A third-party car insurance policy is mandatory for every vehicle plying on the Indian roads. This type of car insurance policy offers coverage from any legal liability arising due to damages or losses (involving your vehicle) caused to a third-party or their property.
As per the mandate by Insurance Regulatory and Development Authority of India (IRDAI), vehicle owners need to purchase a long-term third-party car insurance policy, one that would provide them coverage for 3 years.
While you can buy a third-party car insurance policy online or offline, sticking to the former can mean a pool of benefits in store for you. Read on to know more:
- Ease of comparison
This is undoubtedly one of the major benefits of availing third-party motor insurance online. You can compare offerings from multiple insurers and choose the one that best suits your needs. Moreover, there are many aggregator portals that list offerings from several insurers.
Not only can you compare quotes but also policy inclusions and exclusions. You can read reviews, talk to experts, and opt for the policy that best aligns with your requirements. - Ease of buying
When you buy a third party car insurance online, you can do so with a few clicks of the mouse. Once you zero in on the policy that you wish to purchase, all you need to do is fill up the proposal form, upload relevant documents, pay the premium and, voila! you are done.
There’s no need to physically visit the insurer’s office with multiple photocopies of the documents. Once you buy a policy online, the softcopy is sent to your email. The hardcopy is sent to your registered address within a few days. Remember that nothing beats the utility of going through the policy document in detail. - Comparatively lower premiums
When you buy a third-party motor insurance policy online, there’s a distinct possibility of paying lesser premium. This is because the information gets directly fed into the insurer’s system. This way, the insurer saves on overhead costs, the benefit of which is passed on to the customer. - Quick purchase and renewal
Another major advantage of availing a third-party car insurance online is that you can buy a policy instantly by filling up the relevant details within minutes.
Also, vehicle owners often forget to renew their policies – something that can get them into trouble later. The renewal process, if conducted manually, can take a long time. However, with an online purchase of third-party insurance, it is indeed a different story.
Just fill up the renewal form, pay the required premium, and you’d be good to go. Renewing the policy online lends continuity, thereby making sure there is no gap in coverage and you’re protected in case of any unfavourable eventuality. - Security
A motor insurance purchased online offers security. That is because with an offline purchase, there remains the off-chance of your proposal form getting lost among hundreds of other applications. This can obviously delay the purchase process.
However, with an online purchase, the information is directly fed into the insurer’s system. This follows that the chances of your application getting lost are almost nil. This expedites the process to a great degree.
While buying a third-party car insurance policy online offers the aforementioned benefits, there are certain things that you’d need to take care of. Irrespective of the policy you buy, make sure to understand its terms and conditions. It is essential that you know the circumstances under which the policy coverage could be rendered invalid.
In other words, you must know the exclusions. Also, if you are not certain about any of the clauses, make sure to clarify it with the insurer beforehand to avoid heartburn later.