Buying car insurance online comes with multiple advantages related to convenience and access. With a few clicks, you can compare policies, customise insurance coverage, and secure protection for your vehicle.
Even with the added convenience of digital transactions, the process of purchasing insurance can seem challenging. For those not familiar with the subject, understanding insurance jargon and comparing policies can feel overwhelming. Add the pressure of finding the best car insurance price in India, and the task becomes even more daunting. What if you miss out on significant savings? Or fall for hidden charges; simply because of an unchecked box or rushed decision. The chances of making a mistake are endless. In this article, we will walk you through how to avoid the most common mistakes when buying car insurance online.
Don’t Make These 6 Mistakes When Buying Car Insurance Online
- Settling for a Lower Premium Coverage
Who doesn’t love a good deal? But, looking solely for a cheapest policy, doesn’t make it a wise choice.
Policies with lower premiums may offer minimal coverage, leaving you vulnerable during an unfortunate event. Try to find a balance between a policy with comprehensive coverage and protection without breaking your budget.
- Overlooking Car Insurance Policy Details
In a rush to buy car insurance online, many skip reviewing the policy’s terms and conditions. This oversight can later lead to unpleasant surprises, such as hidden charges or policy exclusions.
For instance, some car insurance plans do not cover common issues, like theft or damages due to natural calamities in some areas. Always carefully read the policy’s inclusions and exclusions to understand what is covered and not covered in the insurance plan.
- Not Enough Research and Comparing Multiple Policies
Settling for the first policy you see online without proper research is one of the biggest mistakes. This approach can cost you more than you would get. Different insurance providers offer varying premiums, benefits, and coverage levels. Take time to compare multiple policies on trusted websites. This will ensure you get the most value while covering all your car insurance requirements.
- Skipping On Add-On Covers
Add-ons like zero depreciation, roadside assistance, or any mechanical protection can boost your vehicle’s coverage when buying car insurance online. However, most buyers overlook these aspects to save money, which can lead you to miss both savings and benefits. While add-ons could slightly increase your premium amount, the incremental benefits and coverage can save you a lot of money and stress during claims.
- Not Evaluating Insured Declared Values Correctly
Determining the Insured Declared Value (IDV) of a car is a crucial factor in the calculation process of a comprehensive insurance plan. It is the overall value of your vehicle at the present moment after considering your car’s depreciation cost. Also, under IDV, if your car gets stolen or totalled, your insured company pays the maximum amount.
However, make sure to set the right IDV. Too low — you may not get enough compensation; too high — you may end up paying higher premium amounts. Hence, use a car insurance calculator, available online, to get an adequate IDV.
- Not Renewing The Policy On Time
Failing to renew your policy on time means zero coverage and even legal penalties, including an extension on the premium amount. Moreover, an expired policy may also make you lose your No-Claim Bonus (if eligible), which could help you significantly reduce the premium upon renewal.
Wrapping Up
Buying car insurance online is a smart choice with the right strategy and researc. Hope this blog will help you avoid common mistakes, be it overpaying for unnecessary add-ons or ignoring the policy details.
With patience and systematic understanding, you can make an informed decision to choose your car insurance policy and the level of protection you want. By doing so you can save money, and drive confidently. Get ready to protect your wheels and wallet with informed and smarter choices.