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  • About Car Insurance
  • Benefits
  • Inclusions & Exclusions
  • Why Compare?
  • Renewal
  • Premium Calculation
  • Claim Settlement
  • FAQ's

About Car Insurance

Car Insurance

Car insurance is an insurance plan that offers the needful financial cover to the vehicle against several different forms of damages, theft, stolen, and the third party liability as well. Well, we are aware of the fact that in India, if you drive without a valid vehicle insurance plan then you will have to pay penalty for the same. Car Insurance refers to be the best insurance plan to protect your vehicle from financial emergencies that includes any legal liability, physical damage, bodily injury, traffic collision, etc. Car insurance does carry several beneficial and helpful features which surely help the insured during the hour of need.

With the help of a car insurance policy, the policyholder will get the required cover against loss or damage of the vehicle that is caused by Accident, theft, fire, explosion, self ignition, lightning, riots, strikes, Act of terrorism, Transit by Rail, Road, Air & Elevator and natural calamities, (Earthquake, Flood and more).

  1. It will also offer the required cover against all financial liability that caused injury or death of a third party or damage to the property
  2. The personal accident will also come under various car insurance

Car insurance is mandatory to have in India, so it becomes really important to choose wisely. Nowadays when it comes to investing in a car insurance plan then there will be numerous options that a person can easily explore. With the online presence of renowned insurance portals, it becomes quite easier for a person to buy the desired insurance plan.

Best Car Insurance plan offers a wide range of benefits and features. People can also save money on car insurance by investing in the same online. Here at PolicyX.com, we are offering great discounts through which you can save a huge amount on car insurance easily.

Types of Car Insurance Policies in India

In India, Car Insurance is basically categorized in two different forms that include

1. Third Party Liability Coverage:

Third party liability cover is basically designed in a way under which the insurer will be liable to offer the cover to damages which are caused by you to the third party. Third party liability cover is not liable to cover any losses or damages caused to the policyholder. It is basically designed to take care of the minimum risks which are covered under the Auto Vehicles Act 1938. According to the Indian Law, having a third party liability insurance is mandatory for each and every car owner.The third-party liability insurance quote is the mixture of a few components which comprises of:-

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

  1. Third-party premium
  2. Personal Accident Owner Driver Cover
  3. Goods and Service tax

When it comes to the third-party the basic premium usually depends on the cubic capacity. IRDA revised these rates every year.

2. Comprehensive Coverage:

Comprehensive cover is the most effective form of car insurance. This form of cover is designed in a way that can offer wider coverage to the insured and the third party as well. Under the same, you not only get the basic third party liability cover but also the complete cover to the insured vehicle as well. It will provide cover against maximum expenses to the insured car and third party liability as well.

Under the same, the insured will get the required financial cover against losses and damages associated with the car that takes place because of natural calamities, accidents, theft, fire and much more. It is a complete car insurance plan along with the additional benefits. It is always advisable to go for a comprehensive cover and it offers the required cover against maximum things along with several helpful benefits.

It is very important to examine the cover properly that you are going to opt. It is advisable to pay attention to the specific features that you wish to carry along with the premium discounts. PolicyX.com is the right platform which can assist you in choosing the best insurance policy. With the same, you can easily compare available car insurance policy on the basis of features, benefits, inclusion, etc and can choose the best plan accordingly.

The quote for the comprehensive cover is the sum of its components which include:

  1. Third-Party premium
  2. Own Damage premium
  3. Premium for Personal Accident Owner-Driver Cover
  4. Additional coverage (add-ons)
  5. Goods & Services Tax

Basically, the premium amount of your car insurance plan is decided on the basis of Insured Declared Value (IDV). With the increase in the IDV, the premium will increase and with the decrease in the same IDV, the premium will reduce.

Benefits

Benefits of Car Insurance

Apart from the being mandate feature, car insurance carries a wide range of benefits for you, which makes it a way better product for car owners in India. Some of these benefits include

Cover against loss or damage

Coverage against loss or damage that takes place because of accidents, fire, theft, self-ignition, explosion, lightning, riots, terrorist activities or natural calamities.

