Car Insurance
Car insurance provides your car with the necessary financial cover against a variety of damages, theft, third-party liability. We are all aware of the fact that in India if we drive a car without a vehicle insurance plan, we may have to pay a fine for it. Car insurance is beneficial and provides useful features that help in times of need. It will also provide necessary cover against all financial liability that causes injury or death or property damage to a third party. Personal accidents will also come under various car insurances.
How many types of car insurance policies are there in India?
In India, car insurance is classified into two different forms including:
Third-Party Insurance:
Third-party insurance has been considered necessary under the Motor Vehicles Act. Third-party insurance covers damage to the third party or injured in accident, loss of property of the third person, etc. Under this cover, you will not have to bear any expenses.
Comprehensive coverage:
Comprehensive cover is the most effective form of car insurance. Under this, you not only get third-party cover but also the insured vehicle gets full cover. It provides a cover for insured cars and third-party liability as well as maximum expenses.
Why car insurance is beneficial?
Convenient:
It is very convenient as you can easily compare quotes from top insurance companies. Online insurance web aggregator allows you to compare different policies from anywhere.
Clarity:
Comparing will give you clarity of all the details related to the policy. You will find it easier to understand what is the ideal cover for you with attractive discounts, what is included in the policy, and what is not. It will help in taking the right decision.
Many options:
With the various options available, you can opt for the best insurance policy for your car. By comparison, you will also know that many insurance companies in the market have better car insurance schemes.
Save money:
Yes, you can save money by comparing the entire process of buying car insurance.
Transparency:
Comparing car insurance online is a better idea to get clarity of each detail associated with the product. It has complete transparency, such as what the premium will be, what you will get under it, and whatnot.
How can you buy a car insurance policy?
Step 1- Go to the available quotes section at the top of this page.
Step 2- Fill in the original details to get free car insurance quotes.
Step 3- Click on the Proceed tab.
Step 4- Compare quotes based on features, covers, benefits, features, premiums, etc.
Step 5- Check for available discounts.
Step 6- Choose the right plan that can meet your needs.
Step 7- Click the 'By' tab.
Step 8- Make payments using different payment modes.
Step 9- Bingo, now you are insured.
Things to consider before buying a car insurance plan
Brand:
While purchasing the policy, it is important to pay attention to the reputation of the insurance company. You should check the ratio of the company's record and claim. The insurance company with a ratio of bad claims will not be appropriate while purchasing a vehicle insurance policy.
Voluntary Excess:
According to experts, the voluntary excess should be less than the no-claim bonus amount that you will be eligible for next year.
Security features:
If your car has a security feature like an alarm, immobilizer, you can get a great discount.
NCB (No Claim Bonus):
It is advised that you do not claim minor damages and repairs that you can pay out of your pocket and which does not put any additional burden on you. No claim boss will help you in future high-cost expenses.
Network Garage:
Most online companies offer cashless services only if your vehicle can be repaired in a network garage. Therefore, look for insurers with maximum network garages on your list.
If you have zero depreciation cover in your motor insurance, it can give you more benefits.
What is Depreciation
Old car parts and parts are worn out, which also reduces the market value of the car. This is called depreciation. That is why renewing car insurance every year reduces the value of the car as well as the number of insurance claims. The insurance company does not bear full expenses in the case of installation of new parts if zero depreciation cover is not taken in the motor insurance policy.
What is Zero Depreciation
Depression is not involved in determining the value of the vehicle when you take the zero depreciation cover. The insurance company pays the full amount of the claim if your car is damaged in an accident. This is called the 'Zero Depp' cover.
Keep these things in mind
If you take a motor insurance policy, keep in mind that the premium increases by 20 percent when zero dep cover is added to the insurance policy.
Zero depreciation cover is found only on the new car or at most on the 3-year-old car. If your car is four years old, you'll have to buy a general insurance policy.
How to save on car insurance premiums?
Select the correct IDV:
Lower IDV demands to pay lower premiums. (But calculate wisely, because IDV is the highest value that the insurer can compensate you).
No Claim Bonus:
Your responsible driving skills are rewarded with bonuses of up to 50% on your premium for every consistently claim-free year. Isn't that an additional advantage?
Safety Equipment:
Anti-theft devices approved by the automotive research association of India (ARAI) can give you up to 2.5% off on your car insurance premium!
Become a member of AAI:
Membership of the automobile association of India, an organization run by IRDAI, gives you concessions on self-harm premium.
Get car insurance renewed online :
- Log in to the insurance agency's website.
- Choose the option to rename the existing policy.
- Enter the existing policy number and email ID and fill out the online form.
- The quotation of the premium of the new policy will appear.
- Proceed to the renewal if you agree with the quotation. Otherwise switch to another insurance agency and see better options.
- Accepting quotations can lead to the instant payment of premiums.
- Payments can be made from debit cards, credit cards, net banking, or other online wallets.
- After the payment, an acknowledgment will appear in your email.
- You will receive policy documents that are re-signed on the email ID.
Car insurance claim process
Eligibility Conditions
Cold party insurance is mandatory for all types of cars, old or new. To be eligible for car insurance, a person should be 18 years of age or above, who is a citizen of India, should have a driving license, and have a car RC.
claim process
In case of any incident, you have to claim the insurance company to get compensation for the loss. The claim process is as follows:
When applying for a claim, you first have to inform the insurance company immediately after an accident or loss, or theft. Then, you can apply for a claim along with relevant documents such as claim form, copy of vehicle registration (RC), and other documents
If an insurance company repairs its vehicle in a garage under its network, it can receive a cashless claim.
In such a case, when the policyholder takes his vehicle to an out-of-network garage, he/she will have to pay for the claim that the insurance company will later pay.
Documents required to claim
In case of accident or damage to the car or third party by you, it is important to inform the insurance company. Also, the following are the necessary documents that need to be submitted for the claim in time:
Duly filled claim form
Copy of Insurance Policy
Copy of driving license of the person driving at the time of the accident
Copy of FIR in case of third party loss, death, physical injury
All sets of keys, service booklets, and warranty cards in case of theft
repair bill
Types of Claims
Car insurance companies have two options to pay claims;
A cashless medium is where claims are paid directly by the insurance company (if the insured is repaired the vehicle in the network garage).
The second option is claim re-reimbursement, where the person pays the bill and the insurance company pays it later.
