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Claims Settled
91%
Premium
₹2904
Claims Settled
94%
Premium
₹2904
Claims Settled
96.6%
Premium
₹2094
What is Car Insurance?
A car insurance policy (also called auto insurance or four-wheeler insurance) is a legal & financial safeguard for your vehicle. You should obtain auto insurance as soon as you have secured the car of your dreams. Think of it as a safety net for you and the ones you love. It is a contract between an insurer and the policyholder to protect you against unpredictable events such as accidents, theft, or natural disasters.A four-wheeler owner in India can choose between three types of 4 wheeler car insurance, including standalone damage insurance, third-party coverage, and comprehensive coverage. As mandated by the Motor Vehicles Act of 1988, all car owners are required to have third-party car insurance, which provides coverage in case of an accident.
Key Features of Car Insurance Policy
Comprehensive and third-party coverage - Your vehicle is covered by car insurance for third-party liabilities, such as injuries and property damage to others, as well as for its own damage in case of accidents, theft, fire, vandalism, or natural disasters. Comprehensive policies combine both, providing more extensive coverage.
Add on covers for enhanced protection - With insurance, you can customise your policy with options such as zero depreciation, engine protection, NCB protection, roadside assistance, windshield coverage, towing assistance, and consumables coverage.
Personal accident cover - Protects the owner-driver from financial losses in the event of accidental death or permanent disability.
Affordable premiums - Prices start as low as ₹2094*, depending on the car, location, coverage type, and add-ons selected.
No Claim Bonus (NCB) - For every claim-free year, policyholders are rewarded with a 50% discount on their premium.
Discounts and savings - In addition to installing anti-theft devices, becoming a member of ARAI, choosing higher voluntary deductibles, and maintaining a clean claim history, additional discounts are available.
Voluntary deductibles - By paying a portion of claim costs out-of-pocket, you can reduce your premiums.
Legal liability coverage - It protects you in case you're held responsible for third-party injuries, deaths, or property damage.
Easy online process - Online buying and renewal make the process fast, simple, and paperless for policyholders.
Cashless repairs across network garages - Cashless garages enable hassle-free repairs without upfront payments, saving you time and effort during claims.
How Does Car Insurance Work?
Here are the details about how car insurance works:
Insurance coverage depends on the type of policy you have.
If you have an accident without insurance, you are responsible for all repair costs.
Repair costs for your vehicle are covered by comprehensive insurance.
Your car is responsible for causing damage to third parties' property or injuries to third parties.
In addition to damage, injuries, and deaths, third-party insurance also covers legal liability.
Types of Car Insurance Policies
If you want to choose the policy that best suits your needs, it's important to understand the various types of coverage. Various types of car insurance coverage are available in India, designed to protect you, your vehicle, and others in case of an accident or an unforeseen event. Here are the five main types:
What is Covered & Not Covered Under Car Insurance Policy?
Here are the details of what a car insurance covers and does not cover:
Comparison Between Third-Party & Comprehensive Car Insurance:
The following table shows the difference between third party insurance and comprehensive car insurance:
Points to Consider When Choosing a Car Insurance Policy
In the following table, you can see the difference between third-party insurance and comprehensive insurance:
Compare Plans - Utilise online resources to evaluate auto insurance plans according to features, services, and quotes. Select the plan that best suits your requirements.
Evaluate Your Needs - To choose a policy that meets your needs without going over budget, consider your driving style, car type, and potential hazards.
Consider Add-ons - To improve your policy, look into optional coverage, but only select those that are absolutely required.
Review IDV (Insured Declared Value) - Make sure the insurer offers sufficient compensation for complete loss or irreparable damage, and confirm the market value of your vehicle.
Check Customer Support - For dependable support whenever you need it, choose an insurer with round-the-clock customer service.
Factors Affecting Car Insurance Premium
When choosing car insurance, you should consider the following factors:
Insured Declared Value (IDV) - IDV is the current market value of your vehicle after depreciation. Premiums increase with higher IDV.
Car Owner - The driving history of the vehicle owner affects premiums. Lower premiums are frequently the outcome of a spotless record.
Make and Model - The make, model, and class of the car all affect premiums. The premiums for sports cars are typically higher than those for regular cars.
Safety Features - Automobiles with anti-theft devices might be eligible for lower insurance rates. Insurance premiums may also be impacted by contemporary safety features.
Coverage Needed - The level of coverage affects premiums. Premiums for comprehensive coverage are usually higher, and the cost of additional add-ons rises as well.
Frequency of Claims - Policyholders who have not filed claims during the policy term are eligible for No Claim Bonus (NCB) discounts, which lower future premiums.
Why Do You Need Car Insurance?
The following are the factors that affect a car insurance premium:
Mandatory by law - All Indian vehicles must have auto insurance, according to the Motor Vehicles Act of 1988. Penalties and suspension of driving privileges may result from non-compliance.
Protection for you and your vehicle - Comprehensive insurance covers events like fire, natural disasters, vandalism, and damage to your car, as well as damage to third parties.
Financial protection for your family - In the event of a death or serious injury brought on by an accident, personal accident coverage in auto insurance provides financial compensation to the policyholder or their family.
Coverage for legal expenses - Auto insurance lessens the financial burden of legal proceedings by helping to cover accident-related legal expenses.
Third-party liability coverage - Medical and repair costs are covered by a typical third-party insurance policy in the event that someone else is hurt or their property is damaged.
Car Insurance Claim Process for Damages to Your Own Car
The car insurance claim process for car damage is as follows:
As soon as possible, report the theft to the nearest police station and obtain an FIR that includes all necessary details.
Inform your insurance company about the theft. Share a copy of the FIR, vehicle details such as make, model, and registration number, and any witness information.
The insurer will examine the FIR and may conduct an investigation, including speaking with witnesses and verifying the facts.
Providing required documents, such as the FIR, vehicle registration, driving license, car keys (if available), and any other documents requested by the insurer.
The insurer calculates the claim amount by taking into account the vehicle's insured declared value (IDV) and the amount it has depreciated.
Claim Settlement The insurer processes the claim and settles it, minus any applicable deductible.
How to Avoid Car Insurance Claim Rejection
If you don't renew your policy on time, the insurer will deny your claim.
Declare all information about vehicle modifications to prevent your claim from being denied if you disclose it while it is being processed.
To process your claim and prevent rejection, keep the necessary paperwork close at hand.
Read the policy's terms and conditions carefully for a hassle-free claim settlement.
Make sure to accurately declare the NCB (No Claim Bonus) when buying auto insurance; otherwise, your claim request might be denied.
Frequently Asked Questions
Get answers to common questions about Car Insurance
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