Car Insurance : All you Need to Know About

It is mandatory for all cars in India to buy a Chaupariya insurance policy as per the Motor Vehicles Act 1988. Vehicle insurance companies indemnify third party damages caused by four wheelers and damages caused to four wheelers. Some of the reasons why you should buy a new car insurance policy in India are:

car insurance renewal

It compensates the loss due to collision, accident, death or natural calamities, which would have to be paid by the insured himself if the car was not insured.
It also takes care of the hospitalization expenses due to the accident.
Covers financial and legal losses arising from third party liability.
Rider benefits like roadside assistant, zero depression further reduce expenses.
Also, the premium of your policy is based on the Insured Declared Value or IDV of your vehicle. If you increase the IDV, the premium will increase and if you decrease it, the premium will decrease.

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Before buying or renewing a four wheeler insurance policy, the policy holder should compare the car insurance plans. Car insurance comparison policies can be done online on the market and you can easily buy the plan as per your requirement. It may help you with the following:

How to get the best car insurance policy from the best motor insurance companies
Easy Online Car Insurance Renewal Process
Comprehensive coverage for four wheeler
Lots of addon covers for great protection
Also, the premium of your policy is based on the Insured Declared Value or IDV of your vehicle. If you increase the IDV, the premium will increase and if you decrease it, the premium will decrease.

Before buying or renewing a four wheeler insurance policy, the policy holder should compare the car insurance plans. Car insurance comparison policy can be done online on the market and you can easily buy the plan as per your requirement. It may help you with the following:

How to get the best car insurance policy from the best motor insurance companies
Easy Online Car Insurance Renewal Process
Comprehensive coverage for four wheeler
Lots of addon covers for great protection
Types of Car Insurance Plans in India
There are three types of car insurance policies in India-

1.Comprehensive Car Insurance
Comprehensive car insurance policy provides coverage of third party liability and also provides coverage for damages caused to your vehicle. Comprehensive four wheeler insurance policy provides more coverage, more benefits and covers the insured vehicle in case of accident or theft as compared to third party liability insurance. is.

A comprehensive policy can be expanded by taking a number of addons like Engine Protector Zero Depression Cover Medical Expenses etc. It is a much talked about policy as it gives wide coverage which makes the policy holder rest assured.

  1. Third Party Car Insurance
    Third party car insurance protects you from legal liability arising out of any accidents involving your vehicle. This insurance covers you against any damage caused to third parties such as death, disability, injury or any other loss.

Third party liability car insurance prices are mandated in India under the Motor Vehicles Act 1988.

Engine Capacity

Third Party Liability Car Insurance Charges from 16th June 2019 in Rs.

less than 1000 cc

2,072

Above 1000 cc and less than 1500 cc

3,221

over 1500 cc

7,890

  1. Pay As Udrive Insurance
    Known as use best vehicle insurance, this insurance policy gives the insured a provision to pay premium according to the number of kilometers driven. This is very beneficial for those who have many vehicles and not all vehicles run much. Some insurance companies like Bhartiya Aksa, Bajaj Allianz have started offering PSU drive insurance policy in sandbox project as per IRDA directives. These companies provide comprehensive coverage for 1 year on own damages and third party liability. The holder will have to declare the distance to be driven in a policy term and accordingly the premium for the Pay SU Drive policy will be decided. However, the insurance companies have made three options of 2500 kms, 500 kms and 7500 kms.

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Best Car Insurance Policy of 2020 in India

The table below contains a complete list of the best car insurance policies in India including personal accident cover and network garage by car insurance companies:

