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Car insurance

Car insurance is for every car owner who wants to live without the burden of financial instability. You can get a new car insurance policy online. Gone are the days when insurance agents visited you and filled you with irrelevant and unnecessary information. We will discuss car insurance, so you save time and get the best car insurance policy for yourself.

What is Car Insurance?

Car insurance is a legal contract between the insurer and the insured that makes the insurance company liable to cover any damages to your car in case of an unfortunate event. Third-party Car insurance is mandatory in India under the Motor Vehicles Act, 1988.

A car insurance policy works as a cover for your car and the family. The government of India has made it compulsory for all car owners to have a car insurance policy. This is the best solution to ensure the financial liability of an accident or calamity.

Importance of Car Insurance:

Car insurance is a must, and its significance is paramount. Accidents may or may not occur, but having a car insurance policy alleviates the stress of being in an unusual circumstance. Here are some facts that will demonstrate the significance of purchasing car insurance.

  • In the case of demise, the family receives compensation

    This terrible occurrence may strain your family. However, car insurance also covers your family members, allowing them to go about their lives with fewer financial concerns.

  • Legally Safe

    A car insurance coverage protects you from the legal ramifications of any catastrophe. The car insurance provider will cover the expenditures and legal difficulties.

  • Personal Accident Cover

    One benefit of car insurance is that you can get a pre-determined sum from the insurance provider in the event of a personal accident. Passengers will also receive the coverage specified in the car insurance.

  • Lower Liability

    If you are involved in an accident and damage someone’s car or the person himself, having car insurance reduces your financial load. Thus, car insurance lowers the liability. The car insurance companies offer third-party car insurance to ensure that your expenses are covered.

Various Types of Car Insurance in India

In India, there are three types of cover damages, and individuals choose to buy new car insurance based on their preferences. So, let us look at India’s different sorts of car insurance.

01

Comprehensive Car Insurance

When discussing comprehensive car insurance in motor insurance for private cars, you will be completely protected in the event of any loss or damage. This four-wheeler insurance is the most preferred plan out there. When you compare comprehensive car insurance to third-party vehicle insurance, it’s clear that comprehensive is the better option.
02

Third-Party Car Insurance

A new car owner must get third-party car insurance under the Motor Vehicles Act of 1988. It is a type of car insurance coverage that protects you financially in the event of an accident on the road.
03

Own Damage Car Insurance

Own damage car insurance covers natural disasters such as earthquakes, hurricanes, floods, riots, terror attacks, etc. In the early stages, the premium will be high, but it will reduce after some time.

Comparison Between Car Insurance Plans

When talking about car insurance plans in India, there are three types that we come across. All these plans are different. So, to make things easier, we have a list that will help you understand the difference.

Coverage Benefits Third Party Car Insurance Comprehensive Car Insurance Standalone OD Cover
Damages or loss to own car in case of fire Not Covered Covered Covered
Damages to Third-Party Property Covered Covered Not Covered
Damages or loss to own car due to an accident Not Covered Covered Covered
Damages or loss to own car in case of a natural calamity Not Covered Covered Covered
Car Theft Not Covered Covered Covered
Personal Accident Cover Covered Covered Not Covered
Injuries or Death of a Third Person Covered Covered Not Covered
Damages to Third-Party Vehicle Covered Covered Not Covered

Key Features of Buying Car Insurance

With huge benefits, car insurance takes you to a safe zone. Even though there are different types of car insurance to choose from, having one is mandatory under the motor vehicles act 1988. Let’s have some insight into the key features of buying car insurance.

01

Safety Net

A car insurance works as a safety net for a person who’s the owner of the car and the one who gets injured, as the insurance company will pay for the damages per the insurance policy.

02

No Claim Bonus

One of the best features of an insurance policy is NCB. If you drive safely till the end of your insurance policy term, your insurance company will give you NCB, making your policy more affordable.

03

Hassle-free Process

You can now buy a car insurance policy online because of significant technological advancements. It is an easy, affordable, and fast way to buy an insurance policy.

04

Legally Safe

A car insurance policy keeps you legally safe in case of any mishap. Otherwise, you will have a huge fine and might go to jail.

05

Personal Accident Coverage

Anything can go beyond your control when you are on the road. So, a car insurance policy provides security in bad times by covering your accident expenses.

