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About Car Insurance

Car insurance is designed to provide financial protection to the four-wheeler against damage/loss caused by fire, accident, theft, or other man-made/natural calamities. It also handles the financial liabilities incurred against damage caused to the third-party individual/property by the insured.

Importance Of Car Insurance

More than 54 road accidents occur on the Indian roads every hour. Along with injuries to individuals, cars also suffer significant damages. What will you do if the repair costs are high and you don't have the stomach to pay the expenses? Who will help you out?

Car insurance is the answer to it. The insurance provider will check the extent of damages and pay for the repairs without asking any questions. In case you run into a third-party or damage his/her property, your insurance provider will look after its expenses as well.

According to The Motor Vehicles Act, 1988, the Indian government also stresses the importance of car insurance and makes it mandatory to at least own third-party car insurance for your four-wheeler. If you decide to go against it, be ready to face the wrath of the Indian Judiciary system.

Types Of Car Insurance Plans In India

Third-Party Liability Plan

car third party

It only covers the damages caused to the third-party individual/property. No coverage is provided to the policyholder.

The third-party liability insurance quote is the mixture of a few components, which comprises of:-

  • Third-Party premium.
  • Premium for Personal Accident Owner-Driver Cover.
  • Goods and Service tax.

Comprehensive Plans

It is also called the 'Big Brother' of third-party liability plans. Why? Apart from covering the third-party damages, a comprehensive plan looks after the policyholder's damages as well.

The quote for the comprehensive car insurance cover is the sum of its components, which includes:-

  • Third-Party premium & Own Damage premium.
  • Premium for Personal Accident Owner-Driver Cover.
  • Additional coverage (add-ons) along with Goods & Services Tax.
comprehensive coverage

Pay As You Drive

Pay as you drive is a comprehensive car insurance plan that charges a premium based on the usage of the car. In January 2020, the IRDAI launched the usage-based insurance (UBI) private car insurance policy (under its regulatory sandbox initiative) to offer a customized solution for vehicle owners.

What Are The Benefits Of Car Insurance?

Apart from own & third-party damage cover, car insurance offers other benefits as well. They are listed below for your reference.

Coverage Against the Damage of the Insured Vehicle

NCB

Having a comprehensive car policy offers coverage against damage or loss to your car due to accident, fire, or self-ignition.

No Claim Bonus

NCB

It is a discount that is offered to the policyholder for filing zero claims over the previous years. The discount can range between 20-50% at the time of renewal.

Additional Covers

additional benefits

Apart from the basic cover, there are several additional covers that you can opt for wider coverage, but they vary from insurer to insurer. A brief explanation of them is given in the latter part of the write-up.

Cashless Garages

loss damage

You can get the repairs done in network garages, which are associated with your insurance provider. Its benefit? You don't have to pay a single penny. The bill will be settled by your insurance provider.

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Check Health Insurance Premium

How Is Car Insurance Premium Calculated?

The car insurance premium is the amount that you have to pay to keep your policy active. It usually varies from insurer to insurer & model to model. To calculate car insurance premium, you can use the below-stated formula.

Premium= Own Damage Premium – (No claim bonus + discounts) + Liability Premium as Fixed by the IRDA + Cost of Add-ons.

Based on the below-mentioned points, the company determines the car insurance premium-

  • The manufacture year of the vehicle: This determines the age of the car. Older vehicles have low insurance rates in contrast to new automobiles.
  • Vicinity of registration of the vehicle: Your residential place and the vicinity in which you got your vehicle registered also has an impact on car insurance premium.
  • Model of the vehicle: If the vehicle has steeply-priced or uncommon spare parts, the coverage for the top class of the car might be higher as well.
  • Use of the vehicle: Car Insurance providers offer personal and business coverage rules. If a vehicle is used for commercial purposes, it will attract higher coverage rates.
  • Safety devices: Today, most of the vehicles are geared up with safety capabilities and anti-theft devices. You're eligible to get a discount on the premium of up to 2.5% (if your vehicle is secure). Also, the devices must be approved by the Automobile Research Association Of India.
  • Claims records: If you raise a claim against your vehicle insurance, the premium is likely to head up. If you abstain from raising claims, you may be rewarded with a No-claim Bonus (NCB).

