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HT Syndication
New Delhi [India], January 27: Owning a car insurance is not just a security blanket for the beneficiaries. It allows them to access several other benefits. The recent expansion of the internet has enabled several insurance companies to take their businesses online. It has also eased the car insurance buying process for prospective buyers. With the expansion of the internet, more and more car insurance companies have started selling policies online. With car insurance premium rates reaching high numbers, people are taking the time to research the benefits of owning one. If you want to buy a car insurance but aren't sure of online platforms, this article explains how buying it online is beneficial in numerous ways. Learn about the advantages of buying car insurance online in India and some top tips to buy the cheapest car insurance online. Why is Car Insurance Required? Car insurance is a legal requirement as per the Motor Vehicles Act of 1988. In addition to that, it offers immense financial security for vehicle owners. If you are a car owner, it is mandatory to own car insurance in India. Here are a few factors that contribute to the benefits of buying insurance from a car insurance company online in India. * Financial Protection: Car insurance provides coverage against financial losses due to accidents, theft, or damage to your vehicle. It also covers third-party liabilities, safeguarding you from hefty compensation claims arising from accidents where you are at fault. * Legal Compliance: Driving without a valid car insurance can lead to severe penalties, including fines and imprisonment. The law mandates that all vehicles must have at least third-party liability insurance so that victims of road accidents receive compensation. * Peace of Mind: Knowing that you are financially protected in case of an unfortunate incident allows you to drive with confidence. This peace of mind is invaluable, especially in a country like India, where road accidents are common. How Does An Online Car Insurance Benefit In The Long Run? Car insurance provides financial security to the owners, as it allows one to breathe easily in case of an unprecedented accident or damage to a car by another party. Additionally, here are a few other factors that benefit car insurance owners. Cost Savings: Car insurance saves you a lot of money in the event of an unexpected incident or damage to the vehicle. Replacing the spare parts of modern cars can be an expensive affair. Having insurance that offers comprehensive coverage can come in handy. While paying premiums might seem like an additional expense, having car insurance can save you significant amounts in the event of an accident or damage. For instance, the average cost of vehicle repairs can range from thousands to lakhs depending on the severity of the damage. Access to Quality Services: Many insurance companies offer additional services such as roadside assistance and cashless claims at network garages. This convenience enhances your overall experience as a vehicle owner. No Claim Bonus (NCB): If you do not make any claims during your policy term, you may be eligible for a No Claim Bonus, which can reduce your premium for the next renewal. This encourages policyholders to resort to safe driving and responsible vehicle ownership. Benefits of Buying Car Insurance Online 1. It Saves Money! Most people who hesitate buying a car insurance do so because they dread the hefty premium rates. When you buy a car insurance after having compared them online, it leads to lower monthly premium rates. Online car insurance aggregators enable their users to compare insurance policies using different filters and premium calculators. Such tools allow audiences to take informed decisions, saving them a lot of money in the process. Online insurers save on operational costs associated with physical branches and commissions paid to agents. These savings are typically passed on to consumers in the form of reduced premiums and exclusive online discounts. 2. Ensures Legal Compliance As per the Motor Vehicles Act, 1988, all vehicle owners must have car insurance with minimum third-party coverage. When your car is insured, it shows that you are a responsible and law-abiding citizen. Insured cars often incur fewer fines and penalties than uninsured cars. Online car insurance aggregator platforms enable potential buyers to make the right decision by offering several tools like online car insurance premium calculators and comparision tools where people can compare the insurance policy features from different car insurance companies. 3. Convenience and Time-Saving Buying car insurance online in India saves you a lot of time. From comparing different car insurance schemes on online aggregators like InsuranceDekho to selecting the right provider and buying it, purchasing your car insurance online can be time-saving. Another major advantage of buying car insurance online in India is that it eliminates the need for extensive paperwork and long queues at the insurance offices. Consumers can buy policies from the comfort of their homes at any time, making it a hassle-free experience. According to recent statistics, over 60% of consumers prefer online platforms for their ease and accessibility. 4. Instant Policy Issuance When buying car insurance online, policyholders often receive their documents almost instantly after completing the purchase process. This contrasts with offline purchases, where it may take several days to receive policy documents due to processing times. The immediate issuance allows drivers to hit the road confidently without delay. 5. Easy Comparison One of the benefits of relying on online car insurance facilitators is that they help consumers compare the different policies from different insurance providers simultaneously without physically running from pillar to post. Besides comparing car insurance quotes, one can find other important information regarding cost-effective car insurance online. Besides, if there are hard-to-understand terms mentioned in the car insurance policy, one can search for and educate oneself, thus making it easier to comprehend car insurance policy terms and conditions. A survey indicated that 70% of consumers found it easier to compare policies online than through traditional methods. 6. Environment-Friendly Process Thanks to the Digital India initiative, many car insurance procedures such as shortlisting car insurance companies physically, getting quotes, etc have migrated online. This is a step towards building a better environment. Online car insurance aggregator platforms have been a boon in those respects. How To Buy A Car Insurance Online In India? The recent technological changes have enabled several businesses to operate online. This has enabled the current generation of potential customers to compare, research and make data-driven decisions. If you are looking to buy car insurance online but are unsure of how to do so, you can use the following steps as a basic guide. 1. Browse for car insurance online. The search engine results will display the websites of prominent online car insurance aggregators. Select one as per your liking. 2. For example, if you click on the InsuranceDekho website, it will take you to the homepage which enlists insurance policies for several types of insurance like car, bike, health, term, etc. Select the 'Car' option. 3. There are several tools like the insurance premium calculator, customized car insurance pricing tool that displays the insurance cost based on where you are located in India, and a comparison tool. 4. You can use the relevant tools to find answers to your doubts and compare the rates and select the insurance you wish to purchase. This is just the basic framework of buying insurance online. It is important to remember that different aggregators function in unique ways and the final purchasing decision depends on you. Conclusion Buying car insurance online in India can be beneficial in the long run, as it enables people to view and compare several insurance policies in one go. Such comparisons often provide tailor-made results that help prospective beneficiaries assess their needs and make reasonable decisions. Today, people buy car insurance for practical reasons. Owning car insurance allows beneficiaries to access add-on coverages like NCB, roadside assistance, zero depreciation, etc. To sum it up, car insurance can be a great investment tool for vehicle owners as it provides several add-on covers that can be beneficial in the long run. No insurance policy is perfect. (ADVERTORIAL DISCLAIMER: The above press release has been provided by HT Syndication. ANI will not be responsible in any way for the content of the same)
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