Benefits of Buying Car Insurance Policy Online

Buying car insurance online has many benefits. The online service has changed the way we buy insurance. So, let us examine the benefits of buying a car insurance plan online.

01

Paperless Transactions

When buying a car insurance policy online, you can download all the documents from the website. It is an easy, fast, and convenient way of doing business.

02

Saves Time

“Time is Money”. Buying a car insurance policy is a lengthy process, buying it online saves a lot of time, that too, in the comfort of your home.

03

Timely Reminders

It’s always hard to track payments, especially in the insurance. When you buy car insurance with InsureNow, we will give you timely reminders that will make it easy. Now, you won’t lose on the renewal bonus.

04

Easy Comparison

Comparisons help you to buy the best car insurance policy. Searching for car insurance plans online provides a detailed comparison and helps you choose the best car insurance policy.

05

Online Payment of Premium

Online medium allows you to pay your four-wheeler policy premium via debit cards, credit cards, etc., making it a contactless transaction. Since the Covid-19 pandemic, Prime Minister Narendra Modi has also promoted digital India to make contactless payments. So, it is the good and the right way of doing business.

What is Car Insurance Premium

A car insurance premium is a monthly, quarterly, half-yearly, or yearly payment that you make to the insurance company in order to get the benefits. Car insurance premium depends on various factors and is different for different people, and you can check the same on our website under the car insurance premium calculator. But, before that, let us check out factors on which the premium depends:

01

Loss or damage to third-party leading to ailment

The coverage covers any loss or damage to a third party caused by the covered vehicle’s infirmity. The compensation varies depending on whether the disability is partial or whole. As a result, an old car will have a lower IDV, which implies that the car insurance premium for insuring it will be lower than the premium for a new car.

02

Model/ Variant of the Car

The insurance company will decide your insurance premium depending on the car version. For example, if you have a sedan, you will have to pay more insurance premiums than a hatchback.

03

Add-ons

In an insurance policy, you can get additional benefits, and the more benefits you add, the more will be the premium. So, you must choose the right add-ons and take care of the money.

04

No Claim Bonus

If you haven’t used the car insurance policy for its term, you will be eligible for NCB. This will lead to lower premium rates at the time of renewal.

05

Anti-theft Gadgets

If your car is equipped with an ARAI-certified anti-theft system, you may be eligible for a premium reduction. Do not pass up this opportunity! These gadgets not only keep your car safe but also lowers the premium.

Steps to Calculate Car Insurance Premium by InsureNow, brand name under Advance Life Insurance Brokers Pvt. Ltd

InsureNow provides a simple and quick car insurance calculator to assist you in calculating premium rates. The entire procedure takes only a few minutes, and it will assist you in determining the car insurance premium you must pay for various plans.

  • Visit the InsureNow car insurance premium calculator page
  • Fill out the form with your information
  • You must fill in information such as car model, year of purchase, registration RTO, etc.
  • Add pin code
  • Now, hit instant quote to get insurance quotes

You will now see the options available to you as well as the premiums required for each plan. You may select the car insurance online plan that best meets your needs and budget. If you have any questions, InsureNow’s customer support staff would be happy to help.

Add-ons in Car Insurance Plans

Insurance companies offer a wide range of benefits when you buy car insurance, known as add-ons. Even though these features add up to your premium amount, they give you more comprehensive protection. We have a curated list of add-ons for you to understand.

  • NCB Protector Cover

    No claim bonus is a feature given by the car insurance company. You can choose NCB protection insurance to receive the renewal discount regardless of whether you make a claim (or claims) over the course of the policy period.

  • Engine Safety Cover

    Suggested by the name, this additional cover protects the heart and soul of your car. Any repair done to the engine will be covered by the insurance company.

  • Zero Debt Cover

    One of the most popular covers to consider is Zero Depreciation Cover. Zero depreciation is critical in both policy reimbursements and claim settlements. This add-on protection pays the policyholder the total claim amount, with no reduction for depreciation (rearranged this). It enables the policyholder to recover the total cost of replaced car parts damaged in the accident.

  • Roadside Assistance

    You never know when your car will break down in the middle of the road. Adding these benefits to your car policy will give you a sense of security. Any minor difficulty such as jumpstart, change of tyre, fuel, etc. is covered.

  • Passenger Cover

    You must cover yourself and the passengers riding with you. With this cover, the insurance company will provide financial protection. This add-on is not mandatory, but it is a social responsibility to protect the passengers.

