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What is Car Insurance
Car insurance is also popularly known as auto insurance. Car insurance policy is bought to protect your car or vehicle, from unexpected or accidental risks. It mainly gives you protection against the losses that you incur in case of unavoidable instances. It helps you get cover against financial losses caused by accidents, liabilities & in some cases, even losses caused by theft. The premium of car insurance depends on certain factors like; the value of your car, type of coverage, voluntary excess & vehicle classification. Car insurance coverage gives you the confidence to drive without worries. In case of emergencies, it acts as a life-saving toolkit for the insurance holder.
In order to get these benefits continuously, car insurance policy renewal should be done in a timely manner.
Types of Car Insurance Policy You Can Buy From Us
Comprehensive Car Insurance
A comprehensive car insurance plan provides complete cover against third-party/person/property liability and for damages (collision, theft, accident, and more) caused to your own vehicle. You can also avail of a wide range of rider options such as zero depreciation, roadside assistance, personal accident cover, and more at the cost of an additional premium. This type of plan is a 360-degree car protection plan; ideal for all car owners.
Third Party Car Insurance
A third party car insurance only provides cover (death, disability, injury, and more) against damages incurred to a third person or property. It does not provide cover for you and your car. The premium of third party car insurance is determined by the Insurance Regulatory and Development Authority of India and is revised on an annual basis. A third party cover is mandatory for driving a motor vehicle in India according to motor vehicle act of 1988.
Comparison Between Third Party VS Comprehensive Car Insurance
|WHAT IS COVERED?||THIRD-PARTY||COMPREHENSIVE|
|Third-Party Vehicle Damage||✔️||✔️|
|Third-Party Property Damage||✔️||✔️|
|Own Vehicle Damage||❌||✔️|
|No Claim Bonus||❌||✔️|
|Damage from Natural Calamities||❌||✔️|
|Personal Accident Covered||✔️||✔️|
|Engine Protection||❌||Through Add-on|
|Zero Depreciation Cover||❌||Through Add-on|
|NCB Protection||❌||Through Add-on|
|Invoice Cover||❌||Through Add-on|
Key Features of Car Insurance Policy
|Own Damage Cover||Available under Comprehensive and Standalone plan|
|Third Party Damage Cover||Covers third party injury and property damage|
|Car Insurance add-ons||10+ add-ons according to the plan|
|Personal Accident Cover||Upto 15 Lakh|
|Car Insurance Premium||Starting @ ₹2072/year|
|Buying/Renewal of Policy||Online & Offline|
|Savings||Upto 80% on Car Insurance Premium|
|No Claim Bonus||Upto 50%|
Why Is Car Insurance Important in India?
Benefits of Buying Car Insurance Policy Online
Points to Consider While Selecting Car Insurance Policy
What is Covered?
- Loss or Damage to the insured vehicle
- Personal accidental insurance cover
- Damage or loss of the vehicle due to theft, lightning, riot, explosion, accident, self-ignition, strikes, natural calamities or acts of terrorism
- Liability arising out of the death of the third party or damage caused to their vehicle
Compare Car Insurance Online
- You can now compare various car insurance plans and choose exactly the one meeting your needs. You can easily compare quotes from different auto insurance companies online and can compare the best car insurance plans in India from the table above.
Incurred Claim Ratio
- Higher Incurred Claim Ratio indicated higher satisfied customers.
- More the ICR, higher the chances of your claim getting settled.
- It is beneficial to consider add-ons when you buy car insurance online.
- Add-ons like No Claim Bonus, Zero Depreciation Cover, Engine Protection Cover are additional benefits that improve your comprehensive car insurance policy.
What is Covered in Car Insurance Policy from us?
Your four-wheeler car insurance plan covers the following instances:
What is Usually NOT Covered in Car Insurance Policy?