Personal Accident cover

Cover against financial liability caused by injury or death of a third party or damage to the vehicle.

Additional Covers

Car insurance has already become a necessity in India, not only because of laws but also because of its benefits as well. Basically, a car insurance policy provides the needful cover to the insured in case of any loss that takes place because of theft, accident, fire, explosion, etc. You should invest in a car insurance policy for your own vehicle’s safety as well. With the third party liability cover, you can protect yourself from paying huge penalties during accidents that are caused by you. But what are the several benefits that you can explore under the same? Let's explore what car insurance serves to you.

Zero Depreciation Cover

If you go for the Zero Dep Cover, then you will be liable to get the original cost of the part instead of the depreciated one from the insurance company. Usually, insurance companies provide this effective add on the cover to cars which are 2 to 3 years old. You might have to pay an additional to avail the benefit of this add on the cover.

No Claim Bonus

When you do not file any claim during a policy tenure, then you will be liable to avail a discount at the time of renewal. And such discounts are known as a no-claim bonus. Such discounts assist a lot in saving huge money in the premium payment as well.

Roadside Assistance

With an effective car insurance policy, you will get the option of availing several forms of assistance in the form of add on covers. These benefits can be emergency transport, daily allowances, assistance in case of a dead battery, taxi benefits, towing facilities, assistance if the fuel in the car runs out, freebies and many more. These small things help you effectively when you got stuck in unwanted situations.

Invoice Cover

It is commonly known as the return to invoice cover. It is basically an add on the cover that assists the policyholder in case of a complete loss of your car because of any damage caused by an accident. In such type of situations the insurance company will pay the depreciated value of the car to the insured, but with the help of this add-on coverage, you will receive the amount that will assist you in buying a new car.

Replacement Cover

This feature of the plan assists you if you lose the keys to your car, this feature will cover the expenses of its replacement. This will also provide coverage for the procurement of new locks. Normally the insured will be able to take advantage of this plan once in the whole policy.

Benefits of Buying Car Insurance Policies Online

Investing in a car insurance policy online is the most convenient and effective medium. These days, insurance companies have come out with several innovative ideas which have made the whole buying process easier. Investing in a car insurance policy do carry several benefits such as

Easy to Accessible

With the online medium, you are free to access the website and app from anywhere. 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 from your home and can buy an effective plan easily. Moreover, you can take help of an online insurance web aggregator to compare plans and can get the best out of all.

Easy, Hassle-free and less Time-consuming

The entire process of buying insurance has become a lot easier. You can log into the same any time and can make your purchase. The entire process of purchase is hassle free and takes a very little time as compared to an offline insurance policy. It requires less documentation and you don't have to stand in the long queues of offices.

Comparing Several Options

With the online platform, you will be able to compare several plans provided by top insurance companies of India. You can compare the plan on the basis of your requirements, coverage, budget, etc. With the online facility, you are basically getting the freedom of choosing the best insurance plan according to your needs.

Affordable Cost and Less Documentation

When it comes to investing in car insurance online, you can buy the same easily at a lower price as compared to the offline plans. Also, those who buy car insurance through online modes/online are given certain discounts on insurance premium as paperless documentation cuts down the insurance company's expense too.

Instant Premium Calculation and Approval

The insurance company comes out with a built-in tool which is popular by the name of insurance premium calculator. The insured just have to prove some basic information and the rest is upon the calculator. The insurance company can verify the provided information anytime for the easy approval of your claim on time.

Inclusions & Exclusions

Inclusions and Exclusions in Car Insurance

InclusionsExclusions
It covers all damages caused to your car that take place because of accidentsDamages that caused to the vehicle while driving under the influence of alcohol
Will be liable to avail Personal Accident Cover, in case of death or permanent disability.Loss and damages that that take place because of war and nuclear risk
Financial protection against Natural Calamities such as floods, earthquakes, etc.Accidental Damages that take place while using your car for illegal activities
In case of Theft, your insurance company will pay an amount which will be equal to your IDVLosses incurred while driving without a valid license
Man-made disasters such as riots, strikes, fire, and terrorism will be coveredRegular mechanical expenses because of consistent wear and tear

What you will Get Under Car Insurance Cover- Inclusions

Protection Against Third-party Liabilities

It covers the financial loss 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 man-made 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.

