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Phases of a Car Insurance Policy
Sep 28, 2020

5 Phases You Go Through With Your Car Insurance Policy

As per the Indian motor laws, it is mandatory for everyone to buy a car insurance policy. However, just purchasing one isn’t enough. To keep your insurance plan active, it is essential to renew your car insurance policy online from time to time or it will be equal to having no policy at all. Some people don’t consider insurance very seriously. What they don’t understand is that it acts as a great backup during times of emergency. Hence, choosing the right car insurance plan is very important. Continue reading to know the five stages you go through before and after you buy car insurance online :
  1. Researching car insurance
Always remember to conduct proper research on the various car insurance policies before taking the next step. It is not difficult to find information today, all thanks to the internet. The basic thing to do is here is to first look for the type of car insurance policy you require, then delve deeper into the coverage as per your car and needs. You must also study insurance jargon such as deductibles, third-party, IDV, NCB, etc. If you’ve already bought a car insurance policy, then keep this point in mind while renewing the policy.
  1. Comparing policies
When you buy any product from the market, you always look for better/quality alternatives at an affordable price. Similarly, when you are interested in buying, make sure that you first compare car insurance online . To get the best deal, you can calculate premiums online using the car insurance premium calculator.
  1. Inspection
You won’t have to go through this phase if your car is brand new or if you renew it on time. If your policy has lapsed and you haven’t renewed it before the grace period ends, then the insurance company will ask for an inspection and send a representative to inspect your vehicle.
  1. Purchasing car insurance online
Once the insurance company approves your insurance policy, you will have to pay the premium amount after selecting the plan. Simply visit the insurer’s website and follow the steps to complete your purchase It is important that you look through your policy documents before making the final payment. See if the add-ons you’ve purchased are accurate or not. If there are errors, immediately notify your insurer and get them rectified. If you ignore these mistakes now, they might cause you trouble while filing a claim.
  1. Filing a claim
In order to file a claim, one must have an active car insurance policy. You should know how to check vehicle insurance policy status to get details on expiration date. Never forget your car insurance renewal date. You cannot raise a claim on a lapsed policy. It is imperative to go through policy inclusions and exclusions along with the terms & conditions to avoid making mistakes while filing a claim. Buy a policy that suits your needs and offers sufficient coverage as it will be your financial backup during an emergency. Set reminders for timely car insurance renewal for continued coverage and compliance with the law.  

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