Your auto insurance plan does not cover the following instances:
Car Insurance Add-ons You Can Choose From Us
No Claim Bonus Protection Cover
For every year where no claim is made by the policyholder, a discount called No Claim Bonus (NCB) of 10% to 50% allowed substantial discounts on the car insurance premium. But in the case of a claim made for the damaged car, the policyholder can miss out on the No-Claim Bonus. With a No Claim Bonus Protection Cover, you can continue to enjoy your no claim bonus after the claim as well.
Engine Protection Cover
Flooding or Oil Leakage can damage the car engine over time. Car insurance does not cover the charges of engine repair. An Engine Protection add-on provides cover to the expenses made on the repair of the engine and protects you from incurring additional costs later on.
Zero Depreciation Cover
Car Insurance Companies take into account the depreciated value of the car at the time of claim settlement. Without the Zero Depreciation Cover, all insurers are responsible for depreciating the parts of your car and pay your claim only after the depreciation amount has been deducted. The add-on does not remove any depreciation and you obtain more money in your claims.
When a car gets repaired, a number of consumable items are used like lubricants, nuts and bolts, engine oil, screw, oil filter, etc. The cost of these items is not covered under a car insurance policy and the policyholder has to bear the cost. The Consumables add-on cover reimburses the amount spent on consumables during the repair of the car.
Key Protection Cover
Car keys are not cheap and can cost up to ₹ 10,000 in some cases. In case of losing or misplacing your car keys, you do not have to bear additional charges for a new one if you opt for key protection cover. Under the Key Protection add-on, the cost of buying a new car key from the company’s service center is reimbursed by your car insurance company.
Personal Accident Cover
A personal accident cover is an add-on benefit provided by the car insurance company to the owner-driver of the insured car to protect them from any type of bodily injury at the time of an accident. The Personal Accident Cover gives compensation to the owner-driver covering his bodily injury, disability or death in case of an accident. The cover can also be purchased for fellow passengers on an unnamed basis limited to the seating capacity of the vehicle. Under this, you can get access to coverage of up to ₹ 1 lakh per passenger.
Daily Allowance Benefit
Sometimes, you have to commute on your own after putting your car in a repair garage due to a sudden accident. In such a case, you bear the cost of travelling from your pocket. However, If you have this add-on the insurer provides you with a daily allowance for travelling benefits if your car is required to be in the garage for more than 3 days. (May change from insurer to insurer).
Cover for Car Accessories
A car comes with various accessories like a stereo set, reverse camera etc. Since the accessories are expensive, it makes them prone to damage and theft. With a simple car insurance add-on, you can cover your car accessories which may not be covered in your car insurance policy. The add-on provides reimbursement and additional coverage for these items.
How to Calculate Car Insurance Premium?
It is easy to find the premium amount using a Car Insurance Calculator online. Companies calculate car insurance premiums after taking into account various aspects. Following factors are considered by the auto insurance companies when deciding the insurance premium:
- Insured Declared Value (IDV) of the Vehicle
- Age and Type of Car
- Engine’s Cubic Capacity
- Geographical Zone
Formula for Car’s IDV calculation:
IDV = Car’s Showroom Price + Cost Accessories- Depreciation on Car
Thus, the formula for calculating Own Damage Premium Amount is:
OD = Insured Declared Value X [Car Premium as per the insurer)] + [ Optional Benefits] – [NCB/Discount etc.]
Why Do You Need to Renew Your Car Insurance Policy?
If your four wheeler insurance policy expires, you become prone to legal as well as financial risks. Here are the reasons you need to renew your private car insurance policy.
- Legal Trouble:
Driving a car with an expired insurance policy can land you in legal penalties. Repeated offenses can also make you face imprisonment. In order to avoid these troubles, you need to renew your car insurance if it has expired.
- No Claim and Coverage:
An expired car insurance policy provides no coverage to your vehicle. Thus you cannot make any insurance claims in case of damage or theft. You will have to bear all the expenses by yourself.
- Long Renewal Process:
If you do not renew your four wheeler insurance on time, then the process might become difficult and take longer than usual. The delay might be because an inspection is required to renew the policy.