car insurance

Company network garage

Personal Accident Cover Owner / Driver

Indian Allianz Car Insurance

4000+

up to 15 lakhs

Indian AXA Car Insurance

5200+

up to 15 lakhs

Chola MS Car Insurance

6900+

up to 15 lakhs

Digit Car Insurance

1400+

up to 15 lakhs

airtel vs car insurance

1000+

up to 15 lakhs

Future Generali Car Insurance

2500+

up to 15 lakhs

IFFCO Tokio Car Insurance

4300+

up to 15 lakhs

Kotak Mahindra Car Insurance

1000+

up to 15 lakhs

Liberty Car Insurance

4300+

up to 15 lakhs

National Car Insurance

Not Applicable

up to 15 lakhs

New India Assurance Car Insurance

1100+

up to 15 lakhs

Oriental Car Insurance

Not Applicable

up to 15 lakhs

Reliance Car Insurance

3700+

up to 15 lakhs

Royal Sundaram Car Insurance

4600+

up to 15 lakhs

SBI Car Insurance

5400+

Shriram Car Insurance

1500+

up to 15 lakhs

Tata AIG Car Insurance

Not Applicable

up to 15 lakhs

United India Car Insurance

700+

up to 15 lakhs

Universal Sompo Car Insurance

Not Applicable

up to 15 lakhs

Disclaimer: “Policy Bazaar does not endorse, recommend and evaluate any insurance company, any plan.”

car insurance policy

the benefits
You should get your car insured not only for the law but also for your vehicle. If you buy a new car or even a used car, then its insurance is always needed. Third party insurance provides protection against legal and financial liability from third parties.

Still, you should go for a comprehensive cover that not only provides third party coverage but also protects your vehicle from damage. Below are some of the advantages of taking a four wheeler insurance policy:

Personal Accident Cover: A comprehensive car insurance policy does not only provide third party guarantee but it also provides personal accident cover. In personal accident cover, you get a fixed amount on death due to accident or total permanent disablement. Along with this, you can also take cover for your other passengers according to the maximum seating capacity of your vehicle without any name. However, the amount of coverage in this is pre-determined.
Damage to the insured vehicle: A comprehensive car insurance policy has coverage for any damage caused to your vehicle. Many reasons of loss like fire accident etc. are covered in this plan. Along with this, if there is any damage to the vehicle due to theft, dacoity, riots, terrorism etc., then the insurance policy also covers that. Apart from this, this train also covers damages caused due to air road or water.
Large network of garages: Many insurance companies offer a large network of garages that are spread across the country. With this you can get your vehicle serviced anywhere.
No Claim Bonus: The biggest advantage of having an insurance policy is No Claim Bonus (NCB). You can take it every claim free year. With No Claim Bonus, you can avail a discount on the next premium and this makes a four wheeler insurance policy very affordable.
Third Party Liability: If your car gets into an accident and the third party suffers damage then you need not worry as it is covered in your four wheeler insurance policy. If an accident caused by you causes death or any other damage to a third party, then this is also covered in the insurance policy.
How to choose the best car insurance plan?
Choosing an insurance policy is a difficult task as it is your annual investment that you make to avoid the risks associated with walking on the road. The market is full of plans of four wheeler insurance policy which provide their services to the consumers. Confused in buying the best four wheeler insurance policy?

The check list below will allow you to compare the best car insurance companies online and find the best plan for you. Going through this list, you can listen to the best car insurance plans of 2020 based on insured claim ratios, network garage and coverage benefits etc.

Things to keep in mind while buying a car insurance policy:
What’s Covered – Check the implied and excluded in your comprehensive vehicle insurance policy and third party insurance.
Compare Car Insurance Online – Why Compare Car Insurance Online and choose a plan that meets all your financial needs. You will easily find online four wheeler insurance quotes from the best insurance companies in India.
Insured Claim Proof: The higher the income claim ratio, the more satisfied the consumer and the higher the chance of claim settlement.
Add-on cover- It is mostly advised that insurance policy should be taken from a company with additional benefits like Road Assistant, Zero Depreciation, Flat Tire Assistant etc.
What is covered in a car insurance policy?
A four wheeler insurance policy covers the following:

Damage or defect to the insured vehicle
Damage or damage to your vehicle due to accident, theft, fire, explosion, riots, terrorism, natural calamities
Financial liability arising from third party damages such as injury or death
personal accident insurance cover
Addon cover to car insurance policy
Addon covers are additional covers added to your four wheeler insurance plan to protect your vehicle from any damage or breakdown. The addon cover can be purchased by paying an additional premium. Some of the addon covers are – No Claim Bonus Protection Cover, Zero Depression Cover, Engine Protection Cover, Key Protection Cover etc.

