity, not just by law, but also for keeping your precious vehicle secure from natural and man-made calamities including fire, explosions, theft and destruction due to malicious acts. With car and two wheeler insurance, you get economic security from the costly repairs and restoration in case your car or two wheeler is damaged.
While you can always buy a motor insurance policy in person from an insurance agent, going the online route is often easier. With online motor insurance, you can save time and also compare various quotes before getting one that fits your needs and your wallet. If you too are planning to buy motor insurance online, here is a look at some of the things that you need to keep in mind while making your purchase.
What to Look for While Buying Motor Insurance Online
What to Do
- Prepare Before You Start Searching
It takes just minutes to get an online quote. Whether you are looking for new car insurance or motor insurance renewal, get the most accurate quote online, you need to make sure that you are prepared with all the information about the car, including the car’s make, model, year and vehicle identification number. While getting the quote, you would need to fill in the details.
- Shop Around Before You Buy
Before buying the policy, it is important to compare motor insurance plans online. You need to assess the premiums that you need to pay and the coverage that you get in return. While doing the overall comparison of features and prices across various companies you can understand the pros and cons and then buy the policy that suits you the best. In case you face any difficulty understanding the complex insurance terminology, you can always access the extensive insurance information online to get answers to all your queries.
- Customize with Add-on Covers
Most people fail to look at add-on covers while buying their policy. Add-on cover such as a depreciation cover allow you to get 100% of the value of the replaced part. This will help you save a considerable amount of money while filing claims. Other than this, look for benefits in your policy such as engine protector, roadside assistance, personal accident cover, key replacement, etc.
What Not To Do
- Choose The Policy Based on Price Alone
A frequent mistake that people do while buying online car insurance is choose the policy based on the price alone. Just because the company offers the cheapest quote does not mean it is the best insurance for your vehicle. It is important to read the terms of your policy.
- Choose a Company without Checking their Claim Settlement Ratio
A key measure to assess an insurance company is by checking their claim settlement ratio. You should opt for the company with best claim settlement ratio and an easy claims process. It is easy to figure these out, if you go online and do a quick search on the companies you are considering.
- Buy the Policy without Reading the Exclusions
Make sure you understand all the exclusions while buying the policy. Read the terms and conditions to find the exclusions. This will help you avoid any rude shocks at the time of making claims.
Buying motor insurance online offers a whole new world of convenience. You can purchase online at your time and convenience. So the next time you are planning to buy two wheeler or car insurance or renew your existing policy, opt for the online motor insurance.