Digital Ready: Everything You Need to Keep Handy Before Buying Motor Insurance Online
Gone are the days when you had to chase down insurance agents or wait for your courier service to get your motor insurance in India. With today’s digital world, it is possible to purchase motor insurance online in India with a click of a button.
But the key to “fast and easy” lies in ensuring that you have all the required documents in hand. No one wants to disrupt their online purchase with a hunt for the engine number or past policies during the payment process. So, before you begin purchasing motor insurance take a look at our list of things you should be prepared with.
1. The Vehicle’s “Identity Card”: The RC (Registration Certificate)
The Registration Certificate is the most crucial document needed for motor insurance purposes. The actual card may not be necessary, but you should have the digital certificate available.
There are technical requirements on the website that you cannot assume. Make sure to check the following:
- Registration Number: For example, DL 01 AB 1234.
- Engine and Chassis Number: This information can be found on your RC. These details are essential in confirming the legitimacy of your car.
- Car Make, Model, and Variant: Your variant may affect the process. A VXI variant may have other insurance coverage than a ZXI variant.
- Registration Date: The date when the car was first registered.
2. Your Previous Policy Details
If you are not purchasing insurance for a brand new vehicle, then you will definitely require your old expired or expiring insurance policy document. The reason is that the new insurance company wants your previous record.
Look for the following things:
- Policy Number: For matching your new insurance policy with your previous insurance record.
- Expiry Date: It will help the computer system check if the insurance policy has been expired for more than 90 days. In that case, you will lose your NCB (No Claim Bonus).
- Name of Previous Insurance Company: For verifying any claim history.
3. The “Money Saver”: No Claim Bonus (NCB) Certification
The No Claim Bonus is an incentive for being a good driver. If you have not claimed your insurance during the past year, you deserve a discount on your “Own Damage” premium, which may reach up to 50 percent during five years without making any claims.
While purchasing the car insurance policy, the NCB will be requested from you. It is important to find out what your NCB is by looking at your past policy. Otherwise, it might result in the denial of all future claims.
4. Personal Identification and Contact Data
Even though this is an insurance policy for the car, the contract is made with you. Most of the portals online in India have started using the KYC procedure for issuing immediate policies. Following things are needed:
- Aadhar or PAN card number: Usually needed in case of mandatory KYC procedure.
- Email ID: The e-policy will be mailed to your email ID immediately.
- Phone number: Needed for OTP verification and claim assistance purposes.
5. Decision Points: Add-ons and IDV
Make the decision regarding your coverage philosophy before you begin. Motor insurance online is not only about paying less but getting the best coverage possible.
- IDV (Insured Declared Value): This is basically the value of your vehicle today. A low IDV will result in lesser premiums but also lesser compensation in the event of total damage or theft.
- Pick the Optional Covers: Determine whether you require Zero Depreciation Cover, Roadside Assistance, or Engine Protector cover. These decisions made prior to shopping will save you from making hurried ones at checkout.
6. Payment Readiness
Online Portals have different payment options like UPI, Credit/Debit Card, and Net Banking. Make sure that your limit on transactions per day is adequate for the premium amount because it is important when covering a luxury car.
Why Preparation Matters
Motor insurance purchase on the Internet in India aims to be self-explanatory. With this information handy, there is no chance of any mistake during typing, which is often responsible for most of the disagreements during claims processing.
Insurance Guru allows one to enter this information into an easy-to-use interface, get quotations from leading insurance companies, and have your policy document delivered to your inbox in just minutes. Be ready, be safe, and be at ease.