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Insurance:- Insurance of car | insurance bike | insurance meaning in hindi | insurance car renewal | insurance policy

Car Insurance :

A car insurance policy is a type of insurance that offers comprehensive insurance protection for insured vehicle in case of damages due to natural and man-made calamities. Car insurance online helps you to insure your car in a hassle-free manner.
It is mandatory to buy car insurance in India irrespective of the vehicle type, i.e. personal or commercial vehicle. Moreover, the premium amount of your car insurance is decided based on the Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces.
It is important for any policyholder to compare various car insurance options before going for car insurance renewal or buying a new policy. Compare various insurance plans online on Policybazaar and buy the one that fulfills your insurance expectations hassle-free:

Get the best plans from top Insurance :

  • Providers
  • Instant and paperless renewal
  • Comprehensive coverage for vehicle
  • A wide range of Add-on covers for improved protection

Types of Car Insurance in India :

There are primarily 2 types of car insurance policy that are available in India -

Comprehensive Car Insurance :

A comprehensive car insurance policy provides coverage for third party liability as well as damages caused to
your own car. In comparison with third party liability car insurance, a comprehensive car insurance policy offers
extensive coverage, more benefits and covers the damages caused to the insured car in case of an accident,
collision, theft, etc.
A comprehensive policy can be further extended by opting for add-ons like accessories cover, engine protector,
zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.

Third Party Car Insurance :

Third party car insurance safeguards you from any legal liability due to your own car’s involvement in an
accident. Your insurance provider will compensate you for death, disability, injury, or property damage to any
third-party. Therefore, you are protected from the financial liability towards the third-party.
Third-party Liability Car Insurance is a mandate in India under the Motor Vehicles Act, 1988.
Get More Info on Car Insurance Coverage

What is Covered Under Car Insurance Policy? :

  • The car insurance policy covers.
  • Loss or damage to the insured vehicle.
  • Loss or damage to your vehicle caused by accident, theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities.
  • Financial liability caused by the injury/death of a third party or damage to the property.
  • Personal accidental insurance cover. 

What is not Covered in a Car Insurance Policy? :

Following features are usually not covered in car insurance:

  • Loss or damage if a policy is not in force.
  • Gradual wear and tear of car and its parts.
  • Loss or damage to the vehicle when driven by a person without a valid driving license.
  • Loss or damage to the vehicle as a result of intoxication due to drugs, alcohol etc.
  • Loss or damage to the engine as a result of oil leakage.
  • Loss or damage to the vehicle as a result of abuse of car manufacturer's guidelines.

How to Renew Car Insurance Policy Online? :

Car insurance renewal is mandatory to avail of the policy benefits without a break. The insurance owner can renew car insurance online by visiting the official websites of respective insurers.
Below are the common steps to be followed while renewing your car insurance policy online:

  • To renew car insurance online, go to the official website of the insurer.
  • The next step is to navigate the website through the ‘Renew’ option
  • While clicking on the renew option you will be redirected to a page asking for some information regarding your car insurance policy
  • Provide the necessary information, such as policy number, contact number etc. and click on the submit button
  • The premium to be paid will be reflected on your computer screen. You can pay the amount online by using credit or debit card or through net banking
  • The renewed policy will be mailed to your registered Id.
  • You can download the hard copy anytime you prefer and stay covered.

Best Car Insurance Companies with Claim Settlement Ratio 2018-19 :

Why is it Necessary to Compare Car Insurance Policies? :

Car insurance comparison is recommended as it can help you save a substantial amount of money and offer you
better coverage options. With the help of comparison, you can get best car insurance quotes and save up to 80%
on premiums including additional riders. Make an informed decision while buying car insurance online.
Before digging into comparing different car insurance plans, ascertain the kind of coverage you need. A liability
policy is inexpensive than the comprehensive car insurance policy but only if you are ready to compromise on
some benefits because the facilities offered by the later is the best undoubtedly.

Basis of Car Insurance Comparison: 

You can compare car insurance plans on the basis of following factors:

Comparing Car Insurance Companies:

Car insurance comparison is successful only when you compare different plans from reliable insurance companies. Some insurers might offer total coverage at the lowest price. It might sound good, but you should always check if the insurer is credible or not. You can check customer reviews and the insurer’s claim settlement ratio online.