Noclaim Bonus Protection Cover
For every claim free year, the insured gets some discount on the renewal premium. This discount is called No Claim Bonus (NCB). It increases every year. It mostly ranges between 10 to 50% and can help you get a good discount on the premium paid on your auto insurance.

Let us understand with an example that if the policy holder has not made any claim during the term of his auto insurance policy, then he becomes eligible for No Claim Bonus on the basis of which he gets some discount on premium. With No Claim Bonus Protection Cover, you You can continue your NCB even after making a claim during the policy term. The terms and conditions may vary from one insurer to another.

engine protection cover
Engine is the most important part of the vehicle. The injection protection cover protects against damage caused by oil leakage and water ingress. It also covers Gear Box Part, Engine Parts, Different Part.

zero depreciation cover
With this added feature, you can also save the falling value of your work. By availing this cover, you will not have to pay the depreciation value of the parts of your vehicle. This is applicable on private vehicles and is available only on certain claims made during the policy term. Compulsory and volunteer even after zero depreciation

Paying deductible will be deducted. Before making any purchase, you should know the terms and conditions of the insurance company.

Consumables Cover
Sometimes due to some mishap, all your savings get mixed in the water. Consumable cover includes all such expenses which are incurred on consumables. Consumables include nuts, bolts, washers, AC gas, grease, lubricants, bearings, clips, engine oil, water, oil filters, brake oil and fuel filter covers.

There are many terms and conditions applicable to this cover which may vary from insurance company to insurance company. This applies to private cars and is available only after making a certain claim. Before making any purchase, you should know the company.

protective cover of
Everyone must have turned the key of their car at least once in their life. In such cases, the insurance company can give you financial support in getting your car keys repaired and made new. The key product cover includes the following items:

You can claim a certain number of times during the policy term
Any theft or dacoity must be accompanied by a police FIR
New keys will be the same as old keys or stolen keys
Broken or damaged key will be replaced by the insurance company
In case of theft or loss, the insurance company will replace the entire set of keys and also replace the lock set after handing over the remaining keys to the insurance company.
regular allowance benefit
If your car gets damaged in an accident and it has to be given for repair, then you will have to travel on your own. This add on cover will come in handy when you go to repair your vehicle. Under this cover, if your vehicle remains in the garage for more than 3 days, then you will get Daily Travel Allowance.

Personal Accident Rider Benefits
Accident Rider is an additional end online which can be availed from Comprehensive Auto Insurance by paying extra premium. This rider protects the policyholder from hospitalization expenses arising out of accidental loss, injury or disability.

car accessory cover
With a simple add on policy, you can cover your vehicle accessories that a normal four wheeler insurance policy does not cover. Such an association does increase the premium but it is cheaper than buying a new accessory.

hi deducti avoid giving
There is a fixed percentage of the deductible amount which the insured has to pay himself. The insured can save by paying expensive deductibles. If you pay more deductible while making a claim, then your insurance company will give you a discount on the premium later.

What is not covered in a car insurance policy?
The following are not covered in a four wheeler insurance policy:

Loss or defect due to non-operation of the policy
wear and tear over time
Any damage or defect caused by the unlicensed driver
any damage or defect caused by a drunken driver
Any damage or malfunction to the engine due to oil leakage
Damage or malfunction caused by non-compliance with manufacturer’s instructions
How to calculate car insurance price?
The insurance price of a vehicle is based on many factors. You can find out your four wheeler insurance premium with the help of online car insurance calculator. However, insurance companies fix your car insurance price keeping in mind the following factors:

VehicleKeyIDV Insured Declared Value
Vehicle age and vehicle type
cubic capacity of the engine
geographic region
Formula to calculate IDV of car:

IDV = Showroom Charges + Additional Baggage Charges – Depreciation Value

Formula for Calculating Own Damage Premium:

Inshot Declared Value x (Car Premium as per Insurance Company)+(Optional Benefit)-(NCB/Discount etc.)

