Do you like saving money? Obviously, who doesn’t?
Fortunately, digitisation is making things better for everyone. Emerging InsurTechs have made it a more convenient and smarter way to buy insurance online. Buying car insurance online offers multifold benefits. Unlike offline mode, online renewal is simpler, convenient, and less costly.
Let's see how you can save money on car insurance online renewal.
Online car insurance renewal is less costly
Yes, online car insurance renewal has become more affordable than ever before. Because the administration cost is minimal, it reduces a lot of money for the insurance companies. Insurance companies need an extensive network of agents to reach out to customers and sell insurance offline, which makes it expensive.
Insurance companies save a lot of money if a policy is sold online, which then is passed on to the customers in the form of lower premiums. This way, car insurance online renewal is cheaper.
There's another approach to save money. And, that is, to use online web-aggregators like PolicyBoss, PolicyX, Probus Insurance, Easypolicy, etc.
Save big when you compare car insurance online
Insurtechs are gearing up to make things smoother and simpler. This has resulted in an idea to compare insurance plans before purchasing.
How can you take advantage?
When you visit online portals like ETInsure, Turtlemint, Probus Insurance, OneInsure, they let you compare insurance premium quotes. When you visit portals like Probus Insurance to purchase or renew your car insurance online, you can compare plans offered by different insurance companies and make an informed decision.
Once you enter your vehicle details like car registered number, the company will fetch premium quotes from various insurers for your car. You can compare plans, premium prices, and features as offered by various insurers. This way, you get an opportunity to compare prices and save money.
Choose the type of policy you need
There are two types of car insurance policy - Third-party and Comprehensive policy.
As per the Motor Vehicles Act, 1988, all vehicles must have a valid third-party liability cover to drive legally in India. A third-party policy covers any loss or damages incurred to a third-party by the insured vehicle. It does not include any loss or damages incurred to the insured vehicle in case of any unfortunate event.
As the third-party car policy does not cover the vehicle's own damage, you need something as financial aid in case of unfortunate events, which may cause damage to your car. This is where a comprehensive policy is essential.
A third-party is mandatory as per the law. But a comprehensive policy is not compulsory. The price of a comprehensive is more as compared to just a liability cover. However, it is advisable by experts to opt for a comprehensive as it covers both the third-party liability and own damage.
Choose add-on cover wisely
In case you opt for a comprehensive policy, you have an option to buy optional paid-features to extend the coverage, which is known as add-on covers. However, if you feel the need to purchase add-on covers, it is suggested to compare the add-on covers also. Buy only those add-on covers which are necessary for your vehicle and worth the value.
Discounts on car insurance premium
The most common discount is No-Claim Bonus. If you hadn't lodged a claim in the previous policy year, then yes you are entitled to get a No-Claim Bonus at the time of renewal. No-Claim Bonus is a discount on the own-damage premiums only. Depending on the number of claim-free years, the premium amount is reduced.
Online car insurance renewal is an entirely different experience as you can buy it all by yourself and even customise it. Car insurance renewal online comes with many opportunities to save money after comparing different plans on web-portals like Probus Insurance, ETInsure, OneInsure, which is not easy to do in the offline mode.
If you like to save time and money, you must consider taking a look at renewing car insurance online.
Author: Sumit Asrani
Sumit Asrani is a Mumbai based writer. His blood cells are woven with Hypergraphia, as he breathes in books, he exhales words and sneezes poetry on Instagram. Captivated by the web-of-words, he's trying to escape miraculously by weaving words on insurance space, digital marketing, and creativity.