Many people prefer buying vehicle insurance online. There are actually some very logical reasons behind this. From getting the plans at lower rates to being able to proceed with higher convenience, the world of online insurance is indeed spectacular. If you are planning to buy a new motor insurance plan or renew an existing one, do consider the online plans. Read on to know more.
What is the role of vehicle insurance?
Before you understand how to buy vehicle insurance online, let us know why vehicle insurance is needed in the first place. Well, there are three major reasons why. They are:
- Legal requirement: The main reason why you need a good vehicle insurance plan is that it is a legal compulsion. You cannot drive a vehicle on the Indian streets unless it is insured. A basic third party cover is compulsory. So if you injure a third party or damage their property, the insurance provider can compensate the third party on your behalf. This is extremely important and a major reason why the law obligates you to buy motor insurance.
- To protect your vehicle and yourself: While a third party liability motor insurance cover is compulsory, you should look to buy a comprehensive cover as that protects your own vehicle too. If your vehicle is damaged in an accident, you can look towards the insurance provider to financially assist you in getting it repaired. Additionally, such vehicle plans also offer medical claims if you get seriously injured while driving your vehicle. This is highly important and a very pertinent reason for buying vehicle insurance online.
- To protect your finances: Last but not the least, you need a good motor insurance plan to protect your hard earned money. Vehicle repairs can be very expensive. Unless you have the support of your bike or car insurance provider, you will have to pay the entire bill yourself. That can seriously deplete your finances and even empty out your bank balance in an instance. Vehicle insurance plays an important role here by protecting your monies.
As you can see, there are some significant and very reasonable reasons why you should go looking for the vehicle insurance plans.
Things you cannot miss about vehicle insurance
Before you buy vehicle insurance online, be aware of the features of such plans:
- Types: Vehicle insurance is available in two forms – third party and comprehensive. A third party plan, as the name suggests, only covers third party liabilities and offers no protection to the policyholder’s own vehicle. The comprehensive cover on the other hand offers all the benefits of a third party cover and along with it insures the policyholder’s own vehicle too. Choose the type of cover very carefully after analysing your precise needs and requirements.
- Riders: The base motor insurance plans can be customised with the help of the motor insurance riders. Riders are add-on covers that you can purchase at an added cost. There are some very helpful riders such as the accidental death benefit rider, the engine cover rider and the zero depreciation riders. Choose your riders carefully to maximise coverage of your vehicle insurance plan.
- Deductible: Whether you buy vehicle insurance online or offline, you will have to agree to the deductible clause. The deductible is a percentage of the bill that you agree to pay. If you have a higher premium, the deductible will and lower and vice-versa. Be very careful when selecting the deductible value as that will greatly impact the overall costing of your motor insurance plan.
- No claim bonus: The no claim bonus or the NCB is a discount that you earn for not making any claims in an entire policy year. It is a very handy discount that you can gift yourself if you drive carefully.
Listed above are some of the most important factors associated with vehicle insurance online. Make sure you clearly understand these points before you buy your ideal motor insurance cover.
The availability of the vehicle insurance plans online has made it very easy for you to own and maintain your plan. Go through the available options and find the cover that would offer the highest benefits to you. When buying vehicle insurance online on Coverfox.com, do not forget to keep all the points mentioned in this article in mind. Choose your plan carefully, pay your premiums on time and you would never have to worry about keeping your vehicle safe. So if you haven’t done so already, go right ahead and buy a good motor insurance plan online.