How to renew car insurance plan online?
It is mandatory to renew your car insurance policy to avail the policy benefits without any interruption. Therefore, you should take full care that you get your car policy renewed before it expires. You can renew your policy online by following the steps given below:

Go to the Renewal section.
Fill the information asked on the page like your policy number, mobile number, date of birth etc and submit.
Choose the four wheeler insurance plan as per your wish.
Select an additional addon if you want to cover or remove it.
The premium payable by you will be displayed on the page.
Fill the insurance premium online with the help of credit card, debit card, net banking.
Your four wheeler insurance policy will be renewed after the payment is completed.
You will get the new policy documents on your registered email id. You can download it and take a print out of it anytime.

car insurance penalty
Benefits of renewing car insurance plan online
A car insurance policy has a validity limit and when it expires, you will need to renew your car to keep it insured. You can renew your policy either online or offline. Although many people still renew the policy offline, online renewal is better. Below are the benefits of renewing online:

Easy and Fast Process: All you need is a good internet connection to renew your car policy online. With a good internet connection, you can renew your insurance plan anytime from the comfort of your home. In this way, online renewal is easy and fast and for this you will not have to go to any agent or any branch. Also, the paperwork is very less in the process of online car policy renewal.
Easy Abolition of Policy: You

You can also eliminate it while renewing it online. You can also increase the coverage by adding add-ons to your policy. However, you should also keep in mind that getting the addon will affect your premium as well.
Secure Renewal/Purchase Process: Online renewal is an easy method as all the necessary information is provided on the internet. With this transparency you can take a good decision. With this, your payment will be secure with the secure gateway and your personal information will not be leaked anywhere. This also protects you from fraud.
Easy Process to Change Insurance Company: Apart from all the above mentioned benefits, you can easily change your insurance company while renewing the policy online. Since information on all insurance companies is available on the internet, you can do car insurance comparisons and choose the best plan based on premium and features.
Easy No Claim Bonus Transfer Process: You should always get your No Claim Bonus or NCB transferred at the time of policy renewal. In online renewal process it is very quick and easy as compared to offline.
Transparent Process: Since the online renewal process is in front of our eyes, no hidden agent is hiding any information from you. Whether it is comparing policies, changing insurance companies, or making payments, everything is up to you to choose from and in front of you. Hence the online method of policy renewal is very transparent.
Benefits of buying a car insurance policy online
Nowadays everyone buys insurance policies online. You can protect your vehicle from damage caused by accident, theft, fire etc. in just 2 minutes by buying a four wheeler insurance policy online. Are you wondering why everyone is buying a policy online nowadays, so let’s see its benefits:

without an agent
By buying a policy offline, agents are more interested in selling you their product and not in getting you a better policy from other insurance company. Buying an insurance policy online will eliminate all these reasons and you will be able to buy the best plan after comparing several plans.

no paper work
Another advantage of buying a policy online is that there is no paperwork involved. When buying a policy offline, you have to fill many forms, while buying a policy online, you have to fill all the forms online. Along with this you also have to upload the required documents which makes the whole process complete without paperwork.

Convenient and saves time
Buying a policy online is very convenient as compared to buying an offline policy. You do not need to visit the branch of any insurance company and also do not need to meet any agent. You can buy a car insurance policy sitting at your home, saving your time and effort.

payment reminder
Forgetting the policy payment or renewal can cause you a lot of loss. You will not get renewal exemption for this and will break the policy. But if you buy your car insurance policy online, you will be reminded in advance so that you do not miss the payment.

cashless facility
Buying a four wheeler insurance policy online gives you cashless convenience and you can buy the policy without any zero cash transaction. You can pay the insurance premium online using a debit card, credit card or internet banking.

easy comparison
By buying a policy online, you can compare different plans offered by insurance companies. You can buy the best policy for your vehicle by going online and comparing coverage, premium etc.

more economical
Buying an insurance policy online is more economical as all the intervening expenses are saved. Agent, your premium is reduced once the paperwork is completely cleared.

easy change
Endorsement means to change any information given in the policy document. While giving online endorsement you have to give only one declaration whereas while buying offline you had to create this form yourself and also submit all the documents.

