5 Pro Tips to Consider before Buying the Third Party Insurance Online

As a car owner, you are legally required to hold a valid motor insurance policy. Make sure to check the tips listed here for the hassle-free purchase of a third-party car insurance plan online. 

As per the Indian Motor Vehicles Act of 1988, all drivers are mandated by law to hold a valid motor insurance policy, before they can start driving their cars on the roads. At the minimum, all drivers should hold at least third-party (TP) insurance for their vehicles. 

Quick, easy, convenient, and hassle-free – purchasing a TP car policy online is the way to go for today’s tech-savvy younger generation of drivers. Purchasing third-party insurance online may not feel overwhelming to the always-connected generation for whom ecommerce is second nature. However, there are certain nuances and factors to be considered. 

This guide lists out some handy tips for purchasing third-party insurance online so that you get the maximum value for the premiums you pay. 


  • Evaluate Insurance Providers based Convenience offered to Online Buyers


Generally, while purchasing an insurance plan, most buyers compare premium costs. However, that doesn’t work here. This is because, for third-party insurance, the premium costs are determined by the IRDAI and remain more or less the same among all insurers. 

So, other factors in evaluating insurance providers include:

  • User-friendliness of the insurer’s website
  • Ease of purchasing the policy online with minimal clicks
  • A dedicated customer service team to handle buyer queries 
  • Secure and multiple payment gateways 
  • A mobile app to access your policy right at your fingertips

Check out the website of leading insurers to see whether they satisfy all these criteria. Go through customer reviews to get an idea of the service efficiency of your shortlisted insurers. 


  • Check Ease of Claim Settlements 


Look for an insurer with a high claim settlement ratio (CSR) and low claim turnaround times. Ideally, with an insurance policy, you’re looking for a reputable insurer, who will provide you with the maximum support and assistance during a crisis – in this case, a road accident. 

Choosing a company with high CSR, or a company issuing policy such as on road protector coverage will help with the ease of filing claims. You can be assured that you’re dealing with a trustworthy insurer, whom you can bank on. 


  • Look for Timely Renewal Reminders 


One of the reasons most car owners fail to renew their policy on time is because they forget the renewal dates. The recent regulations state that driving with a lapsed motor insurance policy can attract fines up to Rs. 2000 and/or three months in jail. 

To overcome this drawback, few insurers offer remainder facilities for their buyers. All you have to do is provide your name, email id, mobile number, policy number, and the insurer sends you an automated mail reminding you of renewal. This ensures you continue to stay protected, without letting your third-party insurance lapse. 


  • Know the Details of your Vehicle 


Though the premium rates of third-party insurance are regulated by the IRDAI, the actual premium amount depends on the engine capacity of your vehicle. For instance, the owner of a small hatchback pays a lower premium compared to an SUV owner. 

So, make sure to have the exact make and model of your car in hand before starting the online purchase of third-party insurance. 


  • Finally, Have the Required Documents in Hand


To purchase online third-party car insurance, you have to upload the required KYC documents as well as a copy of your driver’s license and the RC copy of the vehicle. So, make sure to have scanned copies of these documents in hand, to complete the purchase quickly. 

Complete the Process by Paying the Premium Online

Enter the details in the policy proposal form, upload the necessary documents, double-check the make and model of your vehicle, and then complete the process by paying the premium online. Once your payment is processed, your policy is generated. Make sure to download a copy of the policy and keep it in your vehicle at all times. 

Use these 5 Pro Tips and purchase a third-party car insurance plan online without any hassles.