In this age of instant gratification, competition has driven insurers to offer instant third-party insurance. Now instead of filling a complex form online, you can buy third-party insurance with just one click. New age customers expect a quick turn-around time and a process that is convenient and hassle-free. To be honest, wouldn’t you simply want to key in your car and mobile number, and be offered one-click-auto insurance?
But you may want to think twice before you click and buy the hassle-free third-party insurance. From our experience, time saved is inversely proportional to money saved. The more details you fill up while actually buying the policy. The least amount of issues you’ll face while making a claim! It’s inversely proportional.
As per the Indian Motor Vehicles Act a third-party insurance plan is compulsory before you hit the road. So, before you plug that key in, make sure you have your third-party policy in place. The fine for not having third-party insurance could soon be Rs. 2000 (as per the proposed Motor Vehicles Act 2017)– that’s more than the cost of the insurance premium itself. So what should you take note of when buying insurance and filling up a form online.
Before purchasing a third party policy make sure your insurer is registered with the IRDA (Insurance & Regulatory Authority of India). The IRDAI puts out circulars warning the public of agents and advisers claiming to be legitimate insurers.
Every third-party insurance policy cover is limited to certain number of events and conditions—none of which are damage to your own vehicle. That’s why Third-Party Policies are so cost-effective. But you do have a Personal Accident Cover as part of it. This means in the event of death or disability—your insurance is there for you.
Like everything in life, people want to buy third-party insurance at the lowest possible price. Yes, low premiums are attractive. However, deciding solely on the price factor can do you more harm than good. If somebody claims they’re selling you a cheaper third-party policy. Be wary. Third Party Policy Tariff rates are pre-decided. You’ll pay the same across insurers. So when choosing an insurance provider—see who gives you the clearest picture of what you’re buying and one that educates you about your need for it.
Very often one click third-party insurance buy-flows do not give you the option of adding your nominees upfront—they or they let you skip this part and you’ll be issued a policy without adding it in. Let’s face it, since they promise one-click insurance, adding nominees may take more than just a click. However, if your policy covers your death in an accident, your nominee should get the amount promised in the policy. But, since no nominee details were mentioned while buying the policy, your family may end up receiving no benefit or face tremendous hassles when applying for the claims. Nominee names are an important part of the information you provide to your third-party insurer. Without this, your family may have to face hassles during claims.
Your one-click third-party insurer may not ask you for all details while providing you with the best hassle-free policy. The hidden details are in the terms and conditions in the super small disclaimer. Pay attention to the details, it may seem like a lot of jargon, but you don’t want to be left helpless after an incident. Check for policy expiry date, claims made, and no claim bonus. Be honest and put down all the details upfront, if the information is filled in without proofs, not only will the pricing be improper, but it could also cause you troubles during the claims process if the incorrect ones are captured.
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