- Loss of NCB:
You may also lose No Claim Bonus (NCB) of your car insurance if you do not renew your car insurance policy within 90 days of its expiry. This can be a huge loss for you as NCB helps lower the insurance premium for the next year.
- Inspection Scope:
If your car insurance policy has expired, the insurance company would require your car for inspection. There might also be a price hike due to the inspection process done by the company and if your car is in bad shape or at risk.
How to Renew Car Insurance Online with us?
Benefits of Renewing Auto Insurance Policy Online
Every car insurance policy must be renewed to enjoy continuous insurance benefits. You can apply for car insurance renewal online as well offline. However, renewing car insurance policy online can give you several advantages. These benefits are:
How to File an Online Car Insurance Claim?
In case of an accidental emergency that requires immediate hospitalization, you need to inform your car insurance provider instantly. Here is a step-by-step guide to filing an online car insurance claim:
- The first step is to keep track of all the relevant information and the surrounding environment
- Record the time and date of the accident
- Contact details of the person involved, driving license, and car number details
- Take assistance from the traffic police
- In case of injury to a third party, admit the individual to a nearby hospital
- Get your four wheeler insurance policy details
- Contact the local police and file an FIR
- Intimate the claim to your respective insurer
- Submit the relevant documents/information to the insurer
- Estimate the loss and cost of repair
- Your car will be subject to inspection by the surveyor
- Based on the final decision of the surveyor, the claim will be settled accordingly
Documents Required to File Car Insurance Claim
In order to file a successful auto insurance claim, you will require the below mentioned documents:
- Car insurance policy documents
- Copy of your driving license
- Copy of RC of the car
- Duly signed copy of claim
- Original repair invoice
- Fitness certificate for commercial vehicles
- ID proof of insured person like Aadhar card, PAN card etc.
Frequently Asked Questions
Renewal of a car insurance plan does not come with a fixed cost. There are a lot of factors like type of policy, add-ons, car modifications etc. However, you can check for the available plans by applying for car insurance policy renewal online.
First and foremost, having a valid car insurance policy is mandatory under the Indian Motor Vehicles Act, 1988. You cannot drive your car without holding at least a third-party liability-only policy. It is best if you buy a comprehensive car insurance policy as it protects you, your car, third party person and property. It covers risks like fire, natural calamities, car theft, and more.
The cheapest car insurance policy is the policy that offers you the highest insurance cover with all the required add-ons at the lowest possible premium. Your requirement is different from other people, so what is cheapest for others may not be suitable for you. Check out this article to find out the cheapest car insurance for your car.
You can simply visit our site and provide your car details like registration number or make and model to check various car insurance plans available for your car along with the premium you have to pay for it.
You can easily download your car insurance policy online from the insurance company’s website. If you have bought your car insurance policy from our site, you can download it from your online account by logging in with your ID and password.
Your policy document or insurance certificate has the policy number printed on its first page. You can also connect with the insurance company to know your policy number.
Zero Depreciation, an add-on cover, is known by many different names like Nil depreciation or Bumper to Bumper Cover. If you have attached this add-on to your comprehensive car insurance policy, depreciation value is not subtracted from the coverage of wearing out of any body parts of the car, excluding tyres and batteries. The insurance company will pay out the entire cost of the body part for replacement. Check out the dedicated page on Zero Depreciation to know more.
Normally, there is no limit placed on the number of claims that you can make in a policy year. It is best to go through the policy document carefully to know if any limits are applicable to your policy. You must also remember that on making a claim, you will not get a No Claim Bonus.
Bumper to Bumper Car Insurance Policy is a comprehensive car insurance policy with a Bumper to Bumper add-on attached to it. It is also known as Zero Depreciation Policy or a Nil Depreciation Policy. Read our dedicated page on Zero Depreciation to know more.
In case you find out there is a mistake in your car insurance policy document, instantly contact your insurance company and highlight the mistake you have come across. If the insurer asks for additional information or documents for rectification of the mistake, you must provide the same at the earliest possible. On receipt of the information, the insurer will provide you with a new policy document or issue an endorsement letter.