Overview
We now engage with financial products and services in a different way as a result of the pandemic. When the outbreak broke, India’s Insurance firms considered offering virtual and online assistance to customers. As a result, there has been a significant rise in the use of digital insurance apps.
If you’re considering buying car insurance online, make sure to follow these simple steps.
You Should Pay As You Drive
Pay as you drive insurance is a type of comprehensive car insurance plan that covers your own car and third-party liability while charging a premium depending on how far you drive. This car insurance plan allows the insurer to use telematics to monitor your driving habits and patterns, and the premium is calculated based on whether you are a high-risk or low-risk driver.
In 2020, the market regulator, IRDAI, implemented this proposal on a trial basis for a year. In accordance with the regulator’s sandbox proposals approved last year, many online insurance firms have begun providing the pay-as-you-drive insurance scheme. If the recommendations of an amendment draught are accepted, the amendments are likely to be continued for the next two years.
Select An Online Insurance Type
Car insurance provides financial cover for your vehicle against unexpected threats such as road accidents in exchange for a monthly premium. The cost of insurance is determined by a number of factors, including the car’s worth, the type of coverage, and the vehicle’s classification, among others. Before you choose an online insurance plan, you should understand the different forms of coverage that insurers have.
- Third-party Insurance –
The insurer provides protection against any harm to a third-party’s vehicle, personal property, or physical injury under this policy. The third party is compensated for the harm, and the insured is shielded from the financial consequences of the damage.
- Comprehensive Car Insurance –
A comprehensive online insurance policy is one that covers a wide range of risks. It is a comprehensive car insurance policy that protects the insured driver from third-party liability, losses, and personal injury. It may, for example, cover damages caused by an accident, a natural disaster, fire, or theft.
Examine Your Add-On Coverage
With the aid of an add-on coverage, you can improve the protection of their four-wheeler insurance. Its aim is to provide an additional layer of protection to your comprehensive car insurance policy. The following are examples of add-on coverage options that can be applied to a comprehensive online insurance policy:
- Roadside Assistance –
When you need assistance in the middle of a trip, this add-on comes in handy. You should contact the insurance provider to request assistance if you have a roadside assistance add-on.
- Invoice Cover –
Return to invoice (RTI) cover or invoice security add-on are other terms for invoice cover. In the event that your vehicle is totaled or stolen, your insurer will compensate you with the amount reported on the invoice of your car purchase, including the road tax.
- Engine Protection –
A car’s engine is the most costly and crucial component. Damage to your car’s engine is usually not protected by a standard comprehensive insurance policy. An engine safety add-on is available if you want to shield your car’s engine even more.
Learn About Hidden Exclusions That Your Car Insurance Does Not Cover
Customers prefer to skip a thorough review of their policy due to a lengthy document filled with jargon and text-heavy procedures. It leads to dissatisfaction when it comes time to file a claim. Exclusions in your car insurance policy are hidden thorns. This includes any damage to your vehicle caused by driving while inebriated or under the influence of drugs or alcohol will not be compensated, and so on.
How To Buy Car Insurance From the Finserv MARKETS App?
Finserv MARKETS app is one of India’s most comprehensive insurance apps. It helps you to keep track of all of your car insurance information in one location. The insurance app is easy to use and puts the world of car insurance at your fingertips. The app has an immersive user interface that allows for easy navigation and a good user experience. You may also look at your financial background or contact one of our members if you have any questions about car insurance.
Purchasing an insurance policy from Finserv MARKETS is a simple and straightforward method. To buy the insurance policy, you simply need to follow the steps outlined below.
- Go to the “Insurance” section of the Finserv MARKETS App.
- Select the type of insurance you want, such as health insurance, two-wheeler insurance, and so on.
- Select the level of coverage you need.
- Fill out the application form with your personal information and any other information that is needed.
- Please upload the required documents.
- Your application will be evaluated by the insurer, and the records will be checked.
- You will have to pay your premium online.
- You will receive the insurance in a timely way.
Wrapping Up
Car insurance can be purchased online, which is not only more convenient because it requires less paperwork, no physical appearance, and quicker responses, but it also makes the process more straightforward. The pandemic has prompted many Indians to buy car insurance plans online. Because of the widespread use of digital technology, you will have more options and a better chance of finding an insurance policy that will favour you.
