7-Step Guide for Acquiring a Four-Wheeler Insurance Policy
Online four-wheeler insurance has eliminated the complicated and time-consuming paperwork that was previously involved in purchasing insurance. Now you can instantly visit the official website of a reputed insurance provider to buy or renew motor vehicle insurance within minutes.
If you are a first-time insurance buyer here are the steps you must follow-
1. Select Type of Policy
Car insurance policies in India are of two types –
1. Third-party Car Insurance Policy:
Under the Indian Motor Vehicle Act, third-party insurance is mandatory. This type of policy only covers third-party damages and losses.
2. Comprehensive Car Insurance Policy:
With a comprehensive policy, you get coverage for your own damage as well as third-party coverage.
So, the first step is to decide whether you want a third-party or comprehensive four-wheeler insurance policy. Look at the table below to decide which one is for you
Third-Party Insurance Policy
Comprehensive Insurance Policy
Since it only covers for third-party damage, the premium is lower compared to a comprehensive policy
The premium is comparatively higher
Regulation by IRDAI
The IRDAI regulates the price of a third-party insurance policy
The price can vary depending on the add-ons, coverage, and insurer you choose.
Only covers for damages caused to any third-party or third-party property
Covers self and third-party damage
With a comprehensive policy, you can also opt for add-ons to give you added protection, which takes us to the next step.
2. Choose the Add-ons With your Comprehensive Car Insurance Policy
If you have opted for a comprehensive policy, you will then be required to choose any add-ons that you may prefer. While there are many add-ons, do note that every add-on comes at an added cost to your premium. Here are some of the add-ons you can consider.
- Zero-Dep Cover
- Return to Invoice (RTI) Cover
- Engine Protection Cover
- Tyre Cover
- Personal Loss Cover
- Key Protection Cover
- Roadside Assistance Cover
- No Claim Bonus Protect Cover
- Consumables Cover
3. Select Reputed Insurer and Pick a Policy
The next step is to select a reputed insurer. Focus on these factors while comparing insurers-
- Market Reputation of the insurer
- Claim settlement Ratio
- Claim filing process
- Cashless garage network
- Customer support
Most of the top insurers now offer many different types of 4-wheeler insurance plans. Browse through the options to select one that best suits your requirements. Consider points like-
- Benefits and features
- Policy coverage
- Add-on packages available
- Inclusions and exclusions
4. Check Policy Documents
Once you have selected an insurance policy, make sure that you first check the policy documents before moving ahead. Ensure that the policy offers what it promises. Give special attention to all the inclusions and exclusions of the policy to understand it thoroughly. Understanding the policy in detail will help you pick the best and protect you from any conflicts in the future.
5. Provide Basic Information
You are no longer required to submit any documents for purchasing or renewing four-wheeler insurance online. You only need to provide basic personal details about yourself and your car. But make sure that you do have access to documents such as RC book, driving license, and the original invoice of your car.
This is because you will be required to provide details such as make and model of your car, RTO, chassis number, purchase and manufacture date, etc. for purchasing insurance. However, with an insurance company such as IFFCO Tokio, you can enter your personal details and vehicle number to know which policies you can buy.
6. Make Online Payment
Once you submit the details, you can go ahead and pay the policy premium online. Most insurers accept payments through debit/credit cards and online banking. The process of four-wheeler insurance renewal is similar too. One extra step would be providing details of your current/expired policy.
7. Get a Copy of Your Policy
When the payment is done, you will get a digital copy of your insurance on your verified e-mail id within minutes. Once you have the policy, make sure you check it for any discrepancies. For this, you might want to keep the registration certificate (RC) of your car in front of you. Make sure you match the following details in your policy with the car’s RC.
- Make and Model of your car
- Engine Capacity
- Insured Name
- Vehicle Identification No
- Registration Number of Your Car
- Engine or Chassis Number
Once you have matched these details and found them to be okay, check for the following too
- Policy Start and End Date
- Insured Declared Value (IDV) of the car
- List of Add-ons (If opted any)
Once you have checked the details, take a printout of this and keep it in your car. You can also ask the insurance company to send you the original document to your registered address through courier.
Purchasing New Car Insurance Online
Online purchase of car insurance should not be difficult even if you are doing it for the first time. If you have some basic experience of using the internet, you should be able to purchase insurance without any difficulty. Even four-wheeler insurance renewal online is super convenient and quick.
Renewal of car insurance is essential as driving with an expired insurance policy is considered an offence as per The Motor Vehicles Act, 1988. Renewal is not a tedious process anymore as you can do it right through your phone or laptop conveniently. In case you forget to renew your insurance after its expiry, you will also lose the No Claim Bonus and you may have to shell out more money due to high premium rate. Therefore, make sure you do not miss the renewal process. For renewal, you need to follow the same steps while you decide to buy a car insurance policy.