Car insurance is a motor insurance plan that protects the vehicle from any risk that may cause you financial losses. It is a risk sharing contract between the motor insurance company and the owner of the car in which the insurance company repairs and alters the car and takes a premium in exchange. A car insurance policy provides coverage of risks and losses from accident, third party liability, theft, man-made disaster and natural disaster etc.
Why you should buy a car insurance plan?
According to the Motor Vehicles Act 1988, purchasing a four wheeler insurance policy is compulsory for all cars in India. Vehicle insurance companies compensate for third party losses incurred by a four wheeler and damage to a four wheeler.
Some reasons why you should take a new car insurance policy in India:
- It compensates for losses from accidents, accidents, deaths or natural disasters that would have to be borne by the insurance holder himself if the car was not insured.
- It also takes care of hospitalization expenses due to accident.
- It reduces financial and legal losses from liability.
- Roadside assistants, such as zero deprivation, reduce expenses by rider benefits.
- Along with this, 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 a four wheeler insurance policy or before renewing, the policy holder should compare the car insurance plan. Car insurance can be compared online and you can easily buy the plan according to your need. It can help you with the following:
- Get the best car insurance policy from the best motor insurance companies- Easy online car insurance renewal process
- Comprehensive coverage for four wheelers
- A lot of addon covers for great security
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 damages to your vehicle. Comprehensive four-wheeler insurance policy covers more coverage than the third party liability insurance and insured car in case of accident or theft. etc
A Comprehensive policy can be expanded by taking many addons such as Engine Protector, Zero Depredation cover, Medical expenses etc. It is a much talked about policy because it gives wide coverage that keeps the policy holder relaxed.
2. Third party car insurance
Third party car insurance protects you from legal liability due to any accident caused by your car. This insurance protects you from any loss to third party such as death, disability, injury or any other loss.
Third party liability car insurance prices are a mandate in India under the Motor Vehicles Act 1988.
3. Pay as you Drive insurance
This insurance policy, known as usage Based Vehicle Insurance, provides a premium to the insurance holder according to the number of kilometers he drives. As per IRDA instructions, some insurance companies like Bharatiya Aksa, Bajaj Allianz have started offering PSU drive insurance policies in the sandbox project. These companies provide detailed coverage for 1 year on own losses and third party liability. The holder will have to declare the distance to be covered over a policy period and accordingly the premium of the pay as you drive policy will be fixed. However, the insurance companies have made three options 2500 km 500 km and 7500 km.
Best Car Insurance Policy of 2021 in India
The table below contains the complete list of India's best car insurance policy, which also provides personal accident cover and network garage by car insurance companies:
Benefits of car insurance policy
You should insure your car not only for the law but also for your vehicle. If you buy a new car or even an old car, then its insurance is always needed. Third party insurance protects against third party legal and financial liability.
However, you should get a comprehensive cover that not only gives third party coverage but also protects your vehicle from damage. Below are some benefits of taking a four-wheeler insurance policy:
Personal Accident Cover:
A comprehensive car insurance policy not only provides third party cover but also provides personal accident cover. In personal accident cover, you get a fixed amount due to accidental death or complete permanent disability. 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 taken in this is pre-decided.Insured vehicle losses:
Comprehensive car insurance policy has coverage for any damage to your vehicle. Many causes of damage such as fire accident etc. are covered in this plan. With this, the insurance policy also covers the vehicle if there is any loss due to theft, robbery, riots, terrorism etc. In addition, this train also covers the damage caused by the air road or water.Garage Cab Network:
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 (NCB):
The biggest advantage of having an insurance policy is the No Claim Bonus (NCB). You can take it on every claim free year. With no claim bonus you can get a discount on the next premium and this makes the four-wheeler insurance policy very affordable.Third party liability:
If there is an accident in your car and there is a loss to the third party then you do not need to worry as it is covered in your four-wheeler insurance policy. There is also coverage in an insurance policy if an accident caused by you causes death or any other loss to the third party.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 from walking on the road. Four-wheeler insurance policy plans are available in the market which provide their services to consumers. Are you confused about buying the best four wheeler insurance policy?With the check list below, you will be able to compare the best car insurance companies online and listen to a good plan for yourself. By looking at this list, you can listen to the best car insurance plans of 2021 based on inclusions claim fibers, network garage and coverage benefits etc.
