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Insurance Article

Important points to note when buying online motor insurance in India

October 12 2013

The subsequent increase in traffic also increases the chances of accidents and other such unforeseen events. As per the law, it is mandatory for every car owner to buy a car insurance policy and ensure its timely renewal. It would therefore be wise to select a good insurance cover so that mishaps do not cause a sudden drainage of finances.

Not just purchase of cars, leasing is slowly gaining popularity as it allows you to use the car without the need to purchase it. Companies in India rent cars on short and long term basis or lease automobiles to corporate organizations. These car rental companies handle all costs of purchase, registration, taxes and other related legal requirements along with insurance for the rented vehicle. The details of the rental car insurance policy can be accessed through the rental documents. It is therefore important to know about the coverage offered by the insurance on the leased vehicle to prevent both legal hassles and additional expenses during the term of use.

Car insurance policies for a private vehicle are formulated in line with the Motor Vehicles Act and include coverage for third party liability which is the minimum requirement as specified by the Insurance Regulatory and Development Authority (IRDA). This cover is extremely useful during accidents when your insured vehicle is the reason for damage to another person’s property or unfortunate events like death or permanent disability to another person. All compensation made towards such damages is taken care of by your insurance policy. Legal liabilities arising out of such situations may also covered by this feature which goes a long way in reducing stress.

When buying motor insurance, it is important to go through quotes from several insurers. One easy way to do this is by opting for online motor insurance in India which gives you access to car insurance quotes with just a few clicks. It would be prove helpful to select a comprehensive insurance cover so that you can reap the benefits of extensive coverage and expand your savings in the long run. The car insurance policy from ICICI Lombard may also offers coverage for personal accident insurance for the driver-owner in case of death or disability due to an accident without the payment of any additional premium.

With purchase of online motor insurance in India, you can choose from various payment methods like Net Banking, Credit or Debit cards or the convenient EMI facility. A digital copy of your ICICI Lombard motor insurance is generated almost instantly.

With these pointers in mind, selecting the perfect car insurance policy should be a hassle-free, convenient task.

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