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How to Get the Best Car Insurance Policy in India Online

Team AckoApr 4, 2024

Making car insurance cheaper is something that we all want. Whether you’re buying your first policy or renewing your existing policy, you’re looking for a cheaper alternative. With the dawn of the digital age, online insurances have become hassle-free and easier to process. Choosing to go online is a gateway to the world of low-priced car insurance quotes.

How to Get the Best Car Insurance Policy in India Online

As you’ll read, the lowest price is not the only factor to consider. Also, insurance is not just a compliance-related activity, it’s a way of minimizing financial loss in case of an unfortunate incident such as an accident. There are several other factors which contribute to a good car insurance policy. Read on to find out how to get the best car insurance online in India.

Contents

Do the Homework Yourself:
Prepare Before You Begin the Search:
Compare and Analyse Car Insurance Options:
Choose the Right IDV:
Visit The IRDAI:
Take Advantage of the No-Claim Bonus (NCB):
Compare How Insurance Companies Service the Policy:
Buying Car Insurance Policy Online:

Do the Homework Yourself:

Car insurance is not that complicated. You can do it yourself, in fact, with the advent of the digital age, new insurance companies have revolutionized the way to find out the best insurance policy for a car.

While the traditional method of getting car insurance through the showroom or agents has been the mainstay, online insurance companies have made it simple for you to visit their website, analyse and assess the coverage, and make an informed choice.

Prepare Before You Begin the Search:

Be it buying car insurance online or revisiting one of the other routes, ensure you have the information required to get a correct quote. You’ll need the model of your car, the make, year and registration number, and the location of the vehicle.

Now that you have all the required details, the online platform will help you get the accurate insurance quote for your vehicle. Make sure you input all the relevant and right information.

Compare and Analyse Car Insurance Options:

If you’re visiting websites that compare car insurance and upon researching you find the lowest insurance policy, the coverage might not be enough to cover any losses. The quote might not include essential Add-ons such as Zero Depreciation, Engine Protection Cover, No-Claim Bonus (NCB) protection, Consumables Cover or Return to Invoice.

Before you decide on a particular car insurance cover, consider the following criteria to help you determine the best insurance for your vehicle:

Location
Usage of the car
Age of the car
Required Add-ons
Driving skills

Choose the Right IDV:

Insured Declared Value (IDV) is your car price’s current market value. And this has nothing to do with the resale value of the vehicle. IDV has a direct influence on your insurance premium. This is the maximum amount you’ll receive from your insurer in case of a total loss to your car.

Choosing the right IDV is essential. If you choose a higher IDV, your premium increases accordingly, while a lower IDV will have inadequate insurance coverage. Hence, opting the right IDV is of utmost importance while researching for the best car insurance.

[PRO TIP: Use ACKO's IDV Calculator to check your car's IDV instantly]

Visit The IRDAI:

The Insurance Regulatory and Development Authority of India (IRDAI) has all the required information including the dos and don’ts while purchasing car insurance. It has a bunch of information to your search in the customer information section. The IRDAI website includes essential information such as the list of insurers, annual reports, public notices, press releases, penalties, insurance laws, among others. By educating yourself with the rules and regulations set by the IRDAI, you can take an informed decision to choose the right vehicle insurance.

Take Advantage of the No-Claim Bonus (NCB):

NCB is a reward offered by the car insurance company if you do not raise a claim on the insured vehicle during the tenure. NCB comes into the picture when you renew the policy. NCB can go up to 50% if you do not raise a claim for a tenure of five straight or consecutive years.

Make sure the insurance company offers NCB if you’re eligible for it. Please note, once you raise a claim, the NCB will be nullified and the accumulation will start all over again.

Compare How Insurance Companies Service the Policy:

One of the most important aspects of insurance is the Claim Settlement Ratio of the insurance company. In traditional insurance, it might have been a challenging task to raise a claim, get it approved, and then receive the insurance amount. However, online insurance companies have made the process a lot easier. Hence, your insurance company’s ability to service an insurance claim should be efficient, hassle- and stress-free.

By checking the insurer’s website and social media channels you can check reviews and feedback by customers. This will help you understand the brand of the insurance company and how they service an insurance claim.

Also, Read: 20 Things to Consider When Buying Car Insurance in India

Buying Car Insurance Policy Online:

Purchasing car insurance online is simple and user-friendly. Usually, the process to buy insurance online is a follows:

Visit the insurance company’s website.
Create and Signup with your profile.
Choose the type of policy.
Opt for Add-ons as per your needs.
Enter payment information.
Process the payment.
And you’ll receive the insurance policy to your registered email.

In conclusion, it’s always good to make an informed decision before you choose an insurance company which offers a policy designed to meet your financial expectations. It’s important that you learn about what’s covered and what’s not covered and if in doubt, check with the customer care centre to make an efficient and smart decision.

Also, read: Is it Better to Stay with the Same Insurance Company?

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.

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