soft copy of the document
Another advantage of buying a policy online is that you have a soft copy of your policy in your email. You can watch it anywhere and you will not have to carry any documents with you for this.

car insurance penalty
Third Party Insurance Vs Comprehensive Four Wheeler Insurance
The most important difference between third party insurance and comprehensive four wheeler insurance is the cover offered by them. Where third party insurance covers only any damage or damage caused to your vehicle by a third party, the same comprehensive car insurance policy covers your own vehicle. It also covers losses incurred. Let us compare both these motor vehicle insurance policies:

base

third party car insurance

comprehensive car insurance

coverage

This insurance plan covers damage caused by the insured vehicle to third party person, place or object.

This insurance plan covers loss or damage caused to both the insured vehicle and the third party.

Is the coverage enough?

No because the insured vehicle is still at risk.

Yes, you can expand it further by adding add-ons to the comprehensive policy.

Is addon facility available?

There is only one add-on available here and that is Personal Accident.

You can add a lot of addons like Road Assistant Appreciation Accessories cover to a comprehensive insurance policy.

Is it economical?

Third party insurance is cheaper as its coverage is less.

third part

IRDAI approves vehicle insurance based on the cubic capacity of the vehicle.

Comprehensive vehicle insurance is more expensive as it also has higher coverage. This is determined by the insurance company itself and it is as per the terms and conditions of the plan.

Therefore, comprehensive car insurance is better than third party insurance cover as its coverage is more comprehensive. Simultaneously, you can eliminate your coverage by adding addons while every party four wheeler insurance plan puts you and your vehicle at risk.

Let us understand these two in more detail:

third party car insurance
Third party car insurance is a four wheeler policy that covers the owner of the insured car against damages and damages caused to any third party. It is mandatory to have a third party vehicle insurance policy as per the Motor Vehicles Act 1988. In this policy:

legal liability
third party liability
Compensation for death of someone else due to four wheeler in accident
comprehensive car insurance
A comprehensive car insurance policy has a very comprehensive coverage that covers both third party liability and self damage. Taking a comprehensive plan is not mandatory by law, but due to its wide coverage, many car drivers prefer to take it. In this policy:

Self Damage Coverage
wide coverage
Increased coverage due to addons
Ways to buy comprehensive and third party car insurance:
Buying a four wheeler insurance policy is not difficult at all. You can buy it in any of the following 3 ways:

Online: All you need to do to buy comprehensive or third party insurance is visit the website of the vehicle insurance company you have chosen. You can buy car insurance online at cheap prices without any paperwork.
Visit the nearest branch of the insurance company: After leaving the insurance company, you can visit the nearest branch to get your car insured.
With the help of an insurance agent: The last way is to take insurance with the help of an insurance agent. An insurance agent is a partner of an insurance company. The application form and other information can also be provided by the insurance agent.
How to claim car insurance?
All car owners take car insurance claims for damages or defects at some point or the other. Before taking a four wheeler insurance claim, you should understand some points:

Make sure you have all the information ready at the time of making a claim.
Time and date of accident.
Driver’s name and his driving license information.
four wheeler insurance policy number
estimated loss
brief description of the accident
Survey location to support the investigation process
insured information
The claim information should be given to the consumerhelpdesk. They will take you through the claim process.
Once you have informed, the customer support team of the insurer will provide you with the claim reference number.
On claim registration, a surveyor will be assigned for your case.
You will also be informed of the loss assessor along with the acceptance notification
You can coordinate with the surveyor for a suitable time and he will do the survey as per your convenience.
You have to give documents like your vehicle type, severity of damage etc. to the assessor.
You need to inform him about the requirements of the clean processing team so that they can settle your claim
If an inspection has been recommended by your surveyor, talk to it again
Claim settlement will be done as per the survey
Documents required while claiming car insurance
The following documents should be kept ready while registering a claim with the insurance company:

Copy of PoliceFIR
Form validated by policy holder
Certificate of fitness for commercial vehicles
driving license
car registration certificate rc
endorsement and insurance documents
The insurance company will settle your claim within a week of submitting all the required documents.

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