Additional Coverage

Apart from the basic damage and loss coverage, many policies offer extended coverage against other types of assistance for the vehicles. 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 of depreciation by replacement or repair of the damaged car part. This is one of the most highly sought after add-on covers of a vehicle policy.

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 do 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 an 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.

What is Not Covered Under a Basic Car Insurance Plan

There are a few risks which are not liable to get the required coverage under a basic car insurance policy. However to get the cover against the same you can go for add on covers.

  • Mechanical expenses that occur because of normal wear and tear of the car and its parts are not usually covered in a standard plan. However, you can get the cover on the same by opting for zero dep cover.
  • Usually, a car’s engine is not liable to get the cover for malfunctions that are non-accidental. You can cover the same by option for an engine protector cover. It will protect the same against non-accidental electrical and mechanical breakdowns.
  • Passengers in a car or a hired driver are not included under a basic car insurance policy. However, you can add-on an Extended Accident Cover for the required cover.
  • A standard car insurance policy is valid only within the geography of India, but it can be extended to include neighboring countries like Bangladesh, Sri Lanka, Bhutan, Pakistan, Nepal and the Maldives for an additional premium of Rs. 500 for each vehicle. However, these geographical extensions exclude protection for damage to the vehicle or injury to its occupants/third-party.
  • It is always advisable to go through the policy documents carefully and understand the conditions included therein. It will help you at the time of filing claim, as it avoids confusion and provides a better clarity of the whole process.

Why Compare?

We all are aware of the fact that car insurance is mandatory to have in India. In India, there are many insurance companies that deal in car insurance companies. So with the so many options, it becomes difficult to choose the accurate insurance policy. Here at PolicyX.com, you will get free quotes that allow you to save up to 60 percent on the premium.

With the help of available free quotes, the whole process of choosing the best insurance policy will become easier. It is very important to invest in a car insurance plan smartly. First of all compare all quotes on the basis of features, benefits, etc by multiple car insurance companies. Through the same process, you will get the best plan easily for yourself.

While motor insurance is mandatory, it is also essential to get the best policy within the desired budget. At PolicyX.com, we 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.

Why Comparing Car Insurance is Beneficial?

Convenient

It is very convenient as it allows you to compare quotes of top insurance companies instantly. No hassles and easy to use. An online insurance web aggregator will allow you to compare different policies from the comfort of your home.

Clarity

By comparing you will get the clarity of all details associated with the policy. You will get to understand what is the ideal cover for you along with attractive discounts. You will get the clarity what the policy includes and what not. It will help in taking the right decision.

Several Options

With the available different options, you can assure that you opt for the best insurance policy for your car. BY doing a comparison, you will also get to know that there are many insurance companies in the market who have better plans for you.

Save Money

Yes, you can save money in the whole process of buying car insurance by comparing. A comparison offers free quotes from several insurers.

Transparency

Comparing car insurance online is a better idea to get clarity of each and every detail associated with the product. It keeps complete transparency, like what will be the premium, what you will get under it and what will not.

How to Buy a New Car Insurance Policy?

Step 1- Visit quote section which is available at the top of this page

Step 2- Fill Basic details to get free car insurance quotes.

Step 3- Click on the ‘Proceed’ tab

Step 4- Compare quotes on the basis of features, cover, benefits, facilities, premium, etc.

Step 5- Check for the available discounts

Step 6- Choose for the right plan that can go well with your needs

Step 7- Click on the ‘Buy’ tab

Step 8- Make the payment using different payment mode

Step 9- Bingo, you are insured now

How to Choose the Best Car Insurance Plan?

