Understanding the Types of Vehicle Insurance You Can Buy Online
In India, many vehicles purchased have been fully insured against mishaps, thefts, etc. The data has seen a positive shift towards more people buying motor vehicle insurance. This has been due to various factors, the most significant being online insurance availability. Buying safety and protection through a simple and transparent insurance app eases the burden on the customer and makes the process more user-friendly.
Buying vehicle insurance online protects customers and their vehicles against financial losses in an accident, theft, or natural disaster. It covers the cost of any damage or injuries caused to the person or others affected by unforeseen circumstances. Many NBFCs offer online insurance that also covers own and third-party liabilities.
This article explores the various types of vehicle insurance that customers can buy via online apps.
Understanding Online Vehicle Insurance
Vehicle insurance is a contractual agreement or bond between an individual and an insurance company to protect the applicant against financial losses due to an accident or car damage. This coverage extends beyond the vehicle itself, often including liability protection for bodily injury or property damage caused to others. These policies provide car insurance for two-wheelers, three-wheelers, and four-wheelers.
Online vehicle insurance is an alternative form of traditional brick-and-mortar insurance offices. As an online purchaser, the customer need not visit the branch of an insurance company to buy or renew insurance plans. The switch to these online insurance apps can be attributed to our country’s digital revolution after the advent of 4G and proper internet penetration in the market.
The availability of online insurance policies has made things simpler and more manageable. People can access insurance anytime from anywhere, and with just a few clicks, vehicle insurance is more accessible. Apps or online vehicle insurance make it easy to compare insurance plans and save money while providing convenience.
Exploring the Different Types of Vehicle Insurance Online
Many financial intermediaries offer vehicle insurance online. Different policies cover different losses and are designed with additional benefits per customer’s requirements. Each policy’s premium differs based on what the policy offers. The following list will give the reader an idea of how these online insurance policies vary in specifications:
- Bajaj Allianz Car Insurance: This online insurance policy has a premium of ₹ It covers expenses for own damage and third-party liability, personal accident cover for owner-drivers up to rupees 15 lakh, and add-on personal accident cover for occupants. This policy enables cashless claim settlement at 6500+ garages across the country.
- SBI General Car Insurance: This policy has a premium of ₹3043 for personal accident cover for the owner and driver. It also covers natural and manmade damages and has an add-on cover protection of NCB(No-claim Bonus).
- ACKO Car Insurance: This policy has a premium of ₹ It covers damage expenses and third-party liability with zero hassle and door-to-door claims, as it is a 100% digital process. With this add-on cover, the customer can retain the no-claim bonus even after making two claims in a row during the policy period.
- HDFC Ergo Car Insurance: This policy has a premium of ₹ It covers its own damage and third-party liabilities. It also offers 24*7 emergency roadside assistance. This, too, has a 100% digital buying process. The add-on cover helps customers claim their No-claim Bonus(NCB) discount even after requesting a claim during the policy period. This policy also covers the depreciation of car parts without any reductions for depreciation.
Finding the Best Online Insurance App
As recommended by my dear friend, Bajaj Finserv’s online insurance app offers more than five vehicle insurance variants. The above-mentioned policies are also available within the app. Customers have the luxury of comparing these policies before buying the most desirable one. The benefits of choosing an NBFC’s insurance app exceed the hassle of physically going to an insurance office. It is convenient, cost-effective and fast. Bajaj Finserv is not a new player in the market and has secured trusted partnerships and a loyal customer base.
With so many options under one umbrella, buying vehicle insurance online with easy renewal and a secure process has made the insurance market more accessible and affordable for customers.
Conclusion
Comprehensive or third-party insurance purchased online is legally valid under IRDAI (Insurance Regulatory & Development Authority of India). Therefore, one must look for pocket-friendly and feasible policy options from a trustworthy financial intermediary, especially when buying insurance online!