  • Consumables Cover

    This add-on covers the cost of consumables during an accident repair. Consumables include engine oil, nuts and bolts, grease, washers, and other items not covered by a basic comprehensive car insurance policy.

  • Personal Accident Cover

    This additional cover will the owner-driver in case of bodily injuries, any disability, or demise of the owner; the insurance company will give the pre-determined sum.

How to Compare Car Insurance Online?

Comparing car insurance can be hectic and lengthy, but if you go online, you can get tons of information regarding the same. To make things easy for you, we have curated a list of the best comprehensive & third-party car insurance plans in India 2022, based on its key features and cashless garages.

Best Comprehensive Car Insurance Plans in India 2022

Company Name Key Features Cashless Garage
HDFC ERGO General Insurance
  • No Claim Bonus up to 50% Car insurance premium starts at INR 2072*
  • Private accident cover upto INR 15 lakhs
  • CSR 70.02
 7900+
ICICI Lombard General Insurance
  • Personal accident cover upto INR 15 lakhs
  • No Claim Bonus up to 50%
  • CSR 65.77
 4800+
ROYALSUNDARAM ALLIANCE Insurance CO. Ltd.
  • Personal accident cover upto INR 15 lakhs
  • No Claim Bonus up to 50%
  • CSR 87.89
 3300+
New India Assurance
  • Personal accident cover upto INR 15 lakhs
  • No Claim Bonus up to 50%
  • CSR 78.20
 253
Reliance General Insurance
  • Personal accident cover upto INR 15 lakhs
  • No Claim Bonus up to 50%
  • CSR 76.89
 5000+

*Disclaimer: We InsureBuy does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different general insurance companies

Data has been sourced from IRDAI Annual Report FY 2020-21

Best Third-Party Car Insurance Plans in India 2022

Company Name Key Features Cashless Garage
Digit Insurance
  • Premium rates starting at INR 2094
  • Personal accident cover upto INR 15 lakhs
  • CSR 74.91
 5800+
HDFC ERGO General Insurance
  • Car insurance premium starts at INR 2072*
  • Personal accident cover upto INR 15 lakhs
  • CSR 70.02
 7900+
IFFCO TOKIO General Insurance
  • Personal accident cover upto INR 15 lakhs
  • in-app claim settlement within 4 Hours
  • CSR 84.04
 4300+
Reliance General Insurance
  • Personal accident cover upto INR 15 lakhs
  • CSR 76.89
 5000+
ROYALSUNDARAM ALLIANCE Insurance CO. Ltd.
  • Personal accident cover upto INR 15 lakhs
  • Digitally enabled m-chatra app
  • CSR 87.89
 3300+

*Disclaimer: We InsureNow does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different general insurance companies

Data has been sourced from IRDAI Annual Report FY 2020-21

How to Buy Car Insurance Policy Online?

You can buy your new car insurance policy from the insurance company’s official website and InsureNow. The following are the steps involved in purchasing a new car insurance policy:

Buy from the official website of the insurance company

  • Go to the official website of the insurance provider and select the “Car Insurance” page
  • Select the car insurance plan you like
  • Fill in all the relevant information
  • Tap on the Buy button
  • Proceed with payment
  • The insurance company will send the policy documents to your email address

Buy from InsureNow

  • Land on the official website of InsureNow
  • Hit on the “Motor Insurance” tab
  • Then, choose the “Car Insurance” option
  • Fill out the form
  • Compare car insurance plans and select the best car insurance plan
  • Tap on “Buy Now”
  • A pop-up will show you the plan details and the additional riders’ information
  • Proceed with the payment
  • Make online payment and the policy documents will be sent to your registered email address

How to Renew Car Insurance Online

Gone are the days when car insurance renewals were done offline. You can renew car insurance online without any hiatus in this new era. Depending on a company’s coverage and discounts, one can choose the best available option per the requirement.

Steps :

  • Enter the car insurance renewal section
  • Fill in the details like age, DOB, etc.
  • Select the best car insurance for you by comparing car insurance policies
  • Add riders, if you want any
  • Calculate the premium using the car insurance premium calculator
  • Make the payment

Post following the steps, .you will receive the car insurance document online on your registered email address.

How to Raise a Car Insurance Claim?

You don’t have to worry about the monetary losses since you have a car insurance policy, but what is the procedure to raise a car insurance claim? Let us take a look at it.