Car insurance is basically an agreement according to which the insurer is liable to pay against the financial loss that occurs because of damages to the car. In India, it is compulsory to own a motor insurance plan to drive legally. It will be there to cover the losses that you might face in case of stolen or damaged car.

The amount of the premium related to your auto plan depends upon the Insured Declared Value (IDV) of your car. The more the IDV the more will be the premium amount, the less IDVs leads to the low premium amount. It is vital to compare features or plans before buying or renewing the current policy.

At PolicyX.com you can compare policies from top insurance companies with the help of free quotes in a few minutes. There are some things that you must check while purchasing an insurance policy. Auto insurance policy majorly covers the loss that occurs because of theft, scratch or accidents. With an effective car insurance plan, you will get bumper to bumper coverage.

Nowadays there are many insurance companies which are offering the towing facility, depreciation and other value-added services, thus it is essential to check all the terms and condition while purchasing the insurance policy. Carefully read through the policy documents and compare various plans before making a final choice.

Things to Consider Before Buying Car Insurance Plan

Brand:

While buying a policy it is vital to pay attention to the reputation of the insurance company. You must check the company's record and claim ratio. An insurance company with a bad claims ratio would not be advisable when buying a vehicle insurance policy.

Voluntary Excess:

According to the experts, the voluntary excess should be less than the NCB amount you will qualify for next year.

Safety Features:

If your car has any safety feature like alarm, immobilizer then you can get a great discount.

NCB:

It is advisable that you do not claim for minor damages and repairs which you can pay from your own pocket and which does not add any additional burden on you. It is advisable if you save your NCB for future requirements which may require higher cost spends.

Network Garages:

The aim of buying a car insurance policy is to protect you from any financial emergency in case of any damage/loss of your vehicle. Most online companies provide cashless services only if your vehicle was repaired in a network garage. Therefore, look for insurers with maximum network garages present in their list.

Renewal

Car Insurance Renewal

Car insurance is an important document that you must carry whenever you are driving otherwise you have to pay a huge penalty. Don't forget that you are carrying a valid insurance policy and for that, you have to keep renewing the same timely. And if you forget to get it done on time then the company may have a grace period as well. But still, you can easily get it to renew on time from the comfort of your home using the online car insurance services.

For the renewal, you can take help of any insurance company or can ask us, we will assist you in the same. The online renewing process is easy and hassles free. At the time of renewal, you can renew the existing policy or can go for portability. Under the same, you can insure your car with the new insurance company with the existing benefits and bonuses.

How you can Renew Online?

  1. Visit our car insurance page.
  2. Fill some basic details about your car like a brand of the car, variant, RTO code, reg. year, etc.
  3. Check quotes and get for the one that you think can easily go well with your needs.
  4. You can ask for personal assistance from our team of experts.

Online Car Insurance Renewal Checklist

When it comes to renewing your car insurance policy online, you must check each and every important information

1. Right Coverage:Those who own the only third-party plan should start thinking about the comprehensive policy. With such helpful and effective insurance plans you can easily get the desired cover.

2. Check IDV:You will get compensation in case of where the theft or loss takes place. Re-evaluate the car's Insured Declared Value against premiums. With the same, you will come to know about the best price.

3. Claims Check: It makes a huge difference. If you haven't gone through the claims ratio of your previous insurance company, then verify it now.

4. Check Cashless Garages:Look at all the cashless garages near your area that would offer repair services for your car.

5. Add-ons: Check all the available add-ons to get the most suitable one for yourself.

6. Deductibles & Discounts: Take advantage of all available discounts. The deductible is the amount that you have to pay every time before the claim.

Premium Calculation

Every car insurance owner has to pay a premium to keep his/her plan active. To know how much you have to pay for your car insurance, you can use the online premium car insurance calculator. The premium is calculated by a simple formula.

The simple formula can help you to understand the car insurance premium calculation better. Premium = Own Damage Premium – (No claim bonus + discounts) + Liability Premium as Fixed by the IRDAI + Cost of Add-ons.