Let's take the help of the above factors and display a practical example.

Car VariantPrice of the CarIDV*Zero Depreciation (Add On)*Premium*
Hyundai Verna (2017) SX Plus 1.6 VTVT AT (1591 cc)Rs.13,00,225Rs.9,79,195Rs.3,917Rs.36,095

Table Data updated on 13-11-2020

*The values are calculated on the basis of the city (Delhi) and year of registration (2020).

What Add-ons Are Available In Car Insurance?

Personal Accident Cover: The insurance provider will offer financial compensation to you/family if your bodily injuries (in an accident) lead to partial/total disability or death.

Roadside Assistance: If you opt for this, you will get the necessary assistance if your vehicle is a victim of tire puncher, battery problems, etc.

Key Replacement Cover: If you lose your car key, this feature will cover the expenses of the new lock.

Zero Depreciation Cover: Under Zero Depreciation Cover, the insurance company will offer the original cost of the vehicle's part instead of the depreciated value.

Return To Invoice Cover: If your vehicle is damaged beyond repair (in an accident) or stolen, this add-on will compensate you for the invoice value of your car instead of its insured declared value.

Loss Of Belongings: If an expensive/precious item is stolen from your vehicle, this add-on will compensate you for it (partly/fully).

Daily Cash Allowance: If your car is stuck in a garage for more than 3 days, you will get a daily allowance to cover your transportation expenses.

Best Car Insurance Policy

Why Is It Best To Buy Car Insurance Online?

Easy Comparison

In India, several insurance companies deal with car insurance. With so many options, it becomes quite difficult to choose the best among them. By doing an online comparison (based on premiums, network garages, etc), you will be able to find a suitable provider to meet your needs.

For a quick and convenient comparison, you can log on to PolicyX.com. You just have to provide your basic details and a list of several companies (along with their insurance details) will pop in front of you. The entire process will hardly take 30 seconds and you will get a list of options without spending your hard-earned money. To offer more comfort, PolicyX.com has prepared a list of the top 15 insurance providers that offer car insurance.

Accessibility

With the online medium, you are free to access a company's website/app from any location. If you have an internet connection, then place and time is not a constraint for you. With the same, you can visit any insurance company's website/app from your home and easily buy an effective plan.

Affordable

Those who buy car insurance online are given certain discounts on insurance premiums as paperless documentation cuts down the insurance company's expenses.

Instant Premium Calculation and Approval

The insurance company comes out with a built-in tool that is popular by the name of the insurance premium calculator. You just have to provide your basic information and within minutes, several premium figures will pop on your screen to choose from.

Transparency

Comparing and buying car insurance online is a great idea to get clarity of each detail associated with the product. It helps to make the right decision.

Third-Party Car Insurance Cover vs Comprehensive Car Insurance Cover

ParametersThird Party Car Insurance CoverComprehensive Car Insurance Cover
AffordabilityBecause of its limited coverage, third-party car insurance is affordable.Because of its vast coverage, comprehensive car Insurance cover is comparatively costlier.
Add-ons AvailablePersonal Accident Cover.Zero Depreciation, NCB Cover, Engine Protection Cover, Invoice Cover, etc.
ExclusionsDriving Drunk.
Driving Without License.
Consequential Damages.

For more details on this topic, check out our article.

Claim Settlement Ratio Of Car Insurance Companies

A person invests in car insurance to get the required financial cover in the time of need. But what if your claim is cancelled because your provider is not financially capable to process it? The entire concept of car insurance will hold no meaning to you, isn't it? That's why it is important to choose the right insurer with a high claim settlement ratio.

