Car Insurance - Healthfet.com

Car Insurance is a vehicle insurance policy designed to protect a insured passenger's vehicle from potential risks and damages that may cause financial losses. A vehicle policy is a contract between the insurance company and the owners and provides on-road protection from any financial losses or damages arising from a car accident or theft. Stay home & renew coverage in two minutes save up to 80%* Lowest Car Premiums 20+ Insurers to choose from 25-lakh. All saving is arranged by the insurers under IRDAI approved insurance plan.


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What is Car Insurance?

Car insurance is a contract between a car owner and a general insurance company in which the latter agrees to cover the car owner against financial damages resulting from an unfortunate incident involving his or her vehicle. Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance are the three types of car insurance policies available, depending on the scope of coverage.


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How to Buy Car Insurance Online?

Purchasing automobile insurance is a basic and straightforward process. Here's how to get the best auto insurance with us online.


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Fill in your vehicle's information

To see auto insurance prices offered by leading insurance carriers in India, enter your car's details, such as make, model, and year.


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Insurance Quotes for Cars

Choose the auto insurance plan that best fits your budget and requirements out of all the options available.


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Make a payment via the internet

Pay your policy pay online and receive your auto insurance document in your inbox right away.


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Popular Car Insurance Companies

Car insurance plans are offered by 25 general insurance companies in India. Here are a few of the most well-known vehicle insurance companies.







 






























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Car Insurance Types

Car Insurance with Full Coverage

A Comprehensive Vehicle Insurance policy is the most comprehensive automobile insurance coverage available, and it obligates an insurance company to pay for both third-party financial liabilities and the insured's car's own-damage. Aside from car accidents, the policy covers natural disasters, man-made disasters, self-ignition or lightning, explosions, fire, theft, and so on.


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Third-Party Car Insurance

In India, having a third-party vehicle insurance policy is a legal necessity for driving a car. It is also known as Liability Only Automobile Insurance Policy because it is the most basic car insurance plan. The insurance company is responsible for paying for bodily injuries, permanent disability, temporary disability, and death of a third party caused by an accident involving the insured's vehicle under this policy. This plan also includes up to Rs. 7.5 lakh in coverage for third-party property damage.


Car Insurance for Own Damage

The Insurance Regulatory and Development Authority of India (IRDAI) launched the standalone Own-Damage car insurance policy in September 2019. The insured is solely covered for own-damage to his or her four-wheeler in the event of a road accident, natural/man-made calamity, fire, explosion, theft, or any other mishap under this plan. A standalone own-damage car insurance policy attempts to give the insured the freedom to choose the insurance company of their choice.


Car Insurance Plans to Compare

  • IDV₹ 3,38,990
    Premium Starting at₹ 6,427*
  • IDV₹ 3,07,205
    Premium Starting at₹ 6,657*
  • IDV₹ 3,45,605
    Premium Starting at₹ 7,014*


Top Car Insurance Companies in 2021

The following is a list of the best vehicle insurance companies based on their claim settlement ratio (CSR) as reported to the Insurance Bureau of India (IBAI) for the financial year 2019-2020.


RankCompaniesNetwork GaragesClaim Settlement Ratio
1Bajaj Allianz General Insurance4,000+88.83%
2Bharti Axa General Insurance5,200+87.99%
3Hdfc Ergo General Insurance6,800+91.23%


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Add-ons to Car Insurance

Add these useful and affordable add-on covers to your auto insurance plan to supplement the base coverage.


Car Insurance from Bumper to Bumper

Bumper to Bumper is an add-on policy that provides comprehensive coverage for cars regardless of their depreciation value. The depreciation cost is not deducted from the compensation for the repair and replacement of automotive parts, with the exception of car batteries and tyres, under this policy. In simple terms, it eliminates depreciation from the claim settlement process and provides total coverage for the car's rubber, fibre, and metal components.


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Car Insurance Coverage

What is Covered?

Bodily Injuries Caused by a Third Party

Your insurance company will cover all bodily injuries caused by your car in an accident.

Disability of a Third Party

If your car causes an accident that causes a third person to become disabled, you will be compensated for it.

Death of a Third Party

If a third party dies as a result of an accident caused by your car, you will be compensated.

Property Damage to Others

Damages to the property of a third party would be covered up to Rs. 7.5 lakh.

