When You Are About To Buy Car Insurance Online For The First Time | Chola Ms

When you are about to buy car insurance online for the first time

Purchasing insurance for the first time can be a tedious process. But it’s important to obtain an insurance policy. We will give you a few pointers on how you can go about buying a car insurance policy online for the first time. At Chola MS car insurance, we want to help you by breaking it down and make it simple for you. Read on to find out more.

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A car insurance policy is one that you purchase upon buying a car. According to the Motor Vehicles Act 1988, it’s mandatory that a policy from any insurance company should insure every motor vehicle on Indian roads.

So we’ve established that this process of buying car insurance is a must in India. Buying car insurance online is easier and faster today.

Factors to consider when buying car insurance online

1. Learn the terms used

There are a few terms that are commonly used throughout the insurance process. Premium, no claim bonus (NCB), sum insured, claim, etc. It’s important that you take the time to understand what each of these terms means in order to choose the right insurance policy. We’re going to give you a brief on the meaning of each of the terms here –

1. Premium – The amount you pay once a year to the insurance company to avail the policy.

2. No Claim Bonus (NCB) – This is an amount you will receive as a reward if you don’t raise any claims during the year.

3. Sum insured – This is the amount the car will be insured for as per the policy.

4. Claim – When you face a situation where you need to use the sum insured from the policy (accident, etc), you will raise a claim on the policy with the insurance company for the amount required to cover the cost of damage.

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2. Types of insurance

Broadly, there are two types of insurance policies –

1. Third-party liability insurance – This is the policy that is mandatory to purchase in India. This policy protects the third party involved in the accident. It doesn’t cover you or your car and the damage caused to it.

2. Comprehensive insurance – This policy covers you, your car, and the third party involved in the accident and any damages caused respectively. This is more comprehensive in nature and a better-suited option as it provides protection to you as well.

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3. Comparison of policies and companies

This process has never been easier, and you can now carry out the comparison entirely online with a few clicks.

1. Policy – First understand the kind of policy that will best suit your budget and requirements. Look up the different types of car insurance policies with varying coverage, premium, and sum insured.

2. Company – Once you have identified the type of car insurance policy you want to purchase, search for the different insurance companies that offer the policy and compare them basis your requirement.

These are a few of the many factors to be considered when you buy car insurance online. Visit the Chola MS car insurance options on our website. Ensure you look at all factors and make an informed decision about your car insurance.

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