Car Insurance

Insurance

Car insurance provides compensation to the policyholder in the event their car is stolen or damaged due to any unforeseen circumstances. Individuals can select from the three types of car insurance: Third-Party Car Insurance, Comprehensive Car insurance, and Standalone Own Damage Car Insurance.

What is Car Insurance?

Car insurance is a contract between a car owner and a general insurance company wherein the latter promises to protect the car owner from financial losses which may occur due to an unfortunate event involving his/her car. Depending on the scope of coverage, there are 3 types of car insurance policies – Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance. To continue to avail the benefits of these policies, the car insurance renewal should be processed on time by policyholders.

Types of Car Insurance

  1. Comprehensive Car Insurance
  2. Third-Party Car Insurance
  3. Own Damage Car Insurance

How to Choose Four Wheeler Insurance Policy Online?

You can choose an ideal car insurance online plan by following some points given below:

  1. Select the Type of Plan – Assess your car insurance needs and finalise the type of policy you need. Choose a third party cover or comprehensive cover based on your requirements.
  2. Compare Policies – You should compare different car insurance plans online. The comparison makes it easier to pick the best car insurance plan as per your budget and needs.
  3. Check for IDV and Premium – The IDV refers to the current value of your car in the market and the amount that an insurer can maximum pay you in case of total loss or car damaged beyond repair. A higher IDV can give you extended coverage but it increases the premium as well. So, check for the amount of IDV and select the one which you can afford and require.
  4. Ask for Add-on Covers – Add-on covers expand the coverage of your policy. You can buy it by paying an additional premium. You should inquire about the add-ons and choose the one which suits your needs the best. However, you can have these covers only with the comprehensive insurance plan.
  5. Look for the Claim Process – Look for an insurance company that has a simple and swift claim process. To confirm the quality of the claim process of insurers, you can check their Claim Settlement Ratio (CSR) before finalising. It refers to the percentage of claims settled by the insurer in a year. It is better to buy a plan from a company with high CSR.

Highlights of Car Insurance Policy

  • Third-Party Cover: Coverage for third-party injury and property damage
  • Own Damage Cover: Covers the damage and loss incurred by the insured four-wheeler
  • Personal Accident Cover: Available up to 15 lakh
  • Add-on Covers: Various add-ons are available based on the policy such as zero depreciation cover, return to invoice cover, roadside assistance, etc.
  • Cashless Claim: Available at the network garages of the insurer
  • No Claim Bonus: Up to 50%

Benefits of Buying Car Insurance?

A car insurance offers a host of benefits to its policyholders. The key benefits are as follows –

  • Helps You Stay Legally Compliant A car insurance helps you stay legally compliant as according to Indian Motor Tariff, every car owner is mandatorily required to have at least a third-party car insurance policy. The absence of which is punishable with a fine of Rs. 2,000 and/or imprisonment of up to 3 months.
  • Protection Against Third-Party Liabilities A car insurance policy helps you mitigate third-party liabilities such as bodily injuries, temporary/permanent disability, death as well as property damage. While, the compensation of third-party property damage is limited to Rs. 7.5 Lakh, there is no compensation cap in case third party bodily injuries, disability or death.
  • Protection Against Own-Damages A car insurance policy helps you keep yourself financially secured against the own-damage expenses of your car. Damages incurred in road accidents, natural calamities, man-made disasters, fire, explosion, vandalism, etc are covered under standalone own-damage as well as comprehensive car insurance plans.
  • Coverage Against Theft A car insurance policy also provides coverage in case of theft of your car. In case your car gets stolen, your insurance company provides you with your car’s Insured Declared Value (IDV) which corresponds to the market price of your car.
  • Personal Accident Cover With a car insurance policy, you can also get a personal accident cover of up to Rs. 15 Lakh which offers a coverage in case of death, bodily injuries as well as disability of the policyholder in a car accident.

How to Buy Car Insurance Online?

To Buy a car insurance policy online. Follow the steps given below:

  • Visit the official website of Policybazaar Insurance Brokers Private Limited
  • Pick a few suitable plans and compare them
  • Once you select the plan of your choice check the inclusions, exclusions along with terms and conditions
  • You can also add or remove any add-on as per your requirement. However, you can only purchase add-ons if you are purchasing a comprehensive plan
  • Once you are done with it, you can proceed to make the payment online
  • You can use your debit/credit card, UPI, and net banking to pay the premium amount. 
  • Once the payment is done, the insurer will send you the policy documents to your registered email ID as well as your home address.

How to Renew Car Insurance Online?

It’s mandatory to renew car insurance to avail the benefits without a break. Therefore, you should ensure your car insurance before it expires. Follow the steps given below for online car insurance renewal.

  • Step 1: Go to the car insurance renewal section.
  • Step 2: Enter the details required on the page, such as your policy number, mobile number, date of birth, etc. and submit them
  • Step 3: Choose the 4 wheeler insurance plan that you want to purchase
  • Step 4: Select the riders or add-on covers that you want to buy or drop (if any)
  • Step 5: The premium amount that you need to pay will be shown on the page
  • Step 6: Pay the insurance premium online with the help of a credit card, debit card or through net banking
  • Step 7: Once the payment is complete, your car insurance policy will be renewed

You will receive the policy document for your renewed car insurance on your registered email id. You can also download a copy of the policy document and get a printout anytime you want.