01

Inform the Insurer

As soon as you are involved in the event of misfortune, the first step is to inform your car insurance company. It’s essential to give complete information about what has happened.

02

Report the Police and File an FIR

In case of significant events, you need to file an FIR to start the car insurance claim. It’s one of the most important parts of the claim process.

03

Capture Photographs

It’s vital to capture photos of the damage caused due to the accident so that the claim procedure with the car insurance company becomes easy.

04

Submit Documents

You must submit the required documents to the car insurance company. The list of documents will include RC, driving license, FIR, car Insurance policy document, fitness certificate, etc.

05

Get your Car Repaired

Once the above process is done, you can ask the car insurance company to take your vehicle to the garage to get it repaired.

06

Claim Settlement

There are two methods of claim settlement. If you have opted for a cashless policy, the motor insurance company will settle the bill with the garage directly. However, if you have opted for reimbursement claims, you will pay the bill, which the insurance company will later reimburse.

Documents Required to Raise a Car Insurance Claim

Several documents are needed to raise a car insurance claim. It’s crucial to keep it with you, as you never know when you will require them. The documents needed for car insurance claims include

  • Claim Form
  • Copy of FIR
  • Copy of RC, driving license, pan card, etc.
  • Insurance documents
  • Declaration of fitness.

The car insurance company will settle your claim within a week after receiving all relevant documentation.

Car Insurance FAQ’s

Though they are already mentioned in policy, here is a handy list for your convenience:

  • A Copy of insurance policy
  • Driving license: if claim had occurred while plying on the road
  • Claim form appropriately filled (a copy of the same can be kept with the policyholder for future reference)
  • Registration Certificate along with the original for verification
  • Pollution Certificate Copy
  • Fitness Certificate of the vehicle
  • For Private car, it is 15 years in case of private car
  • In case of NCB availed in the policy ‘NCB confirmation’ from previous insurer
  • Repair estimate (given by insurance company)
  • Spot photos & intimation to police authorities if vehicle has sustained multiple impacts or involved bodily injury

*Other than the above-mentioned documents, from case-to-case basis the requirement may vary

You must renew your private car insurance policy before the expiry of your previous policy. This ensures that you have a valid policy, and you can also enjoy benefits like NCB.

This depends upon insurer to insurer. Most insurers allow you multiple claims within a year but you have to read the insurance document provided to you for the exact information.

IDV is the amount that the insurer will pay to you at the time of a claim in the case of total loss or if the vehicle is stolen. It is decided on the day of the commencement of the policy.

Under the cashless claim facility, you do not have to pay for the repairs. The insurance company will pay it directly to the garage. But you need to remember that this facility can only be availed if you go to one of the network garages of the insurance company.

NCB is the discount in premium that you can get if you do not make any claims during the motor insurance policy term.

Yes, you can get a duplicate copy of your insurance policy from the insurer’s website. You need to log in with your details and fill in the required information. The duplicate copy will be sent to you on email, and you can download the policy from there.

Following are the factors that helps in deciding the best suitable policy that caters your requirements:

  • The IDV (Insured Declared Value) of the car
  • The age of the car (If your car is a used one)
  • Zone/City of Registration
  • Cubic capacity of the car engine
  • Previous year Claim Status & NCB

In case the private car insurance policy expires, the car will be inspected by the vehicle inspector assigned by insurer. The inspection process could be chargeable* (as declared in the T&C of the policy)

If the renewal is not done within 90 days of expiry date, you lose your No Claim Bonus (NCB), leading to a substantial financial loss.

Yes, your private car insurance claim can be rejected in some circumstances which include:

  • If the car is repaired before making a claim
  • If any modifications are done to the car and not intimated to Insurance Company and RTO at the same time
  • In case the car owner has failed to complete the transfer formalities to other owner/ entity
  • If the insurance company is misled/ not informed about the purpose of using car

Any tangible damage caused to vehicle due to natural calamity like- flood, tempest, cyclone, earthquake, hurricane etc. are covered under comprehensive insurance policy.

If there is a mistake in your private car insurance policy document, you need to inform the insurance company. You must provide proof of the correct information and request the insurer to rectify the information. The insurer will add an endorsement to the existing policy or issue a new policy with the correct information.

Yes, a four-wheeler insurance policy issued online is valid under the motor laws in the country. But the policy has to be issued by a company that is registered with IRDAI.