Things to keep in mind while purchasing a car insurance policy:
What is it- Check the underlying and excluded in your Comprehensive Vehicle Insurance Policy and Third Party Insurance.Compare Karbimaki Online - Why compare insurance online and choose a plan in which all your financial needs are being met. You can easily get four-wheeler auto insurance quotes of the best insurance companies in India online.
Insured Claims Certification: The higher the income claim ratio, the more satisfied the consumer and the greater the chance of completion of the claim.
Addoncover- It is mostly advised that a company with additional benefits like road assistant, zero depreciation, flat tire assistant, etc. should get an insurance policy.
What is covered in a car insurance policy?
A four-wheeler insurance policy covers the following:Loss or damage to the insured
Accident, theft, fire, explosion, riots, terrorism, natural disasters, damage or damage to your vehicle
Financial liability such as injury or death due to third party damage
Personal accident insurance cover
Addon cover in car insurance policy
Addon covers are additional covers added to your four-wheeler insurance plan that protects your vehicle from any damage or damage. The addon cover can be purchased at an additional premium. Some addon covers are named - No Claim Bonus Protection Cover, Zero Depression Cover, Engine Protection Cover, Key Protection Cover etc.
No Claim Bonus Security
The insurance holder gets some discount on the renewal premium for every claim free year. This discount is called No Claim Bonus NCB. It grows every year. It is usually between 10 and 50% and you can get a good discount on the premium paid on your auto insurance.An example is that if the policy holder did not make any claim during the period of his auto insurance policy, then he is eligible for a No Claim Bonus on the basis of which he gets some discount on the premium. You can continue your NCB even after you claim the policy term. Its terms and conditions may vary from one insurance company to another.
Engine safety cover
The engine is the most important part of the car. The injection protection cover protects against damage caused by oil leakages and water ingressions. It also covers gear box parts, engine parts, differential parts.Zero valuation cover
With this additional feature you can also save the falling value of your work. You will not have to give depreciation value of parts of your vehicle when you take this cover. This applies to private vehicles and is available only on certain claims made during the policy period. Even after zero depredation, compulsory and volunteering deductible will be cut. Before making any purchase, you should know the terms and conditions of the insurance company.Consumables cover
Many times, due to something untoward, all your savings are found in the water. Conceivable covers have all the expenses associated with 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 several terms and conditions applicable to this cover which may vary from insurance company to company. This applies to private cars and only if a certain claim is made. Get to know the company before making any purchase.
Key protection
Everyone must have rotated their car key once or in their life. In such cases, the insurance company can give you financial support to fix the key of your car and make it new. Key product covers include the following:You can claim assured times during the policy term
Regular allowance
If your car gets damaged in an accident and has to pay for repair, then you will have to go around on your own. This add-on cover will work when you go to your car repair. If your vehicle stays in the garage for more than 3 days under this cover then you will get the Daily Travel Allowance.Personal accident rider benefits
Accident Rider is an additional online and can be availed by paying an additional premium from Comprehensive Auto Insurance. This rider protects the policy holder from hospital expenses incurred in case of accidental loss, injury or disability.Car Accessories Cover
By taking a simple add on policy, you cover your vehicle accessory which does not cover a normal four wheeler insurance policy. Premiums are definitely increased by such an association, but it is cheaper than buying a new accessory.Avoid Hydidactible giving
There is a fixed percentage of deductible amount that the insurance holder has to pay himself. The insurance holder can save by paying expensive deductibles. If you give more deductible while making the claim, your insurance company will later give you a discount on the premium.What is not covered in a car insurance policy?