Factors that affect the Car Insurance Price:

The premium of car insurance depends on the following factors:

  1. IDV (Insured Declared Value) of the vehicle
  2. Type and age of the vehicle
  3. Cubic capacity of the engine
  4. Geographical zone
  5. Age and gender of the owner-driver
  6. Fuel type
  7. The profession of the owner
  8. Voluntary deductible
  9. No Claim Bonus (NCB)
  10. Anti-theft device installation

On the basis of the below-mentioned point, the company determines car insurance premium

Year of Manufacture of the Vehicle - This determines the age of the car. Older vehicles can have decrease insurance rates in contrast to automobiles which might be especially new.

Vicinity of Registration of the Automobile - Your residential place and the vicinity in which you got your vehicle registered also has an impact on your motor insurance premium. Coverage groups have provided you with the concept of 'insurance zones', primarily based on the vulnerability of a car to loss or harm whilst operating in that region. Urban drivers usually pay extra for their vehicle coverage than vehicle-owners in rural regions or small towns. This is due to the fact the opportunity of theft, vandalism, and injuries are better in the cities.

Contemporary Showroom Rate - The premium quantity that you pay in large part relies upon at the Insured Declared Value (IDV), which is basically the market cost of the car. Consequently, if the value of the auto is high, then the coverage premium will also be on the better aspect.

Model of the Auto - Imported manufacturers and vehicles including high-quit sedans and SUVs can be charged extra premium than hatchbacks. Further, for diesel cars, the top class is higher than that of petrol vehicles. If an automobile has steeply-priced or uncommon spare parts, the coverage top class of the car might be higher as well.

The Motive of the Auto - Automobile insurance carriers offer personal and business coverage rules. If a vehicle is used for business functions, it will attract higher coverage rates.

Safety Devices - Present day motors are geared up with safety capabilities consisting of airbags, strong locks, superior braking systems, and anti-theft devices. coverage businesses tend to increase the rates for cars which are extra susceptible to damage, robbery, and occupant harm. You're eligible to get a discount in premium of up to 2.5% if your vehicle is secure. However, the features covered in it ought to be permitted by the automobile studies association of India (ARAI). Consequently, you should studies properly and equip our car with protection capabilities for decreased premiums.

Claims Records - If you raise a claim against your vehicle insurance, the premium for the subsequent year is probably to head up. If you abstain from raising claims, you may be rewarded with a No-claim Bonus (NCB) that interprets into a reduction in premium for the subsequent year.

How to Save on Car Insurance Premium?

Select The Right IDV

A lower IDV demands a lower premium to be paid. (But compute wisely, since IDV is the utmost value the insurer can compensate you with).

No Claim Bonus

Your responsible driving skills are rewarded with a bonus of up to 50% on your premium, for every consecutive claim-free year. Now isn't that a treat?

Security Devices

Automotive Research Association of India (ARAI) approved anti-theft devices can fetch you up to 2.5% discount on your car insurance premium!

Become AAI Member

Membership of the Automobile Association of India, an organization powered by IRDAI, secures you a concession on own-damage premium.

Claim Settlement

Claim Settlement Ratio of Best Car Insurance Companies in 2018

There is no doubt that a person invests in a car insurance plan so that he/she can get the required financial cover easily. But, how will it help if you are not going to get the claim amount easily? That’s why it is important to choose the right insurer with a high claim settlement ratio.

But how you can file the claim and how the whole claim settlement process work is equally important for you to understand.

How to File a Claim?

In case of an accident or an emergency, it is important for you to inform the insurer as soon as possible.

You must report to the corps with all the required details.

