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What is Car Insurance?
In very simple words, car insurance is a financial protection. It is a policy that is signed between 2 parties- The policy holder and the insurer. It covers all the losses that one might face due to the damaged done to the car or in case of theft. The suitable insurance policies that are broadly divided into comprehensive cover and third party insurance, car insurance is must. Comprehensive cover protects you against damages caused to your car, while third party insurance provides cover for the damages caused to other person or property by your vehicle.
Why is it important to have car insurance?
Your state’s minimum liability and property damage coverage is the most important coverage. More than anything else you need to maintain car insurance to keep yourself legal to drive. You risk losing your driver’s license and fines driving without it. Get into an accident without liability coverage and you could be facing enormous penalties including bills from the damages you cause.
Documents Required to Buy Online. Purchasing motor insurance online requires minimal documentation. If you are buying a new insurance policy, then you need to fill a proposal form and a copy of Registration Certificate (RC).
In case of renewals, you need to provide a copy of Registration Certificate (RC) along with the previous insurance policy. It is advisable for you to fill your details carefully as by providing accurate and complete information you will face no issues at the time of a claim.
Car Insurance- Apply inQuick and Easy way
Advantages of car Insurance
A minimum amount of insurance is required by all the states of India. Car insurance can help offset the loss of huge sum in the following manner:
- Provides benefits to survivors when an accident results in death
- Cover all the lawsuits including legal fees brought against you as the result of an accident
- Bills of Vehicle repair is covered due to damage caused in an accident
- Bills of Vehicle repair is covered due to damage caused in an accident
- Car insurance policies allow premium discounts for theft or for owning more than one policy with the same insurer
- No Claim Bonus is offered if you do not make any claim during the policy period on renewals provided you fulfil certain terms and conditions.
Compare and Decide
Everyone want to get the best policy within the desired budget so that’s why PolicyStop help you to decide to choose the best deal. Fibucket already have tie-ups with several insurance companies to serve the best premium rates. The process that we follow to provide free quotes is very simple. You simply need to put your personal details and vehicle related details in the online form, and in just a few steps you can get the best vehicle insurance policy. You can easily get the best and cheapest insurance policy that directly saves your hard earned money by just following few simple steps. The portal provides free quotes that will help you to choose best one. Our comparison service is free and unbiased.
Types of Car Insurance Policies in India
In India, there are two types of Motor Coverage:
Types Of Covers
- Cover against fire, explosion, lightning, flood, hurricane, storm, cyclone, inundation, hailstorm, rockslide, landslide, frost, tempest, typhoon
- Cover against theft, riots, strike, terrorism, burglary, malicious act, any damage in transit by rail, road, lift, elevator, inland waterway
- Cover against legal liability owing to accidental damages leading to the permanent injury or death of a person, as well as damage inflicted to the surrounding property
- Personal accident cover for the individual car driver while travelling, mounting or dismounting from the car
Car Insurance- Benefits
It is a necessity, not only because of the law, but also for its helpful features and vehicle policy provides the needful coverage in case of any loss that occurs due to theft, accident, fire, explosion, etc. You should buy it for you and your vehicle’s safety by which you can have advantage of the third party liability coverage that protects you from paying heavy penalties during accidents that are caused by you.
- Roadside assistance services such as on-spot technician availability, fuel supply facility, etc
- Zero depreciation cover
- Doorstep surveyor service
- Accidental cover for co-passengers
- Protection against third party liabilities
Coverage under Comprehensive Car insurance
Protection against Third-party Liabilities:
The financial loss is covered against the charges from third party damages including the death/injury or disability of the person of any third party vehicle.
Coverage against personal Accident:
Damage caused or loss occurred due to natural calamities like flood or earthquake or manmade reasons are also covered under the comprehensive car insurance policy offered by various companies. Major natural reasons include – typhoon, lightning, storm, hurricane, inundation, tempest, cyclone, frost, hailstorm, rockslide and landslide. However, man-made factors such as burglary, riot, theft, strike and accident by external means, malicious act and terrorist activity, damages in transit by rail, road, lift, elevator, inland waterway or air are included in the policy agreement.