Compared to the coverage Option: 

The coverage offered in liability policy differs from the comprehensive policy. While liability plan only covers thirdparty liability, the comprehensive one covers you for the damages to the vehicle and the owner which is called as Personal Accident Cover.
The limit varies from plans to plan. Moreover, additional add-on benefits are also offered by some car insurance plans. So, it is necessary to check and compare this trait to decide the personal accidental cover along with the additional coverage, if any under the same car insurance plan.

Compare the Insured Declare Value :

The varied rate of IDV's reflects different rates of premiums. Insured Declared Value, abbreviated as IDV, is the current value of the car after being adjusted for appropriate reduction. The rate of depreciation depends on the age of your car. Older the car, higher would be the depreciation and lowered would be your IDV. And it affects the Sum Assured. Hence, compare the IDV quotes offered by different car insurance plans is a must.

Compare Insurer's Claim Settlement Practice :

Claim settlement is the most crucial part of an insurance policy. Every buyer expects a hassle-free claim process and easiness of any car insurance policy which he is planning to invest in. Each insurance company has its own procedure. Hereby, it is essential to compare the claim settlement process of each car insurance plan which is in your preference list to find out which type of rules best suits you and would enable a faster claim settlement.

Comparing Premiums and Deductibles :

Car insurance comparison should be done online on the basis of the deductibles and the premium. Car insurance premium also varies on the basis of the deductibles. Deductible refers to the amount that the insured has to pay at the time of claim settlement.
For instance, if the claim amount is Rs. 25000 for accidental repairs and our voluntary deductible are Rs. 5000, and then the insurer will pay off Rs. 20000 at the time of claim. Deductibles certainly reduce the premium amount. However, choose deductibles only when you can pay the cost. Also, check-out discounts at the time of purchasing car insurance policy such as No Claim Bonus and any rewards.

Benefits of Buying Car Insurance Online :

Buying car insurance online is a common practice today. If you are wondering why most people prefer to purchase car insurance online, check out its benefits below:

No More Agents :

Offline purchase of insurance policies involve agents who try to sell their own product rather than suggesting you a better policy from another insurance provider. Online purchase of car insurance will eliminate such agents and you can buy the best policy after comparing various plans offered by different insurance companies.

Zero Paperwork :

Another benefit of buying car insurance policy online is zero paperwork. Contrary to the offline mode which requires you to fill multiple forms, the online mode allows you to fill up all the forms online. You can also upload the required documents online making the application process digital and free of any paperwork.

Convenient & Saves Time :

As compared to the offline modes, buying car insurance online is very convenient. You don’t have to travel to a branch of the insurance company or take out time to meet the agent. You can get your car insured from the comforts of your home, hence, saving a lot of time and efforts.

Payment Reminders :

Missing policy payments or renewals can cost you a great deal. Not only will you lose out on the renewal discounts but also have a break in policy. But if purchased your car insurance policy online, you will receive timely reminders ahead of your due date ensuring that you do not miss out on the payments.

Cashless Facility :

Buying car insurance online offers cashless facility and involves zero cash transaction. You can make payment of your insurance premium online through online modes such as debit card, credit card and internet banking.

Easy Comparison :

With the online purchase of car insurance, you can easily compare the plans offered by different companies. Online aggregators allow you to compare the coverage and the premium quotes provided in different plans before selecting an ideal insurance policy for your car.

More Cost-Effective :

Buying insurance policy online is more economical as you save a lot of in-between costs. Your premium reduces due to elimination of agents, zero paperwork and you get discounts that further reduce the amount of premium you pay.

Easy Endorsements :

Endorsement refers to any changes in the information provided in the policy document. in case of online endorsements, you just have to give a self-declaration as opposed to the filling up the endorsement form manually and submitting all the documents.

Soft Copy of the Document :

Another benefit of applying for car insurance online is that you have a soft copy of your policy document in your email. This makes it easy for you to access it from any place without the need to carry a hard copy with you.

Benefits of Car Insurance Renewal Online :

Is your car insurance renewal due date approaching?
If you are nodding your head in YES, the next question that might come to your mind is- how to renew car insurance?
The answer is ‘Online’! Here’s why you should go online, while renewing your motor insurance:

Switch Insurer Easily :

With the online renewal, switching from one insurer to another is no more difficult now. More often than not, usually first time insurance is bought from the dealer itself. Hence, the coverage may not suffice your requirements. Renewal is the best time when you can review your policy coverage or switch the policy for a better alternative. Everything can be possible online.