The following four-wheeler insurance policies are not covered:- Loss or failure due to lack of policy
- Over time wear and tear
- Any damage or damage done by a driver without a license
- Any damage or damage done by a drunken driver
- Any damage or damage to the engine due to oil leakage
- Loss or damage due to non-compliance with manufacturer's instructions
How to calculate car insurance price?
The insurance price of a vehicle is based on many reasons. With the help of online car insurance calculator, you can find out the four-wheeler insurance premium. However insurance companies decide your car insurance price keeping in mind the following grounds:- IDV Insured Declared Value of Vehicle
- Train age and type of vehicle
- Engine cubic capacity
- geographic region
Car IDV Removal Formula:
IDV = showroom fee of car + extra baggage fee-depreciation value
On Damage Premium Calculation Formula:
Inshot Declared Value x (Car Premium as per Insurance Company) + (Optional Profit) - (NCB / Discount etc.)
How to renew a car insurance plan online?
Renewing your car insurance policy is mandatory to avail the policy benefits without interruption. Therefore, you should take full care that you renew your car policy before it expires. You can renew your policy online as per the steps given below:- Go to the Renewed section.
- Fill the information asked on the page like your policy number, mobile number, date of birth etc. and submit it.
- Choose a four-wheeler insurance plan according to your wish.
- If you want to take or remove any additional addon cover, select it.
- The premium you give will be shown on the page.
- Credit card, debit card, filled online with the help of net banking.
Your four-wheeler insurance policy will be renewed after payment is complete.
You will get new policy documents on your registered email id. You can download it and take a print out of it anytime.
Benefits of renewing car insurance plan online
Car insurance policy has a validity limit and after its expiry you will have to renew your car to keep it insured. You can also renew your policy online or offline. Although many people still renew the policy offline, online renewal is better. Below are the advantages of having an online renewal: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 at any time while sitting at 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, in the process of renewal of online car policy, paperwork is very less.Easy elimination of policy:
You can also eradicate your policy while renewing it online. You can also expand its policy by adding add ons to your policy. However, you should also keep in mind that your premium will also be affected by taking the addon.Secure renewal / purchase process:
Online renewal is an easy way because all the necessary information has been given on the Internet. With this transparency you can make a good decision. With this, your payment will be secured with secure gateway and your personal information will not be leaked anywhere. This also protects you from fraud.Easy to change insurance company:
In addition to all the benefits listed above, you can easily change your insurance company while renewing an online policy. Because the information of all insurance companies is available on the Internet, you can compare car insurance and choose the best plan based on the premium and features.Easy Procedure for Noclebone Transfer:
You should always transfer your No Claim Bonus or NCB at the time of policy renewal. In the online renewal process, this happens very quickly and easily compared to offline.
