​Majority of people in India buy car insurance only to fulfill the legal requirement. Thereby, very few individuals look at the concept of car insurance as an investment idea. Nevertheless, a well designed car insurance plan can turn out to be a good investment policy.
 
From a good car insurance plan you are bound to enjoy the best value for money and benefits in return for the entire premium amount that you pay towards your insurance policy. With almost every home having an internet access, you can avail the benefits of online car insurance too. When you buy car insurance policy over the internet, you might get exposed to many discounts and offers on different insurance plans. With a comparative study of which policy suits your need the best, you can make the most of these discounts and buy car insurance at reduced premium rates.
 
However, at the time of buying online car insurance, gather some basic information related to the concept of the motor insurance policy. For instance, ‘what is car insurance', and ‘which car insurance to buy'.
 
Let's take a look at these basics of car insurance policy:
 
What is car insurance?
 
A car insurance is a comprehensive policy that includes the "Third Party Only Cover" and the "Own Damage Cover". Under the Third Party Only Cover, you will get protection against any loss caused to a third party in an accident. The Own Damage Cover will offer risk coverage towards the cost of repairs of the vehicle if damaged in an accident. Also the owner-driver of the vehicle has a compulsory personal accident cover for an amount of Rs. 2,00,000/-. Car insurance offer risk coverage towards a minor and/or major damage to your car, damage/loss to property caused by your car.
 
With respect to service towards claim formalities, Reliance General Insurance stands out for its speedy policy issuance and claims settlement within six days of submission of receipt.
 
Things to consider when buying online car insurance:
 
While there is no doubt that internet has enabled an easy medium to buy car insurance, yet there are only two factors which can get you the best car insurance policy – the insurance company and the insured (you). The way it is the company which decides which and what plan it has to offer its customers, similarly it is on the insured to decide which policy meets his/her need the best.
 
For instance, at the time of buying car insurance, check whether your policy includes risk cover for physical injury or not. If yes, what is the degree of this coverage? Also, ensure that your car insurance plan covers liabilities with respect to property damages in case of an accident.
 
Do a comparative study:
 
Do not buy car insurance in haste. If you want to enjoy benefits of the best car insurance, you need to invest good amount of your patience and time. At the time of buying a well designed car insurance plan, put in some time in comparing online offers on different policies. However, in the  process of this comparative study, do not give preference to just one factor. For instance, the cheapest insurance policy might not be offer best coverage, or the best policy might not be the cheapest.
 
Therefore, having good understanding of your car insurance plan becomes important at the time of buying such a policy.