There is no specific time period that the insurance company takes to settle the claims. Different companies follow a different claim settlement period. Moreover, this also depends upon the complexity of the claim.

You can check the status of your private car insurance policy by checking the start date and expiry date mentioned in your policy document. The policy will be inactive before the start date and expired after the expiry date. If you do not get your policy renewed before the expiry date, you will lose the NCB (No Claim Bonus) which is a huge financial loss.

If you buy a policy online, you will receive the policy within a few minutes after you pay the premium. The document will be sent to you on your registered email.

No, the private car insurance policy does not cover passengers. But you can purchase passenger cover as an add-on cover that is offered by the insurance companies in India. This cover provides personal accident cover to unnamed passengers travelling in the car.

Yes, buying/renewing a private car insurance policy online is safe due to the secured payment gateway.

InsureNowoffers multiple choices when it comes to insurance companies. You can compare different policies and choose the one that suits your requirements.

You need to buy a private car insurance policy because a third-party liability insurance is compulsory under the Motor Vehicles Act, 1988. Without a valid insurance policy, you cannot drive your car on the Indian roads. 

Moreover, the private car insurance plan acts as a safety net against financial losses that may occur in case of accident, theft, or unforeseen natural/manmade calamities.

Here is a handy list for your convenience:

  • Car insurance policy documents
  • Driving License, RC, Fitness Documents, etc
  • Claim Form
  • Details of the accident and the vehicle
  • Loss Estimate
  • Spot photos & intimation to police authorities

*Other than the above-mentioned documents, from case-to-case basis the requirement may vary

You must renew your private car insurance plan before your policy expires. This guarantees that you have legitimate coverage and that you may take advantage of the Non-claim bonus.

There is no specific number as of now. But, it’s important to read terms and conditions carefully while buying a car insurance policy.

IDV is the sum that the insurer will pay to you at the time of a claim in the case of total loss or if the vehicle is stolen. It is decided on the day of the commencement of the car insurance policy.

Under the cashless claim facility, you do not have to pay for the repairs. The car insurance company will pay it directly to the garage that is associated with the car insurance company.

NCB is the discount in premium that you can get if you do not make any claims during the course of your 4-wheeler insurance policy.

Yes, you can get a duplicate copy of your 4-wheeler car insurance policy from the insurer’s website. You need to log in with your details and fill in the required information.

Following are the factors that help in deciding the best car insurance policy that caters for your requirements:

  • Age of the vehicle
  • IDV
  • City/Zone of registration
  • Specifications of the car engine
  • Previous year claims, if any

If the private car insurance policy expires, the car will be inspected by the vehicle inspector assigned by the insurance company. The inspection process could be chargeable* (as declared in the T&C of the policy).

There are certain scenarios wherein your car insurance claim can be canceled. Here are a few:

  • Any modifications to the car
  • Failed to present the required documents
  • If the car insurance company is misled
  • Drink and Drive cases
  • Violation of T&Cs

Any damage caused to vehicles due to natural calamities like- floods, tempests, cyclones, earthquakes, hurricanes, etc. is covered under the comprehensive insurance policy.

To rectify any mistake, you need to contact your car insurance company. You must provide the proof and once it is verified, the mistakes will be rectified from the policy.

Yes, a four-wheeler insurance policy issued online is valid under the motor laws in the country. But the policy has to be issued by a company that is registered with IRDAI.

There is no specific time period that the car insurance company takes to settle the claims. Different companies follow different claim settlement periods.

You may determine the status of your car insurance policy by checking the start date and expiry date mentioned in your policy document. The policy will be inactive before the start date and expired after the expiry date. If you do not get your policy renewed before the expiry date, you will lose the NCB (No Claim Bonus).

No, the car insurance policy does not cover passengers. But you can purchase passenger cover as an add-on cover that is offered by the insurance companies in India. This cover provides personal accident cover to unnamed passengers travelling in the car.

Yes, buying/renewing a car insurance policy online is safe due to the secured payment gateway.

InsureBuy offers multiple choices when it comes to insurance companies. You can compare different policies and choose the one that suits your requirements.

You need to buy a private car insurance policy because third-party liability insurance is compulsory under the Motor Vehicles Act, 1988. Without a valid insurance policy, you cannot drive your car on the Indian roads. Furthermore, private car insurance works as a safety net against financial losses that may arise in the event of an accident, theft, or unanticipated natural/man-made calamity.