How is long term car insurance beneficial?

Buying a vehicle is a life goal and achievement in India. So, you collect and save funds to fulfil this dream and ensure you and your family travel comfortably and conveniently. When you search for car models in the market, you come across various brands offering premium features. However, you book the model after assessing your budget and desires.

All four-wheeler owners compulsorily buy car insurance with third-party liability under the Motor Vehicle Act (1988). It protects third-party individuals during road accidents leading to injuries, death, and vehicle or property damage. In addition, you can also buy a comprehensive policy offering complete coverage.

Long term insurance

Generally, the insurance comes with a validity of one year. But most owners find it a hassle to dofour-wheeler insurance renewal annually. Hence, they benefit from long term insurance with a validity of three to five years. It is also a mandate issued by the Supreme Court in favour of the Insurance Regulatory and Development Authority of India (IRDAI) in 2018.

It takes into account the depreciation value of cars. Unfortunately, while they become older, most owners skip renewals entirely or buy a car insurance policy that does not cover all the risks. To avoid such situations, you buy the long-term policy and remain carefree about monthly premium payment and renewal.

Benefits

When you buy insurance plans with extended validity, it becomes convenient and stress-free. Besides, onlinecar policy renewal makes the process paperless and saves time. You log on to the company website and select the desired plan or retain the existing one by filling in the vehicle registration details and paying the premium.

Convenience

Renewing the insurance every year seems stressful for you because of hectic schedules. You may even forget the date for renewal, which causes you to lose out on certain benefits like no claim bonus, discounts on premiums, etc. Buying such car insurance online saves you from regular renewals while keeping services intact.

Policy expiry

Policy renewal is a hassle if not renewed on time. An expired insurance policy cannot get renewed online nor enables you to buy a new one to continue receiving the benefits. However, keep yourself updated with online car insurance as it sends you reminders on your registered mobile number and email address for renewal and premium payment. This way, you escape inspection, paperwork, and evaluation from the insurer.

Avoid risks

Driving without a valid car policy is a punishable offence under the Indian Penal Code. You do not receive coverage or compensation for damages, loss, theft, etc. Moreover, it invites legal liabilities and financial problems. If your vehicle meets with an accident, you bear all the expenses for damages to the third party as well.

Discounts on premiums

Another benefit of buying long term insurance is that several providers offer huge discounts on their damage premiums. It helps insurers reduce their administrative and policy issuance costs significantly while transferring savings to other general insurance policyholders who benefit from them.

Selecting the plan

When you buy car insurance online, you compare many plans offered by different companies before choosing the ideal one. Firstly, ensure it meets your requirements and does not cross your budget. Then, pay the premium online, read the terms and conditions, and refer to customer reviews before finalising the insurer.

Keywords: car insurance, car insurance policy, car insurance online, online car insurance, car policy, buy car insurance online

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Christophe Rude

Christophe Rude

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