How Long Does It Take To Get A Car Insurance (And Why)?

Exact Answer: Two to three weeks

A car, also known as an automobile, is a four-wheeled vehicle used to transport people and goods from one place to another. Cars have a capacity ranging from one to eight people, and they run on roads. The power of a motor engine drives the vehicle. Cars first came into existence in the year 1986.

There are many car brands, namely Audi, Mercedes, Skoda, Volkswagen, Ducati, Ferrari, Hyundai, Mahindra, Renault, Ford, Suzuki others. As cars are very costly, it is essential to protect them against any financial loss in the event of an accident or theft. Therefore, there is a need for car insurance.

How Long Does It Take To Get A Car Insurance?

To protect the car from unforeseen risks, the owner signs a contract with an insurance company that assures the coverage of theft, accidents, or any subsequent liabilities. Not only this, but car insurance also provides a financial shield in case any damage is done to a third party person or property. Car insurance has been made compulsory in India no matter a vehicle is a commercial or a personal one. Several companies offer different schemes for getting car insurance.

However, no insurance company provides financial aid in drunk driving cases; the consequential loss occurred from an original loss, damage caused due to negligence of the driver, breach of any terms and conditions mentioned in the contract, normal wear and tear of car parts. The owner has to apply for car insurance and must renew the insurance from time to time. The type of fuel also plays a significant role as a CNG vehicle’s insurance amount is higher than a petrol vehicle.

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Type Of Car InsuranceTime Taken For Car Insurance
OnlineTwo to three hours
OfflineTwo to three days

Getting car insurance mostly depends on whether you have applied for the insurance online or offline. Getting car insurance online takes two to three hours. Online application is a much easier way than an offline one as it saves a lot more time and is also hassle-free. However, some people still opt for offline applications because they feel safer and more assured than an online procedure. Offline application takes two to three days to get processed.

Why Does It Take That Long To Get A Car Insurance?

Car insurance is a critical process, and it takes some time to get a car insured. Car insurance requires many documents such as valid government-issued ID proof, address proof, a photograph of the applier, driving license, vehicle registration number, registration certificate, pollution test certificate, bank details for online banking, and a few others. All the documents must be legal and properly authorized by the government.

In case any of the documents are found fake or illegal, the application will be rejected, and legal actions can be taken against the person who has applied for the car insurance. The online process requires the applier to submit all the documents online, and the insurance company will validate the insurance if all the documents are authentic. In an offline process, a company agent will come to your house to collect all the documents and ask you to fill the application form. After that, the agent will take all the papers to the company for further validation.

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Online car insurance plans are always cheaper than offline ones as there are no agent costs or intermediary costs to be paid. As a result, it takes significantly less time as compared to the offline procedure. However, understanding the terms and policies might be a difficult task for few individuals and in such cases, applying for insurance through an agent is a more preferred option.

Conclusion

Finally, it can be concluded that a person can apply for car insurance either online or offline. A majority of people choose the online alternative as it is cheaper, more accessible, and time-saving. The cost of car insurance depends on several factors, with fuel being the primary one.

However, getting car insurance requires many documents, and it is essential to make sure that all the documents are authentic. Car insurance doesn’t provide financial assistance in loss cases due to the driver’s fault or negligence. Car insurance is a compulsory process in some parts of the world.

References

  1. https://www.sciencedirect.com/science/article/pii/S0001457502001069
  2. https://onlinelibrary.wiley.com/doi/abs/10.1111/jori.12040