Restore NCB Benefits :

No Claim Bonus or NCB is a bonus offered by the insurance company for not claiming your insurance. While renewing your policy online, you can avail the NCB and get a discount on the premium. This can be done in just a few clicks.

Add-ons :

If you feel your existing policy coverage is not performing the way you want it to or if you need more, this is the
time to go for add-on covers. These covers boost basic policy coverage. An online application is enough to add a
rider. However, the process may differ from insurer to insurer. Doing this offline may lead to tedious paperwork.

Security :

Security is the foremost concern while buying or renewing the policy online. When you renew the policy online, the security of the transaction is ensured in an optimum manner. The transaction is done through a secured payment gateway, which keeps your details confidential.

Add-On Covers in Car Insurance :

Add-on covers are the additional covers or protection that you include in your car insurance plan to keep your car safe from any damages or total loss. The add-on covers need to be purchased on payment of extra premium amount. Following some add-on covers are No Claim Bonus Protection cover, Zero Depreciation cover, Engine Protection cover, Key protection cover, etc.

No Claim Bonus Protection Cover :

For every claim free year, the insured is rewarded with a discount on the renewal premium. This discount is called - No Claim Bonus (NCB). It is cumulative and increases every year. It usually ranges from 10% to 50% and can save a substantial amount of money on the premium payable for your auto insurance. Let's take an example if a policyholder doesn't make a claim during the tenure of his auto insurance policy, he becomes eligible for No Claim Bonus, on the basis of which, a certain rebate is offered on the payable premium. With No-claim-bonus protection cover you can retain your NCB even after registering a claim during the policy term. The terms and conditions vary from one insurer to another.

Engine Protection Cover :

An engine is one of the most important parts of a car. And engine protection cover compensates the cost of fixing the indirect damage that are caused to the engine due to lubricating oil leakage and water ingression. It covers the Gear Box Parts, Engine Parts, and Differential Parts.

Zero Depreciation Cover :

This additional feature offers compensation even for the depreciating value of your car. With this feature, you will not have to pay for the depreciation value of your vehicle’s parts. It is mostly valid on private cars and is subjected to a specific number of claims during the policy period. Compulsory and voluntary deductibles (as per the case) will be applicable despite zero depreciation cover. You can check with the insurance company for any terms and conditions before making the purchase.

Consumables Cover :

Sometimes, a bunch of unforeseen expenses can drain all your savings. Consumables Cover. Includes all the expenses incurred on consumable items for any perils that are covered under the policy. Consumable items include screws, nuts and bolts, washers, AC gas, grease, lubricants, bearings, clips, engine oil, distilled water, oil filter, brake oil, and fuel filter are mostly covered.
There are certain terms and conditions that are applicable to this add-on cover that varies from one insurance provider to another. It is mostly valid on private cars and is subjected to a particular number of claims during the policy period. You can check with the insurance company before making the purchase.

Key Protection Cover :

Once in a lifetime everyone would have lost or misplaced their car keys. In such cases, the insurer can offer you the financial help by covering the costs incurred on replacement and repair of your car keys. Here’s was Key Protect Cover will offers.
You will be permitted for a fixed number of claims during your policy period Any case related to theft or burglary should be supported by a Police FIR. The replaced keys will be of the same type as the ones that were lost or stolen Any broken or damaged keys will be replaced by the insurer
In case of misplacement or theft of car keys, the insurer will replace the entire set of keys including h lockset, after submission of all the other keys to the insurer

Daily Allowance Benefit :

In case of accidental damage, you might have to leave your car in the workshop and travel on your own. This add-on cover comes to your rescue when your vehicle is parked in the garage after an accident for repair. If you have this add-on cover the insurer will provide you daily travel allowance if the vehicle requires has to be in the garage for more than 3 days (varies from insurer to another).

Personal Accident Rider Benefit :

Personal Accident Rider is an optional add-on benefit that can be added to the comprehensive auto insurance by paying an extra premium. This rider provides the policyholder with the coverage of medical expenses due to damage, personal injury or disability caused due to an accident.