Here's an exhaustive list of companies that offer car insurance plans with best-incurred claims ratio -

Serial NumberInsurance ProviderIncurred Claims Ratio (2018-2019)
1Acko General Insurance Ltd129%
2Bajaj Allianz General Insurance Company62%
3Bharti AXA General Insurance Company75%
4Cholamandalam MS General Insurance Company84%
5DHFL General Insurance Limited29%
6Edelweiss General Insurance Co. Ltd.145%
7Future Generali Insurance Company69%
8HDFC ERGO General Insurance Company82%
9IFFCO Tokio General Insurance Company87%
10ICICI Lombard General Insurance Company74%
11Kotak Mahindra General Insurance Company74%
12Liberty Videocon General Insurance Company70%
13Magma HDI General Insurance Company65%
14Raheja QBE General Insurance Company102%
15Reliance General Insurance Company85%
16Royal Sundaram General Insurance Company89%
17SBI General Insurance Company87%
18Shriram General Insurance Company69%
19Tata AIG General Insurance Company70%
20Universal Sompo General Insurance Company88%

What Documents Are Required To Buy Car Insurance?

  • Driver's license.
  • Vehicle information.
  • Bank details.
  • Duly filled claim form.
  • Tax receipt.
  • All the paperwork (filled by you) sent by the insurance provider.
  • Others requested by the company.

How to BuyYour Car Insurance from PolicyX.com?

Buying a car insurance policy from PolicyX.com is an easy and hassle-free task. Just follow the below-steps and secure your car right away:

  • Go to the top of this page and fill the form 'Compare Car Insurance Quotes Online'.
  • Provide the car number (if you have) and click on the tab 'Get Quotes'. Alternatively, you can click on 'Proceed without car number' and enter the required information to proceed ahead.
  • Once done, fill the next form with the details like your car's variant, RTO code, Reg. Date and select the 'New Car option'. Click on the 'Continue' button.
  • After this, you will be directed to the next page where you will get a list of car insurance quotes.
  • Choose the most suitable one for you, and make the online payment.
  • Once the payment is done, your policy details will be sent to your registered email address.

*If you already have a car insurance policy, you can easily renew it by following the same above-mentioned process. All you have to do is select the 'Renewal' instead of 'New Car'.

Why PolicyX.com Is The Perfect Platform To Buy Car Insurance?

By now, the importance of having car insurance must be imprinted in your brain. It is no surprise that several insurance companies in the market have started their business because of the rising demand for car insurance. So, in the pool of options, why should you bet on PolicyX.com? Let's find out.

We are unbiased: Let's make it very clear. We only care about our customers. This means unbiased advice is always on the table. So, there is no scope for confusion.

Our support team is always on the watch: Our customer service team is also known by a code name- The Watch Guard. Surprisingly, this name was given to them by our loyal customers. No matter how many queries you throw at them, they will always guard (offer assistance) you until the end.

We have IRDAI's support: Every insurance company needs IRDAI (Insurance Regulatory and Development Authority) approval to freely operate in the market. Very few of the insurance providers can win the heart of IRDAI. Luckily, we are one of them. Registration number (IRDA/WBA 17/14), just saying.

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Check Health Insurance Premium

What Is Not Covered Under Car Insurance?

  • Damages caused to the vehicle while driving under the influence of alcohol.
  • Loss and damages that take place because of war and nuclear risk.
  • Accidental damages that take place while using your car for illegal activities.
  • Regular mechanical expenses because of consistent wear and tear.
  • Losses incurred while driving without a valid license.

How To File A Car Insurance Claim?

To apply for a claim, you can go by any of the two modes- cashless and reimbursement. A detailed explanation of both is given below.

Cashless Claim

  • In case of any damage to your car, take it to a network garage and inform the insurer.
  • Submit all the required documents along with the claim form.
  • Allow the surveyor to analyze your vehicle and the whole scenario.
  • After getting the approval, the surveyor will directly connect with the garage and pay on your behalf.

Reimbursement Claim

  • After your vehicle is repaired from a non-network garage (with expenses paid), you can apply for a reimbursement claim.
  • Submit the claim form attached with the necessary documents.
  • The insurance company will analyze your case.
  • After getting the approval, the company will reimburse you directly.

Take a note of the below-mentioned documents, which you have to submit along with the claim form-

  • Copy of the insurance.
  • Driving license copy, Registration Book, and FIR (if required).
  • Copy of repair bills and payment receipts.
  • Sets of keys/booklets/warranty cards (in case you are a victim of theft).
  • Tax payment receipt.
  • Any other document requested by your insurance provider.

A Thing To Remember : If your claim (cashless/reimbursement) is rejected, please ask your insurer to highlight the reason for it so that you are careful in the future.

Motor Insurance News

No, the deadline for motor insurance policies are not extended till 31st December 2020

November 02, 2020

On 24th August 2020, the Indian government released a statement extending the validity of all vehicle-related documents (expiring on/after 1st February 2020) till the year-end. The list of such documents includes a PUC certificate, driving license, vehicle registration certificate, etc. This was done due to COVID-lockdown when government offices weren't operating at its full capacity and people were not able to renew their documents.

Some people thought that the rule may be applied to motor insurance policies as well. To avoid any confusion, the General Insurance Council has clarified that motor insurance policies are not a part of that list. All motor policies (especially own-damage cover) have to be renewed on time to avail of their benefits.

Now, renew your third-party vehicle insurance in India till 31st December 2020

September 17, 2020

Even though we are in Unlock 4.0, there are a few cities were minor restrictions are still in place to curb the spread of COVID-19. Because of this, government offices around India are not functioning to its fullest potential. Keeping this in mind, the Union Ministry of Road Transport and Highways has extended the validity of all vehicle-related documents (like PUC, RC, license, etc.) under the Central Motor Vehicle rules and Motor Vehicle Act till 31st December 2020.

After witnessing the current situation of COVID crises in India, the MoRTH believes that this extension is necessary to offer comfort to the motor owners. That's why they have extended the validity for the fourth time in the last 6 months.

For those of you who aren't familiar with the term third-party vehicle insurance, this type of insurance offers coverage against third-party damages arising due to an accident. According to IRDA, third-party insurance is mandatory for every car/two-wheeler owner in India.

Sadly, this extension does not apply to an own-damage clause. So, if you have a comprehensive car/two-wheeler insurance and it's about to expire, renew it at the earliest. If you are caught by the officials without the policy, be ready to pay a hefty fine.

Don't have a PUC certification? Don't worry, your motor claim won't be rejected.

September 03, 2020

On 6th August 2020, the Insurance Regulatory And Development Authority Of India (IRDAI) clarified that no insurance company can reject a motor claim on the grounds of not having a PUC certificate.

Pollution Under Control certificate is awarded to the vehicle, whose emissions are aligned with the standard pollution norms and intent no harm to the environment. All motor vehicles must have a PUC certificate to be legally driven on the Indian roads. If any vehicle is caught without a PUC certificate, its owner needs to pay the penalty as per the Motor Vehicles Act.

IRDAI released the clarification to silence some false media reports stating that insurance companies have a right to reject a motor claim if no PUC certificate is submitted at the time of a claim. However, you do need a PUC certificate at the time of motor insurance renewal. No general insurance company will entertain your renewal without it.

New Motor Vehicles to Cost You Less

August 10, 2020

IRDA has come up with a piece of good news for new motor buyers. From 1st August 2020, all insurance companies will stop the sale of long-term motor insurance package to cut down the on-road cost of a new motor vehicle. This means that people looking to buy new vehicles will have no pressure to invest in long-term motor insurance, which included third-party insurance and own-damage cover (for three years) for car owners and five years for two-wheeler owners. This move will bring a smile on the face of new buyers as they won't have to worry about spending a hefty amount of money to get the comprehensive insurance.

According to IRDA, long-term third-party insurance is not popular among vehicle owners, thanks to its poor flexibility and unaffordability. Also, there may be cases of forced selling. That's why the insurance regulator decided to shut down the policy.

Now from 1st August 2020, the insurance companies will sell long-term third-party liability insurance for five years for two-wheelers and three years for car owners. The premium will cost you the same in the entire market and coverage will be identical. If you wish to secure your vehicle for own damage, you can either purchase a 'Bundled' policy (one-year own damage cover + long-term third-party policy) or purchase two separate policies (stand-alone own damage cover and stand-alone long-term third-party policy). The NCB will be calculated annually and you can use it to get a discount on renewal of the own-damage policy.

    Car Insurance: FAQs

    1. I have to sell my car. Can I transfer my existing car insurance policy to the buyer?

    Yes, you need an endorsement form along with the necessary documents (old RC copy, NCB recovery amount, etc) to transfer the existing policy to the buyer of the vehicle.

    2. What is Constructive Total Loss in car insurance policy?

    It refers to the accidental loss/damage to your car/bike where the aggregate cost of repairs amount is more than 75% of the Insured Declared Value (IDV).

    3. If I have CNG or LPG kit fit in my car, is it important to inform the Insurance Company about the same?

    Yes. It is highly important to inform the Road Transport Authority (where the vehicle is registered) and your Insurance Company. The RTA will make changes in the Registration Certificate (RC) accordingly, and the Insurance Company will inform you about the additional premium that you have to pay for the same.

    4. Is it possible to submit bills at the end of the year for all small repairs of my vehicle?

    No, you have to inform the insurer about the claim immediately without any delay otherwise the insurer will not be able to pay the claim amount.

    5. Is it possible to get a discount on the premium if I stay with a single insurer for several years?

    No, insurance companies don't offer any discount if you are loyal to them.

    6. I want to buy car insurance for Hyundai Creta. If I check quotes after every 20 minutes, will I get a better deal?

    No, that's not how it works. Insurance companies update their premium prices after every 15 days. Refreshing the quotes after every few minutes won't help you out.

    7. I have checked the quotes but I need some time to make the decision. Can you send me the latest quotes via mail to review later (if required)?

    No, that's not possible. You can bookmark PolicyX.com and check the quotes as per your convenience.

    8. Can I move my commercial vehicle from the actual spot of the accident?

    You have to wait for a spot survey done by the insurance company. Only after that can you move your vehicle.

    9. I have an electric car. Will I get a discount on its premium?

    According to IRDA, you will get a 15% discount on the insurance premium.

    10. Can I buy two policies for a single car?

    Legally, you can but it is not recommended.

    11. Can I cancel my car insurance policy?

    Yes, you need a few documents (request letter, copy of the original policy, sale proof of the vehicle, etc) to cancel the insurance.

    12. The repair damage to my vehicle cost around Rs.20,000 but my cover is of Rs.15,000. Do I have to pay Rs.5,000 from my pocket?

    Yes. The additional expense needs to be paid by you.

    13. Will I get the duplicate copy of my car insurance if I lose the original one?

    Yes. You need to visit the branch office of your respective provider, submit a written request, and pay a nominal fee to get the duplicate copy.

    Find Out What PolicyX Customers Says

    May 25, 2018

    Ashok
    Bikaner

    It's a good Experience and easy to process Mr. Gagandeep Singh he helped me a lot great follow up and nice to see the aggressiveness towards sales.

    May 22, 2018

    Rupali
    Panipat

    I have taken the car insurance from Tata AIG Car Insurance and the premium is 8000. I never had any issues with the policy and their services.

    May 16, 2018

    Ankit
    Bhiwandi

    The policy coverage is 2.40 lakhs. I have good claim experience with them once they had covered 80%, The insurance was taken in 2017, car modal is Honda Amaze.

    May 16, 2018

    Neeraj
    Indore

    I am paying a premium of 10000 rs. I never faced any issues with the policy and their services. good work.

    May 15, 2018

    Neel Varma
    Indore

    I hold car insurance from past 2 years and till now no claim has been made. Happy with the car policy.

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    Last updated on 13-11-2020