Analyze the status of damage and how much it will cost

Settle Claim

With a number of players in the car insurance space, only a few offer the best claim settlement ratios and have made their mark in the space. Here's an exhaustive list of the companies that offer car insurance plans with best settlement ratio -

S.No.Insurance CompanyClaim Ratio
(2016-2017)
Claim Ratio
(2017-2018)
1Bajaj Allianz Insurance Co Ltd78.50%77.61%
2Bharti AXA General Insurance Company76.88%98.50%
3Cholmandalam Insurance Company40.07%39.96%
4Future Generali Insurance Company78.93%87.42%
5HDFC ERGO Health Insurance Company50.76%52.58%
6Iffco Tokio General Insurance Company104.30%90.69%
7Liberty Videocon General Insurance Company74.37%74.58%
8Magma HDI General Insurance Company181.20%34.93%
9National Insurance Company126.98%115.55%
10New India Assurance Company102.94%103.19%
11Oriental General Insurance Company118.23%113.86%
12Raheja QBE General Insurance Company126.70%18.19%
13Reliance General Insurance Company91.39%106.54%
14Royal Sundaram General Insurance Company62.09%61.41%
15SBI General Inusrance Company53.43%52.93%
16Shriram General Insurance Company38.57%50.83%
17Star Insurance Company60.51%61.76%
18TATA AIG General Insurance Company57.20%60.68%
19United India Insurance Company138.51%110.95%
20Universal Sompo General Insurance Company86.14%104.17%

Reasons for Car Insurance Claim Rejection

  • No valid license
  • Second-hand car but no insurance
  • Delay in informing your insurer
  • Influence of alcohol or drugs
  • Consequential Damages
  • Your car is too old to be repaired
  • Car Repairing without informing your insurer
  • Installing unregistered CNG kit
  • Exceeding limitation of use

FAQ's

Car Insurance - Faq's

1. What is the best way to lower your car insurance premium?

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.

2. What are some of the most customer-friendly car insurance companies in India?

There are many customer-friendly car insurance companies such as Iffco Tokio car insurance, SBI, Bajaj Allianz and many more. Just search for the best one on the internet and insure your vehicle today.

3. What are the cons of not paying car insurance?

In India, if you own a car, then it is mandatory to have car insurance with you. There are several cons of not paying for car insurance. It will be illegal to run a vehicle without it. If you do not pay for car insurance then it will not protect you from unwanted incidents. This is something that will provide the needful coverage to you. You must insure your vehicle today, there are many insurers such as IFFCO Tokio car insurance, Bajaj Allianz and much more.

4. My car insurance was rejected. What to do now?

If any company rejects your car insurance policy or renewal of the same, then you can take help of online insurance companies that can provide you the needful service easily. There are many companies such as New India assurance, Bajaj Allianz and many more. So don't lose hope you will surely get the best one for yourself.

5. Which is the best website for car insurance?

There are several websites of top insurance companies such as New India Assurance, Oriental Insurance Company and many more. If you are confused which is the best for you then choose an online insurance web aggregator, compare quotes and get the best plan from the top insurance company in a few minutes.

6. Which is the best car insurance company?

See if you are looking for the best car or home insurance companies in India then there are several options such as Oriental Insurance Company, New India Assurance, Bajaj Allianz and many more. It will be good if you can take help of an online insurance web aggregator which can provide free quotes and comparison service. With it, you will be able to get the best plan in a few minutes.

7. I took out car insurance last month. I have now found a cheaper insurance. Can I cancel?

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 your policy documents carefully. There are many insurance companies that offer car insurance at a cheap price such as Bajaj Allianz, New India Assurance and many more.

8. Is there a list of documents that must be kept in the vehicle while plying in public places?

The following documents are needed while plying in public places-

  • Certificate of Insurance
  • Xerox copy of Registration Certificate
  • Pollution under Control Certificate
  • Photocopy of Driving Licence of person who is driving the vehicle

9. If I install an Anti-theft alarm and locking system, is there any discount available in Car Insurance Policy?

Yes, in case your vehicle is fitted with anti-theft devices, which are approved by the Automobile Research Association of India (ARAI), a discount on Own Damage (OD) premium is provided by the insurer.

10. What is Constructive Total Loss in Car Insurance Policy?

Constructive Total Loss is basically about the accidental loss/ damage to your vehicle where the aggregate cost of retrieval and/ or repairs amounts to be more than 75% of the Insured Declared Value (IDV) on your policy.