Many policies offer extended coverage against other types of assistance for the vehicles, Apart from the basic damage and loss coverage. However, the premium amount of the policy increases accordingly. Following are some of the additional benefits or add-ons that one can opt from for their car insurance policy-
Zero Depreciation Cover:
As the vehicle wears and tears gradually, depreciation is the reduction in the price of the vehicle over the years. Therefore, many insurance companies protect the policyholders from the loss of depreciation and allow you to claim the amount for deprecation by replacement or repair of the damaged car part.
NCB Retention Cover:
NCB or no claim bonus is a reward to the policyholder for not making any claim in the policy for over a year. Also, one can get up to 50% discount by accumulating NCB over the period of 5 years. So, those policyholders who have made even a single claim cannot claim the NCB. This is where the NCB retention cover comes into effect where owners can claim under pre-defined limits which does not have any effect on the NCB for the specified duration.
Coverage against Damage or Loss:
A type of policy called comprehensive car insurance plan covers the third party liabilities of the policyholder in case of any accident that leads to death or disability or injury to any third party or damage to any third party property.
Road Side Assistance:
Coming along with the comprehensive car insurance policy, this add on feature rescues you when your vehicle gets stranded or faces an accident or is unable to move due to mechanical or electrical issues in the middle of a remote area. It offers services like towing, jump start of a battery, fuel re-fill and service by mechanics.
Daily Cash Allowance:
While the policyholder has given their vehicle on service and the car company keeps the insured vehicle for more than the intended time period, the policyholder can claim cash for transportation and commuting through the add-on cover called daily cash allowance.
Frequently Asked Questions
Get answers to all your questions
- Voluntary Excess
- Safety features
- Network garages
If your car insurance policy or renewal gets rejected by company, then you can take help of online insurance companies that can provide you the needful service easily. There are many companies such as PolicyStop, New India assurance, ICICI Lombard and many more. So don’t lose hope you will surely get the best one for yourself.
Liability follows the vehicle. So, the insurance on the vehicle will apply even in the case of it being driven by some other person with your permission. Commonly, the liability insurance of the person driving the vehicle will have to pay in the case the amount of the loss exhausts your policy’s limits.
If you sell your car to another person, the insurance can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of insurance with the insurance company, within 14 days from the date of transfer of the car in his name and after making the payment of endorsement premium for the remaining period of the policy.
Yes, you can switch insurance company whenever you want. But you have to keep in mind that most of the companies will not pay you back. You can ask your insurer about the refund system before switching your policy or check you policy documents carefully. You can get car insurance at a cheap price as there are many insurance companies that offer car insurance such as ICICI Lombard, New India Assurance and many more.
The policy essentially contains a Personal accident cover for the owner-driver, as per tariff. In case of un-named driver, the personal accident cover has to be purchased separately by paying an additional premium.
The documents required to cancel the policy by the customers are as follows
- Customer Request Letter
- Alternate policy proof (TP / Comprehensive)
- Original Policy Copy
- Sale proof of the vehicle or Sale Deed/Form 29&30 along with RTO acknowledgement. (in case of vehicle sold)
- NOC from financer if the vehicle is seized by the financier.
Your car insurance policy remains in force for 12 months from the date of commencement (or otherwise shown on your policy schedule).
It sometimes makes sense not to make small claims. Ideally, whenever your vehicle is damaged, get an estimate for the repairs. If the No Claim Bonus you stand to forfeit in the forthcoming year exceeds the estimate, it makes sense not to raise a claim and instead pay for the damage yourself.
The best way is to use an online insurance web aggregator at the time of purchase or renewal. Online insurance web aggregator will provide free quotes and comparison services so that you can take advantage of the same and choose the best insurance policy for yourself. Through this, you will be able to buy the cheapest policy for yourself.