One of the very first dreams for a lot of people is to buy your own car. Purchasing a car is one of the most joyous and memorable events in one’s life. Purchasing a vehicle involves a lot of documentation and processing that is required to legally drive in the country. In India, cars have gained a lot of popularity over the past decade. After buying your car, you must ensure that you buy four wheeler insurance for it as well
What are the eligibility criteria to buy a four wheeler insurance policy?
Following are the eligibility criteria to buy four wheeler insurance in India.
- Individuals must be above the age of 18 years: This means minors cannot be owners of car insurance policies.
- He/she must be a citizen of India: Insurance for cars is not provided to foreign nationals and only to Indian citizens.
He/she must own a vehicle along with its RC: Car insurance follows ownership of a car and one cannot insure a vehicle that one does not own.
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7 steps guide to buy four wheeler car insurance policy:
Buying insurance is no less than buying a new car. Before buying any insurance you need to keep things in mind and see if it fits all that you need. There are many different policies to pick and choose and here are a few steps to make it even simpler. If you are a first-timer insurance buyer you are at the right place.
1. Select type of policy
Car insurance policies are of two types in India
- Third- party car insurance policy: third party insurance is mandatory policy in India. This policy only covers third-party damages and losses.
- Comprehensive car insurance policy: comprehensive insurance is an extensive motor insurance plan that covers the insured person against both, own damages and third party liability. A comprehensive car insurance covers any unforeseen incidents such as an accident, fire, theft or natural calamity.
So, the first step is to decide whether you want a third-party or comprehensive four wheeler insurance policy. With comprehensive policy, you can opt for add-ons to give you added protections, which takes us to the next steps.
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2. Choose the add-ons with comprehensive car insurance policy:
If you opt for the comprehensive policy, you will be required to choose any add-ons that you may prefer. While there are many add-ons, do note that every add-ons add extra cost to your policy.
- Zero depreciation cover
- Return to invoice (RTI) cover
- Tyre cover
- No claim bonus protect cover
- Key protection cover
3. Select reputed insurer and pick a policy
The next step is to decide a reputed insurer. Focus on these factors while comparing insurers-
- Market reputation of the insurer
- Claim settlement ratio
- Claim fitting process
- Cashless garage network
- Customer support
Most of the top insurers now offer many different types of 4wheeler insurance so do proper research and select one that best suits your requirement. Consider points like
- Benefits and features
- Premium
- Policy coverage
- Add-ons (package available)
- Inclusions and exclusion
4. Check policy documents
- Once you select the policy, make sure that you first check the policy document before moving ahead. Ensure the policy offers what it promises.
- Understand the policy thoroughly and give extra attention to all inclusions and exclusions. Make sure you understand and pick the best which will protect you from any conflict.
5. Provide basic information:
You are no longer required to submit any documents for purchasing or renewing any four wheeler policy. You need to provide basic personal details about yourself and your car. Make sure you have access to documents such as RC book, driving license and the original invoice of the car
6. Make online payments:
- Once you submit all your details, you can go ahead and pay the policy premium.
- Payments can be done through debit/credit and online banking.
- Get a copy of your policy:
- Once the payment is done, you will get a digital copy of your insurance on your e-mail id within a few minutes.
- Make sure you check it thoroughly with your RC book in hand. Make sure the following details in your policy matches with the car’s RC
Ø Make and model of your car
Ø Engine capacity
Ø Insured name
Ø Vehicle identification No
Ø Registration number of your car
Ø Chassis number
Once you have matched these details and found them okay, check the following as well
Ø Policy start and end date
Ø Insured declared value (IDV) of the car
Ø List of add-ons
Conclusion:
It is better to keep all of this in mind before you buy a four wheeler insurance for your car. Make the right decision and choose insurance that offers you the best expectation of protection and good customer service. Chola MS has a lot of important information about buying four wheeler insurance on our website. Explore this and also various car insurance plans that you can purchase for your vehicle.