Transparent process:
Because online renewal processes are before our eyes, there is no hidden agent hiding any information from you. Whether it is comparing the policy, changing the insurance company, or paying, everything is chosen by you and is in front of you. Therefore the online method of policy renewal is very transparent.Benefits of buying a car insurance policy online
Nowadays everyone buy insurance policy online. You can save your vehicle from accident, theft, fire, etc. in just 2 minutes by purchasing a four-wheeler insurance policy online. Are you wondering why everyone is buying policies online nowadays, so let's see the benefits of this:Without any agent
By buying an offline policy, agents are more interested in selling your product and not in getting you a better policy than other insurance company. All these reasons will be eliminated by purchasing insurance policy online and you will be able to buy the best plan after comparing many plans.No paperwork
Another advantage of buying a policy online is that there is no paperwork. On buying an offline policy, you have to fill many forms, while buying the policy online, you have to fill all the forms online. With this, you also have to upload the necessary documents so that the entire process is completed without paperwork.Convenient and timely
Buying a policy online is much more convenient than buying an offline policy. You do not need to visit any insurance company branch and also do not need to meet any agent. You can buy a car insurance policy while saving your time and effort sitting at your home.Payment Minder
You may suffer a lot if you forget the policy payment or renewal. You will not get a renewal waiver and there will be a break in the policy. But if you buy your car insurance policy online, you will be reminded beforehand so that you do not miss out on paying.Cashless feature
Buying a four-wheeler insurance policy online gives you cashless facility and you can buy the policy without zero cash transaction. You can pay insurance premiums online using debit card, credit card or internet banking.Easy to compare
When buying a policy online, you can compare different plans offered by insurance companies. By going online, you can buy the best policy for your car by comparing coverage, premium etc.More economical
Buying an insurance policy online is more economical as it saves all the expenses in between. Agent, your premiums are reduced when paperwork is completely removed.Easy change
Endorsement means changing any information given in the policy document. While giving online endorsement, all you have to do is to give a manifesto whereas when purchasing offline you had to create this form yourself and submit all the documents.Documents of software copy
Another advantage of purchasing a policy online is that your email contains a soft copy of your policy. You can see it anywhere, and for this you will not have to carry any documents with you.Third Party Insurance vs. Comprehensive Four Wheeler Insurance
The most important difference between third party insurance and comprehensive four wheeler insurance is the cover provided by them. Where third party insurance covers any loss or damage suffered by a third party by your vehicle, the same compulsory car insurance policy is your own vehicle. Also covers the losses incurred. Let us compare these two motor vehicle insurance policies:Comprehensive vehicle insurance is more expensive because it also has more coverage. It is determined by the insurance company itself and is according to the terms and conditions of the plan.
Therefore Comprehensive car insurance is better than third party insurance cover because its coverage is more detailed. With this you can eliminate your coverage by adding addons while every party four wheeler insurance plan puts you and your vehicle at risk.
Let's understand in more detail about these two:
Third party insurance
Third party car insurance is a four wheeler policy that covers the owner of the insured car from any third party loss and damage. According to the Motor Vehicles Act 1988, it is mandatory to have a third party vehicle insurance policy. This policy covers:- Legal liability
- Third party liability
- Compensation of someone else's death in a four wheeler accident
Comprehensive insurance
A Comprehensive Car Insurance Policy has a very wide coverage that covers both third party liability and own loss. Taking a Comprehensive Plan is not mandatory by law, but due to its wide coverage, many car drivers consider it better to take it. This policy covers:- Own damage coverage
- Broad coverage
- Increased coverage due to addon.
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 3 ways below:Online: To purchase Comprehensive or Third Party Insurance, all you have to do is visit the website of the auto insurance company you have selected. You can buy car insurance online for cheap without any paperwork.
Insurance Company: After leaving the insurance company, you can get your car bimmed by going to its nearest branch.
Insurance Agent: The last way is to get insurance with the help of an insurance agent. An insurance agent is a partner of an insurance company. The insurance agent can also give the application form and other information.
How to claim car insurance?
All car owners take car insurance claims for loss or damage at some point. There are some points to consider before taking a four wheel vehicle insurance claim:Make sure that you have all the information ready while making the claim.
Once you have reported, the customer support team of the insurer will provide you with the claim reference number.
Upon claim registration, a surveyor will be assigned to your case.
Along with the acceptance notification, you will also be informed about the loss assessor.
You can coordinate with the surveyor for an appropriate time and he will conduct the survey as per your convenience.
You will have to give documents to your assessor, type of vehicle, severity of damage, etc.
You have to tell him about the needs of the clean processing team so that he can settle your claim.
If your surveyor has suggested an inspection, talk to him again
Claim settlement will be done according to the survey
Documents required while claiming car insurance
The following documents should be prepared while registering the claim with the insurance company:- Copy of Police FIR
- Form validated by the policy holder
- Fitness certificate for professional vehicles
- driving license
- Registration Certificate RC
- Endorsement and insurance documents
The insurance company will settle your claim within a week of submitting all the necessary documents.
While filling the form, you should know the following words: