How to Buy a New Car Insurance Policy in 2024, India?

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Updated on Jan 01, 2024

With digitization taking over everything, the process of buying new four-wheeler insurance in India has become a convenient and effortless task. Online buying allows the policy seeker to compare insurance quotes from various insurers and pick the most suitable plan for their new vehicle. Let’s look at the process of buying car insurance for your new car.

Car Insurance Policies Available for New Cars in India 

Buying a new car brings you the responsibility of getting the best car insurance to allow optimum coverage for your vehicle. As you already know, you can’t drive a car in India without a car insurance policy. So, every new vehicle owner must buy a new vehicle insurance policy to avoid getting into legal trouble. Also, to buy the best car insurance, you need to know the different four-wheeler insurance plans available. Let’s take a look.

Key four-wheeler insurance plans available for a brand-new car in India:

Third-party Car Insurance 

As already discussed, each car owner needs a four-wheeler insurance policy to drive the four-wheeler freely on Indian roads without any legal tussle. The Motor Vehicle Act of India has made the third-party car insurance policy compulsory for vehicle owners to save them from third-party liabilities. A third-party policy covers the injuries and damages caused to a third-party person or vehicle during accidents on the road. This policy also covers third-party disability and death in an accident.

In terms of premiums, the price of a third-party policy is much less as compared to other policies, as it doesn’t cover the damages sustained by your car. If you want to cover your car with an insurance plan, you must buy a Standalone Own Damage (OD) cover with your third-party policy. Alternatively, you can also go for a Comprehensive Car Insurance policy that allows coverage against third-party as well as your own car damages.

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Comprehensive Car Insurance 

Comprehensive car insurance plans allow coverage for third-party liabilities as well as your own car damages. These policies are not compulsory. However, since they include both third-party and OD coverage, they are regarded as beneficial. Under this plan, you can get coverage against your car damages arising from sudden and unforeseen incidents on the road, such as accidental damages, theft, fire, damages due to natural calamities, and so on.

With a comprehensive policy of car insurance in India, you can provide overall coverage for your car against your own damages and liabilities caused by your car to third parties.

How to Purchase the Best Insurance Plan for your New Car Online?

You already know the types of car insurance policies you can buy for a new car. Take a look at the easy process of purchasing new car insurance from Paybima below:   

  • Visit the official website of Paybima Insurance Broker Pvt. Ltd.
  • Select the ‘car insurance’ tab from the ‘Insurance Products’ dropdown
  • Submit your new car number and choose the ‘buy car insurance’ option
  • Now enter your car details such as car model, car make, fuel type, variant, RTO, and registration year of your car
  • Duly fill out the registration form and proceed to view the customized list of four-wheeler insurance quotes
  • Check the plans and choose the one that suits your requirement
  • Also, select the desired add-ons from the list of add-ons offered by the insurer
  • Proceed to make payment of the premium once you have selected the add-ons
  • Make the payment of the premium using the online payment mode you want to use
  • Once the payment is complete, your car insurance documents will be sent to you via email

Make sure to compare plans online and pick the one that is right for you. If you have any issues in buying the car insurance policy of your choice, you can seek help from the customer care service of Paybima. Further, you also have the option of Paybima Advisory services, wherein you can book a home visit with a Paybima specialist insurance advisor to explain your policies and to clear doubts about the health insurance policies.

Advantages of Buying New Car Insurance Online 

There are several advantages to purchasing a policy of car insurance for new cars online as compared to buying policies offline. Here are some good reasons why you should opt for buying insurance online for your new car.

1. You get to compare plans extensively:

One of the best benefits of buying car insurance online is that you can compare plans offered by multiple insurers and compare those plans in terms of coverage, premium rates, add-ons, etc.

2. Very limited paperwork involved:

When you go for online purchase of brand-new car insurance policies, the amount of paperwork involved is almost zero. In this case, you are not required to do any paperwork or fill out any form, which makes the insurance buying process cumbersome. Being an online buying process, you can buy a health insurance plan sitting in the comforts of your home.

3. You get added discounts offered by the insurer:

Vehicle insurance online also gives the policyholder the advantage of add-on discounts offered by the insurance companies. Besides the online discount, insurers also allow NCB discounts, deductibles, anti-theft discounts, wellness discounts, etc.

4. No agent charges involved:

Online buying of policies eliminates the option of getting the policies from agents who charge commission. This makes the policy cheap. Further, the policy seeker can compare plans to purchase a plan of their choice with no interference from an agent.

5. Easy purchase process:

Buying policies online is simple and can be done in less than 5 minutes. It doesn’t require the policyholder to physically meet any agent or pay any commission.

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To Conclude 

A car insurance policy is not only an obligatory plan that is a must-have for a vehicle owner, but it is also an essential policy to keep your vehicle safeguarded from the multiple unpredicted damages that your car is liable to incur on the road. If you don’t have an all-inclusive car insurance policy, you will have to incur huge expenses on paying for your car damages from your pocket in case of an accident. Also, you might incur hefty charges as a fine for not driving with valid car insurance. Hence, it is better to compare car insurance plans online on Paybima and buy the best new car insurance policy that suits your needs.

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FAQs: How to Buy a New Car Insurance Policy in India?

How to buy car insurance in India?

Car Insurance in India can be bought via both online and offline procedures. You can simply visit the official portal of your insurer to buy insurance online. The steps to buy a health insurance policy from Paybima are mentioned in the post above.

What is the new car insurance price in India?

The price of new car insurance in India depends on several things, like whether you are buying third-party insurance or a comprehensive plan. The price of third-party plans is inexpensive as compared to comprehensive policies. Also, it depends on the add-ons you choose to buy with your plan.

Is it mandatory to buy insurance from a car dealer for a new car?

Buying third-party liability insurance is mandatory for every car owner. However, it is not compulsory to buy insurance from the car dealer.

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Jan 01, 2024
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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