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CAR INSURANCE

Simple Guidelines to Buying Car Insurance in India

Karen Menezes Karen Menezes 24 May 2016

What are the factors you should keep in mind before buying car insurance in India? Take a look at the different guidelines to purchasing car insurance in India.

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Insuring your car is important – it is mandatory as per the Indian Motors Act. When you buy a car for the first time, whether new or second-hand, insurance is the last thing on your mind. But it’s good to gradually make yourself aware of this important concept, so that when the time of insurance renewal comes, you are better prepared.

That’s why here’s our simple guide to buying car insurance in India. But first thing first.

“Why should I buy a Car Insurance?”

You are absolutely justified to ask us this question. So before anything else, watch this 1-minute video on why do you need car insurance.

Got it? So now that you know why you should buy a car insurance, let’s see how you can do it.

Car Insurance Premium – Know these factors

Your car insurance premium amount depends on your vehicle model-make, engine capacity, city of registration, and other specifications. In the case of a second-hand car, the age and general condition of the vehicle will also come into play. The premium increases with the price of the car. It also depends on the features of your policy and the add-ons you select.

Premiums for similar policies charged by different insurers are similar. This is because the products are strictly regulated by the IRDA. If you have a big car loan or other liabilities, consider going for a basic policy. Third-party insurance is the minimum legal requirement.

Compare Policies

Having decided on the premium amount you should now consult insurance agents for policy options. It is best to look for options online. No agent can offer you as many options as the internet can. You can also browse through the personal experiences posted by policyholders on various insurance portals, which can help you pick the best policy. To save on premium, consider buying a basic policy and adding on only the riders that are most important to you.

Select Add-Ons

Having decided on the premium amount you should now consult insurance agents for policy options. It is best to look for options online. No agent can offer you as many options as the internet can. You can also browse through the personal experiences posted by policyholders on various insurance portals, which can help you pick the best policy. To save on premium, consider buying a basic policy and adding on only the riders that are most important to you.

Compile Documents and Apply

Once you have made all your decisions, gather your documents and buy the policy. You will need the following documents:

  • Duly signed claim form
  • RC copy of the vehicle and a copy of your driving license.

Applying online will require fewer documents than applying offline and you will receive your policy document once you make the payment. Read the document to ensure that the policy covers everything that you wanted it to cover.

Whenever you plan on buying a car insurance policy, do consider the above steps to make your buying decision lucid.

Karen Menezes
Written by Karen Menezes
An optimist at heart, Karen loves to see the world through a pair of rose-tinted glasses. An award-winning blogger, she loves to dream with her eyes open. Writing is not her passion, it’s an OCD! If at all she isn’t writing, you can find her shopping online or experimenting with DIY recipes. This lass currently works as a Content Writer at Coverfox.