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Buying a car is an important milestone for many people. As per the Motor Vehicles Act, of 1988, every car owner must have car insurance. With the advent of the digital age, the Government of India set up digital platforms for public services along with the private sector companies. This led to more and more people opting to buy car insurance online. And if you’re looking to complete your Cholamandalam car insurance renewal, you can renew the policy online as well.
Here are a few things you need to know before you start the process of purchasing car insurance online:
Type of Car Insurance
There are a few different types of car insurance that vary depending on the coverage.
Third-party liability
– This is the minimum requirement when you buy car insurance. As the name suggests, this policy covers the cost of any accident/damage caused to the third party. Expenses related to damage done to you or your vehicle will have to be borne by you.
Comprehensive car insurance
– You get maximum coverage under this policy. You can claim expenses for accidents/damage to the third party, you, and your vehicle.
Own Damage car insurance – This can be bought as an insurance policy separately or as an add-on cover on another existing policy.
Claim Settlement Ratio
Before you buy car insurance online, it’s good practice to know how many claims are settled on average by the insurance provider. Claim settlement ratio is the ratio of the number of claims raised to the number of claims settled. This helps you understand the insurer’s ability and process to approve claims.
Read the Fine Print
The terms and conditions in the policy document have a lot of words and jargon that can be easy to overlook. Take some time out to read through the documents and understand the provisions and exclusions. This way, you can be better informed and well preparedat the time of filing a claim, should a need arise.
User-friendliness and features of the website
When you buy car insurance online, you can use the features available on the website before making your decision. With Chola MS car insurance, you can –
Read through the features and benefits of the policy on the website
Get a quote by simple entering your mobile and registeration number
Download the brochure so you can read the policy details offline
Compare between types of car insurance
Track/file a claim
Get access to a network of 14,500+ cashless garages
Method of Policy Renewal
Your policy has to be renewed annualy. Some insurance providers set up an automatic renewal while others require you to renew it manually each year. With Cholamandalam car insurance renewal, you will get timely reminders to renew your policy for the upcoming year.
These are a few of the pointers you need to keep in mind when you buy car insurance online. Understand your requirement from the policy and make a suitable decision keeping your budget in mind. When it comes to exploring Cholamandalam car insurance online, we encourage you to research thoroughly.