11. In Car Insurance Policy, does the insured have to pay the difference if the actual expenses are more than the cover?

Yes. For example, if the insured has a cover of Rs.10,000 and incurs an expense of Rs.15,000, then the insured will have to pay Rs.5,000.

12. What is ARAI stands for in Car Insurance Policy?

ARAI is the short form of Automotive Research Association of India. If you have installed an ARAI approved anti-theft device in your vehicle, whose installation is dully certified by the agency, you are eligible for getting a discount of 2.5% on the Own Damage (OD) premium subject to a maximum of Rs. 500.

13. What is meant by premium bearing endorsement in a car insurance policy?

A premium bearing endorsement is a form of endorsement for which additional premium is charged. For an example, transfer of ownership, an addition of LPG/ CNG kit, change of RTO location, etc. are premium bearing endorsements.

14. Which documents are required to cancel your car insurance policy?

The documents required to cancel the policy by the customers are as follows:

  • Customer Request Letter
  • Alternate policy proof (TP / Comprehensive)
  • Original Policy Copy

15. What are salvage and total loss?

The value of damage in the case where a vehicle meets with an accident is known as salvage. The retrieval of the damaged vehicle to its initial condition is not possible is considered a total loss.

16. What are the documents required to buy car insurance online?

When it comes to the online platform, the buying procedure becomes simple and hassle-free. However, in case the company ask for the document, you need to keep a few documents ready such as

  • The copy of your Registration Certificate (RC) of your vehicle
  • The invoice copy for a new car
  • Previous insurance policy
  • No claim bonus reserving letter, whenever required

17. How to compare car insurance plans?

We all know that too many options will always lead to confusion. Because of the same, it is always advisable to compare plans on the basis of a few things such as

  • Insurance Company: It is important to check the company’s record before finalizing anyone. Check the claim ratio and time taken by to the company in the same process.
  • Premium and Coverage: Look for wider cover at an affordable premium. Don't forget to add valuable riders to your basic car insurance policy.
  • Cashless Garage Network: Make sure about the insurer’s network garages in your area. You must remember that you can avail cashless services only at these garages.

18. Is online car insurance only for a new car?

No, online car insurance is not limited to a new car. You can also renew your existing policies with the same.

19. What is Personal Accident Add-on Cover?

The personal accident cover that is available with the compulsary Third Party Insurance is up to Rs 1 lakh. However, a person can easily increase the cover with the help of an optional Personal Accident add-on cover by paying an additional premium. It offers the cover for temporary or permanent disability and death caused because of an accident.

20. Is there any add-on cover for car accessories?

Yes, there are add-on covers for the car accessories. Basically, it is an attractive idea that you can easily attract customers to it. By paying an additional premium, you can make sure that you are covered of the cost incurred on your car accessories that basic car insurance do not cover.

21. Is it possible to renew car insurance online?

Yes, it is possible and a far better way as compared to the offline process. For the same, you can visit the insurer’s website. After reaching there, you must provide your previous year car insurance policy details. You will get the chance to compare different policies by several top insurers of India and can renew the same easily from the same page.

22. How does PolicyX.com assist me with car insurance comparison?

When you compare car insurance quotes online on PolicyX.com you will get free quotes for your car from different insurance companies. In case of any query regarding the plan that you choose, then you can speak to our experts who will to guide you through the process.

23. What a basic car insurance covers?

With an effective car insurance policy, the insured will get the coverage against loss or damage of the vehicle that is caused by Accident, theft, fire, explosion, self ignition, lightning, riots, strikes, Act of terrorism, Transit by Rail, Road, Air & Elevator and natural calamities, (Earthquake, Flood and more).

  1. It will also offer the required cover against all financial liability that caused injury or death of a third party or damage to the property
  2. The personal accident will also come under various car insurance

24. What will happen in case of theft?

In case of Theft, the insurance company will provide an amount which will be equal to your IDV.