Accidents on the Highway

Your car will be insured for damages caused by accidents or collisions.

Natural Disasters

Natural calamities such as earthquakes, floods, cyclones, and other natural disasters will be covered.

Natural and man-made disasters

Damages to your car caused by man-made calamities such as riots, strikes, terrorism, vandalism, and so on will be covered.

Transit-related damage

Damages to your car caused by road, rail, inland canal, or lift transit will be covered.

Fire/Explosion

Your car will be insured for damages caused by fire and explosions.


Your Car Has Been Stolen

Your automobile is protected if it is stolen or burglarized.


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What is not Covered?

Drunk Driving is a serious offence

Claims arising from occurrences in which the insured was driving while intoxicated are not acceptable.

Driving While Not Possessing a Valid Driver's License

If the insured was driving without a valid driver's licence, no coverage is provided.

Depreciation/Wear and Tear

By default, no coverage is provided for the car's depreciation costs.

Consumables

Engine oil, brake oil, air conditioner refrigerant, radiator coolant, nuts, bolts, screws, washers, lubricant, and other items are not covered.

Mechanic/Electrical Failure

Mechanical and electrical faults are not covered.

Driving While Under the Influence of Alcohol or Drugs

Claims involving a driver who was under the influence of drugs are not covered.

War Damage/Nuclear Attack

Damages incurred as a result of a war or nuclear activity/attack are not covered.

Except in the event of an accident, damage to the tyres or tubes is prohibited

Damages to tyres and tubes are excluded from coverage by default, save in the case of accidents.

Outside of Covered Geographical Boundaries Damage

Damages sustained outside of the covering geographical limitations are not covered.

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What Is the Process for Filing a Car Insurance Claim Online?

A claim for car insurance can be made in one of two ways: cashless or reimbursement. The claim is settled in a cashless manner when you visit a network (partner) garage of your insurance carrier for car repair work. When you visit a non-network garage of your choice, you settle the claim first, and your insurance company reimburses you later. To file an automobile insurance claim, follow the steps below:


Step 1: Notify your insurance company of the situation.

Step 2: Get a hold of your claim notification number.

Step 3: To estimate the damages, a surveyor will go to the scene of the accident.

Step 4: If necessary, your insurance company will arrange for towing services for your vehicle.

Step 5: Repair your car at a cashless network garage or a garage that you own.

Step 6: The claim will be compensated by the insurance company based on the garage you choose for repairs.


Car Insurance Popular Car Companies

  • Maruti Car Insurance
    Maruti
  • Hyundai Car Insurance
    Hyundai
  • Tata Car Insurance
    Tata
  • Honda Car Insurance
    Honda
  • Toyota Car Insurance
    Toyota
  • Renault Car Insurance
    Renault
  • Ford Car Insurance
    Ford
  • Volkswagen Car Insurance
    Volkswagen
  • Chevrolet Car Insurance
    Chevrolet
  • Skoda Car Insurance
    Skoda
  • Nissan Car Insurance
    Nissan
  • Mahindra Car Insurance
    Mahindra



















Different Car Insurance Plans are Compared

CoverageThird-Party CoverStandalone OD CoverComprehensive Cover
Third-Party Bodily Injuries
Third-Party Property Damage
Car’s Own-Damages
Personal Accident Cover
Theft of Car
Add-ons Availability



Car Insurance Frequently Asked Questions

What is a car insurance policy?

Car insurance, often known as four-wheeler insurance, is a contract between an insurance company and a car owner in which the former covers the policyholder for financial losses sustained by his or her vehicle as a result of unanticipated circumstances. There are three types of automobile insurance policies: third-party car insurance, standalone own-damage car insurance, and comprehensive car insurance, depending on the coverage.

Why should I buy car insurance?

There are several advantages to having four wheeler insurance. To begin with, it assists you in meeting the legal need of having at least third-party car insurance. Furthermore, a car insurance coverage assists you in meeting financial obligations to a third party or own-damage to your vehicle as a result of a road accident or other unforeseen incident.

What are the different types of car insurance policy in India?

In India, there are three types of automobile insurance policies based on coverage: third-party car insurance, standalone own-damage car insurance, and comprehensive car insurance. A third-party (also known as liability-only) automobile insurance policy solely covers third-party liabilities, whereas a comprehensive car insurance policy covers both own and third-party liabilities. A standalone own-damage policy covers only the insured's car for its own-damage losses.

How much is car insurance premium?

The IRDAI sets the premium rates for third-party automobile insurance, which are based on the car's engine capacity. The cost of standalone own-damage and comprehensive car insurance policies, on the other hand, vary from car to car depending on a variety of criteria such as the car's MMV (Make, Model, and Variant), RTO location, engine size, registration city, fuel type, and so on.

What if my car insurance policy gets expired?

Every automobile insurance policy has a validity time after which you must renew it in order to continue receiving benefits. Even if you forget to renew your vehicle insurance plan before it expires, you can still do it during the following 90 days of the expiration date. Car insurance cannot be renewed after the 90-day period has expired. You'll need to get a new car insurance policy in this situation.

How to find my car insurance policy number?

Your car insurance policy number is a unique 8 to 10 digit number that your car insurance company assigns to your account in order to identify it. It's usually written on your insurance card or on the insurance company's statements. As long as your policy with the particular insurance provider is current, the number will remain the same.

Which is the best car insurance company in India 2021?

There are several things that distinguish a vehicle insurance business from its competitors. Claim Settlement Ratio is one such crucial factor (CSR). It's the proportion of claims settled by an automobile insurance company out of the total number of claims it receives in a given fiscal year. The insurance companies with the highest claim settlement ratio in the financial year 2018-19 are IFFCO Tokio General Insurance (96.44 percent), Royal Sundaram General Insurance (94.07 percent), and Oriental Insurance Company (93.16 percent ).

Is car insurance mandatory in India?

According to the Indian Motor Tariff, every car owner in the country is required to have at least third-party coverage. For the first offence, failure to have a legal third-party car insurance plan is a penal offence that carries a fine of Rs. 2,000 and/or a sentence of up to 3 months in prison.

How is car insurance premium calculated?

The IRDAI determines the premium for third-party automobile insurance policies, however the premium for standalone own-damage and comprehensive plans varies from one insurance firm to the next. The following are some of the elements that influence the cost of own-damage four-wheeler insurance:

Insured Declared Value (IDV) – The insured declared value (IDV) represents the four-current wheeler's market value. IDV is the amount that insurance companies pay the policyholder in the event of a total loss of the car, and it is one of the most important elements that determine the premium calculation. A higher IDV is associated with a higher premium. 

Engine Cubic Capacity - The premium for a car insurance plan is also determined by the cubic capacity of the vehicle's engine. The bigger the premium, the larger the car's cubic capacity.

Age of the Vehicle — Depreciation affects the value of a four-wheeler over time. As a result of normal wear and tear, the car's market value decreases, and its insurance premium decreases. As a result, the higher the age, the smaller the premium.

Make, Model, and Version - The IDV of the car is affected by the make, model, and variant of the car, which in turn impacts the car insurance premium. Different premiums apply to different makes, models, and versions of the car. 

RTO Location - Another crucial consideration is the car's RTO location. It provides information to the insurance provider regarding the amount of traffic in the area/city where the automobile will be driven, as well as the likelihood of road accidents and other disasters.

Can car insurance be transferred to the new owner at the purchase of a second hand four wheeler?

In the event of the sale of a used car, the four-wheeler insurance can be transferred from the previous owner to the new owner. The insurance transfer must be done within 14 days of the car's purchase date, according to the Indian Motor Tariff.

Can one car owner buy two policies for the same car?

No, a single vehicle owner cannot have two insurance policies for the same vehicle. In lieu of complete four-wheeler insurance, a third-party insurance plan and own damage protection can be acquired separately for a four-wheeler.

How to Claim Car Insurance Online?

You may file a car insurance claim online by following the procedures below:

Step 1: Visit the website or download the app to file a claim.

Step 2: The car's owner receives a claim registration number after claim registration.

Step 3: After filing a claim, the four-wheeler insurance company sent a surveyor to the scene of the accident to examine the amount of the damage. To proceed with the claim, the policyholder must provide the relevant paperwork to the surveyor at this time.

Step 4: After that, the four-wheeler is taken to a garage for repairs. Payment for the claim will be provided depending on the type of garage.

Step 5: If a network garage is chosen, the bill is settled directly with the garage by the four-wheeler insurance company. If the garage is not part of the insurance company's cashless garages network, the policyholder is responsible for paying the bill, which will be refunded by the insurer later.

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