Sunday 14 July 2024
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Types of Vehicle Insurance Online

Types of Vehicle Insurance Online

Vehicle insurance is also known as auto insurance. It is a type of insurance that is given for bikes, cars, trucks and other commercial vehicles. It is a way to compensate you for any loss or damage to your vehicle. At the same time, the insurance also covers any sort of damage caused to another individual, vehicle or property.

Generally, a vehicle insurance online policy covers damages to the vehicle due to: accidents/collisions, theft, fire, vandalism or sabotage, riot and strike, earthquake, an act of terrorism, flood, storm, cyclone, landslide, rockslide etc.

Different Vehicle Insurance Online And Their Uses

Irrespective of the vehicle type, Best vehicle insurances online are of two types. However, it depends on what kind of liabilities your insurance covers.

  1. Third-party policy

The third-party policy insurance is necessary by law. It protects the insurance holder and gives him the right to claim against losses which arise due to bodily injury/death to a third party or any damage to property. Here the third party means the people whom the insured person injures. However, remember that this insurance does not protect you, your vehicle and co-passengers against losses which arise due to bodily injury/death.

  1. Comprehensive policy

On the contrary, this policy covers you, your belongings, your car and co-travellers against the damages and losses occurred from unforeseen calamities. Hence it is a good decision to purchase this policy.

Additional Coverage Of Vehicle Insurance Online

Free from agents

Dealing with insurance agents can be a tough task because all the agents have their personal agendas and push for their different policies in order to earn good commission. In short, these agents can never be as impartial as we want them to be; so vehicle insurance online might be a better option. Also in an offline mode, there remains an added threat of theft and having to deal with fake agents.

If you still have any queries and doubts to be addressed, then vehicle insurance online also offers you convenient customer care system or call centres. The online agents can advise you about hidden clauses and provide you with smart investment tips.

Renewals and payment of premiums

We are human and tend to make mistakes. In our hectic life it is not a big deal if we forget that the payment of a premium is due. However, this can cause you a lot of trouble! Vehicle insurance online will never allow you to face this situation. This is because, in the online service, timely reminders are provided to policyholders, so that they never miss out on important dates, thereby ensuring that the policy does not lapse. Since everything is online, you don’t need to deal with agents during renewal.

Security and convenience

When you opt for vehicle insurance online, you can easily compare various schemes and can pick any policy. You don’t need to move anywhere during this process because you can complete all the paperwork online itself. And, you can also ensure that the information you filled in is right; on the contrary in offline mode, agents might miss out on vital information while filling your form. Also, filling inaccurate information can lead your claim to be rejected altogether. Hence, the online method is much more reliable.

Also, having to go to the insurance provider’s office in person is really time- consuming. The online route makes it easier to save all your important documents, and there is no threat of physical documents being stolen or damaged by any sort of natural calamity.

Also, it is advisable to buy a policy provided by a well-known brand because they would surely have all their safeguards to protect your data online. At the same time, you will have to be careful. Being a policyholder, make sure to never share your policy details online with anyone who claims to be the company representative; rather it is better to communicate only through their official website.

Wide policy options

When you buy vehicle insurance online you get wide policy options and you can even compare policies. You get a completely customized service where you can choose those features that suit your requirements and build your own package, based on your needs.

Cashless facilities

Vehicle insurance online also offers you the cashless facility. So during repair of your vehicle, you can easily make an online claim by opting for a cashless garage facility. In such a case, the insurer will directly pay the garage.

Insured declared value (IDV)

Your vehicle is valued by the insurance providers in various stages; they do so in order to gauge its present value. The insured declared value is the value obtained after depreciation is deducted from the original value of your vehicle. So, the lower the IDV, the lower the premium paid. But, don’t forget that this might cause trouble while making a claim. In such a situation buying car insurance online can prevent this problem.