How To Purchase A Third Party Car Insurance Online
Updated On Oct 15, 2023
Third-party motor insurance is known as the ‘liability-only’ insurance is mandatory for all car owners as per the motor vehicle act. Buying third-party or any type of insurance is convenient because of the availability of the internet . The policy can be bought via smartphones, laptops, or computers with just one single click. The below article will tell you the step by step process of buying a third party car insurance via online mode to avoid any hassle.
Purchasing Third-party car insurance online saves an individual the time and cost required to buy the insurance through offline mode. Third-party insurance provides financial assistance for the damages incurred to the third-party during any misfortune accident. The steps of buying third-party insurance are mentioned below:
Step 1: Assessment of Own Requirements
The third-party liability car insurance policy covers the damage or expenses of the third party including property damage, bodily injury and death. It is the minimum insurance coverage offered by insurance companies. Select the third-party car insurance option to safeguard yourself from the financial burden that might fall on you during any accident.
Step 2: Comparison of Different Available Plans
The next step is to compare the different available plans in the market on the basis of your requirements. The basis of comparing the plans are coverage, premium, strength of cashless garages network among other factors.
Step 3: Selecting Necessary Add-ons
Car insurance add-ons refer to additional covers or features which enhance the protection of third-party car insurance. Below-mentioned is a list of basic add-ons which the policyholder must consider taking-
- Zero-Depreciation cover
- Engine Protection
- Roadside Assistance Cover
- Consumables Cover
- Licence Loss Cover
- EMI Cover
- Personal Belongings Cover
- Tyre Cover
- Lifetime Road Tax Cover
- Lock and Key Cover
- Registration Certificate Cover
Step 4: Ascertain Correct IDV of Your Car
Always check the insured declared value (IDV) of your car and make sure the amount is comparable to the market value of your car. The IDV of your car solely depends upon the age of your car. A 6 month old car has an IDV depreciation rate of 5%, however, a 6 year old car will have an IDV depreciation of 50% or maybe more.
IDV has an important role in calculating its own damage premium amount. The IDV is payable to the consumer as compensation if the insured’s car is beyond repairable damage or in cases of theft.
Step 5: Make the Purchase
The final stage in purchasing third-party insurance is enrolling your car for a policy. The process of applying for car insurance online policy purchase is hassle-free. You are required to enter your personal details like your name, address, age, occupation and the main details of the vehicles like make, model, the engine’s no, chassis no, RTO, seating capacity, etc. Once the vehicle is passed through the online process you can then complete the payment and register a policy for your car.
Purchasing a third-party insurance online is a convenient way of getting secured from the financial troubles that might occur during the happening of an accident. The above steps are simple and easy to follow, they might help you get the car insurance that suits best to your needs.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.