Cover for Car Accessories :

By simply opting for separate add-on policy, you can avail the coverage for your car accessories, which a normal car insurance policy may not cover. Such additions may increase the premium, but it is always beneficial and cost-effective rather fitting a new car accessory.

Save Through Paying High Deductibles :

Deductibles are a certain percentage of the claim amount that the insured has to pay from this own pockets. A policyholder can save by paying higher deductibles. At the time of filing a claim, if you choose to pay higher deductibles against your claim, your auto insurance provider manages to give you some discount on premium later on.

Eligibility/Documentation Required for Car Insurance :

Getting a car insured requires minimal documentation. For a new policy, you must submit the filled up proposal form and copy of the Registration Certificate (RC). For renewals, you will need a copy of the RC (Registration Certificate) along with the copy of the previous insurance policy. Carefully fill in your complete details. This is an important step and will save you a lot of hassle during claim time.

How to Compare Car Insurance Quotes Online at PolicyBazaar? :

On Policy Bazaar you have to fill a few simple details like make of the car, model, variant, year of manufacture, etc. You will then get car insurance quotes from various insurance providers. To get better discounts you must fill the form carefully. This way you will get customized quotes, one which saves money (up to 80%) on premiums and is also the best fit as per your needs.
You must be familiar with the following terms while filling the form:

Car Make, Model and Variant :

This information is critical to calculating the base premium. A luxurious, powerful and expensive car will attract more premiums. For e.g. an SUV car will always have a higher premium than a family car.

Year of Manufacture :

The manufacture year of your car lets the insurance company assess its Insured Declared Value (IDV) that facilitates the underwriter to decide the annual premium for your car.

CNG Fitted Car :

Being more vulnerable to combustion, a CNG fitted car is usually insured at a slightly higher premium than a plain petrol/diesel car.

Additional Covers :

You need to mention whether you do or do not want to get a cover on electrical and non-electrical accessories fitted in your car. Most insurers provide a cover for your car accessories at an additional premium of 4% on its value.
Process Steps for Acquiring a New Four Wheeler Insurance Policy:
Step 1: Log in to www.policybazaar.com and click on the product icon.
Step 2: If you want a fresh comparison of four wheeler insurance plans, click on ‘Begin your comparison’. In case clicking on ‘Get previous searches’.
Step 3: Before you start the comparison, keep a few details handy such as the city of your car’s registration, make and model, fuel type, and the car’s variant.
Step 4: To get new insurance quotes, key in all the above-mentioned details in the form and click on the ‘Next’ button.
Step 5: On the next page, fill in your personal information such as your full name, email address, and mobile number. Click on ‘View Quotes’ to proceed.
Step 6: In the quotes section, you’ll have a list of different auto insurers with a discounted price, add-ons, and final price. You can view each plan details and compare it with other plans well.
Step 7: To get a discount on the premium, click on the ‘Get Discount’ button on the left side of the page. After clicking the button, a form will appear where you have to fill in your details. After completing the form, click on ‘Apply Discount’.
Step 8: Click on ‘Select add-ons’ to tick the list of added extras in your car such as 24*7 roadside assistance, No Claim Bonus (NCB) protector, engine protector, key and lock replacement, and consumables.
Step 9: If you want to include passengers under the plan, click on ‘Passenger/driver cover’.
Step 10: To find the nearby motor garage, click on the ‘Garage locator’ on the bottom left of the page.
Fill in these details carefully then sit back and relax for a while. You will be presented with a list of insurance plans that suits your requirement at best possible rates.

How to Save Premium on Car Insurance Policy? :

A smart customer is in a constant hunt for discounts which will reduce the burden on his pocket. If you are one among them then here are a few tips that will help you get a discount and save money on the premium value of your car insurance.

Voluntary Access :

Voluntary deductible is the minimum amount that you declare to bear at the time of claim. The higher deductible you opt for, the lower will be your premium. Simply put it means that the financial burden on the insurance provider is less and you will also chip in when an accident or car damage happens.

Anti-theft Discount :

In case your car is fitted with an ARAI approved anti-theft device, your insurer will offer an additional discount (2.5% on the OD Premium). This discount is provided for the simple reason that an anti-theft device will make your car less liable to theft.
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