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5 Different Stages Of Buying Car Insurance Online

Team AckoJan 17, 2024

Renewing car insurance policy online might seem like a mundane task to some. But those who ignore this task might end up with heavy financial losses as compared to someone who regularly renews the policy in time.

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Stages of Buying Car Insurance Online

For those of us who simply look at buying car insurance as a compliance requirement and don’t give much thought, might be at a loss. Car insurance is a financial backup in the time of need. Such a backup should be strong In this article, we will discuss the ideal stages of buying/renewing a car insurance policy.

Stages of Buying Car Insurance Online

1. Research

When you set out to buy a car insurance policy, always make it a point to be ready with some knowledge about the subject. You can quickly gain information about car insurance from the internet. Read about types of car insurance policies, know which is the best-suited coverage for your needs and the car you own.

Understand various terms related to car insurance like Insured Declared Value, exclusions, deductibles, No Claim Bonus, third party, etc. All this will help you to understand coverage and other aspects of your policy. If you renew car insurance online without doing any research, you might have been paying more premium than required.

2. Comparison

Treat car insurance like a normal product in the market. What do you do when you need something, say a laptop? You look around, compare, models, features, the manufacturer, etc. and then buy the one that you feel is the best product available. Similarly, treat car insurance like a product available in the market and buy the one that suits your needs. You can then compare the features with the help of online comparison tools or by visiting the website of an insurer of your choice.

3. Application and Inspection

If you are buying car insurance for a new car or if you regularly renew car insurance online, you can buy the policy immediately. However, if there has been a gap of a few months, you may have to apply for car insurance renewal.

When you begin online car insurance renewal, you may be asked to schedule the date for inspection. At the scheduled date and time, your insurance company will send an authorized member to assess the condition of your car.

4. Online purchase

If your car is approved for insurance, you will be asked to review your policy and make payment. Note that inspection is not required while buying a third-party car insurance policy. With respect to online car insurance renewal, you need to visit your insurer’s website and fill the mentioned steps to complete the purchase.

Go through each and every aspect of your policy before making the payment. Once you receive the policy document, check the same for any mismatch in the information. In case you find any, immediately get in touch with your insurer and get the mistakes corrected. Ignoring them could cause an issue at the time of claim.

Also, Read: Car Insurance Online Vs Offline: Which is Better?

5. Claim

A claim can be raised only when you have an active car insurance policy. Thus, it is important that you complete car insurance renewal before the policy expires. If you have bought a comprehensive car insurance policy, you may be allowed to make a claim for the damage suffered by your car. Read and understand the coverages and exclusions of your policy to avoid the chances of claim rejection as soon as you complete car insurance renewal. You also need to make sure that you inform your insurer about an incident at the earliest.

The Bottom Line

When you buy a car insurance policy that is best suited to your requirements you create a strong financial backup in case of unfortunate events. In addition, you also pay the right amount of premium to buy the required coverage.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.

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