The Top 5 Mistakes to Avoid When Buying Car Insurance Online

As this current digital era has transformed how we conduct all the financial transactions in our daily lives, to buy car insurance online has become quite an efficient and convenient option for many potential buyers. 

Today, in this article, we’ll dive deep into the top five mistakes that one should definitely avoid while buying insurance online, ensuring that you not only secure coverage but also make well-informed decisions for your financial stability. 

What is car insurance? Is it mandatory to buy?

As the term implies, it is a financial arrangement that offers coverage and financial protection against any kind of physical damage, third-party liabilities, and theft associated with owning and operating a vehicle. In our country, as per the Motor Vehicles Act of 1988, it is mandatory for a motor vehicle owner to own an insurance. 

As per the law, they should have at least a Third-Party Liability Insurance Policy before they can drive on public roads. This policy provides coverage for bodily injury or death of a third party and damage to their property caused by the insured vehicle. 

Note: It’s important to initiate four wheeler insurance online check before buying.

Furthermore, they also have the option to purchase comprehensive car insurance, which includes Own Damage coverage. This type of policy provides protection not only for liabilities (third-party) but also damages to the insured vehicle due to theft, accidents, etc, 

The Top 5 Mistakes to Avoid When Buying Car Insurance Online

  1. Ignoring the details

The feasibility of the online availability of such a policy should lead to a timely review of policy details, as reading the complete fine print is essential. It is a well-known fact that buyers often skip this step and miss critical information, and ignoring them might result in issues during a claim. Therefore, ensure that you thoroughly review the terms and conditions of the policy. 

Not considering reviews and ratings

The digital age offers us information in abundance, including the experiences of other policyholders. Not considering customer reviews and ratings is a mistake that can have consequences. Therefore, it is essential to explore reviews to gauge the satisfaction levels of existing customers with the insurance provider. 

Falling for the lowest premium trap

While a low premium might be appealing at first, falling for the lowest price without considering other factors can be a critical mistake. Some policies may offer a lower premium but lack essential coverage or come with high deductibles. Therefore, evaluate the overall policy value, considering coverage, deductibles, and the reputation of the insurer rather than solely focusing on the bottom-line premium. 

Not comparing quotations

Online insurance download app offer the advantage of easily comparing insurance quotes from various providers out there. If you neglect this step, think again. Failing to shop around and compare prices might lead to paying more than necessary. 

Underestimating coverage needs

One of the most common mistakes is underestimating individual coverage needs. It is pretty crucial nowadays to assess your requirements based on certain factors like the value of the vehicle, usage, and potential risks. Therefore, it’s essential to understand the courage options available and choose the one that aligns with your objectives. 

Which is the best application to purchase car insurance online

Bajaj Finserv! Without any doubt, one can easily choose this app as it is super easy to use, and availing car insurance from this platform is no rocket science. 

  1. Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application. It is available on the Play Store (Android) and the App Store (iOS).
  2. Sign up with your details
  3. On the homepage, you’ll see the ‘Insurance Bazaar’ section.
  4. Click on ‘Car’
  5. Enter your vehicle registration number and city pin code
  6. Click on View Prices
  7. Choose the best, whichever suits you.

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