25. How can I get an estimate of the car insurance premium?

The insurance company comes out with a built-in tool which is popular by the name of insurance premium calculator. The insured just have to prove some basic information and the rest is upon the calculator. The insurance company can verify the provided information anytime for the easy approval of your claim on time.

26. What is IDV and why is it important?

Insured Declared Value(IDV) is your car's current market value. It is also an idea about the highest amount that you receive from a car insurance claim. This includes situations where you have incurred a total loss or damaged beyond repair.

The insurance company will arrive at the IDV by assessing the following information:

  1. The registration details of the vehicle
  2. The city where the car was registered
  3. The registration date or date of first purchase
  4. The current registration type, i.e., company or individual owner
  5. The make and model of the car and the manufacturer
  6. The cubic capacity of the car's engine
  7. The vehicle description
  8. x-showroom price of the car, i.e., the actual cost of the car plus tax.

27. What is meant by endorsement in Car Insurance Policy?

It will be written evidence of an agreed change in the policy. It is basically a document that incorporates changes in terms of the policy. For the same, an additional premium is charged.

28. What are the documents required while plying on the public roads of India?

The following documents are needed while plying in public places-
Certificate of Insurance

Xerox copy of Registration Certificate

Pollution under Control Certificate

Photocopy of Driving Licence of person who is driving the vehicle

29. Can I transfer my insurance to the purchase of my vehicle?

Yes, you can easily transfer the insurance in the name of the buyer. For the same, you have to inform the insurance company about the same. For the same procedure, a fresh proposal form has to be filled in this case. There is a nominal fee charged for transfer of insurance with pro-rata recovery of NCB.

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

As you fit the CNG / LPG kit, it is highly important to inform about the same to the Road Transport Authority (RTA) 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 pay that you have to pay for the same otherwise the company can reject the claim in the hour of need.

31. 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.

32. There are any discounts for handicapped people

Yes, the company offer 50% discount on the damage premium to the handicapped people.

33. What is the benefit of choosing zero dep cover?

If you choose the zero depreciation cover then you will get the original cost of the part and not the depreciated one from the insurer. Usually, the companies offer these add on the cover to those cars which are 2 to 3 years old. For taking advantage of this add-on-cover you have to pay an extra small amount apart from the basic premium.

34. Does Regular mechanical expenses due to consistent wear and tear are liable for cover?

No the basic car insurance policy will not provide cover against regular mechanical expenses due to consistent wear and tear. You can get the cover against the same by buying an additional rider.

Customer Reviews

Pooja Sen

Pune

Reviewed On 18-03-2018

"long term bike insurance"

Freedom to choose long term bike insurance policy


Ravinder

Noida

Reviewed On 15-03-2018

"Additional coverage"

A zero dep policy is good by paying additional premium


Neeta Gaur

Kolkata

Reviewed On 12-03-2018

"insurance policy online"

A good website to compare and buy insurance policy online.


Raja Goswami

Indore

Reviewed On 08-03-2018

"Easy accessibility"

Any two wheeler insurance is easily accessible at the time of need


Shantanu Tripathi

Chennai

Reviewed On 06-03-2018

"Riders are covered"

I did not know that two wheeler insurance policy also provides coverage to the riders


Jacob

Pune

Reviewed On 02-03-2018

"Car Insurance is must"

one might sustain a car accident but the damage caused to the vehicle can be huge. So car insurance is must


Raghunath Singh

Noida

Reviewed On 27-02-2018

"car insurance purchase made easy"

Comparing and buying car insurance is made easy these days. Thank you policyx


Roshan Joshi

Chandigarh

Reviewed On 23-02-2018

"Pay little today and reap large benefits tomorrrow"

A car insurance gives you complete peace of mind. At the time of crisis you can reap the benefits of having a car insurance while paying little today


Taaliya

Delhi

Reviewed On 22-02-2018

"Buying Car insurance online"

Its and easy and effortless job buying car insurance online these days. Also, one gets to compare plans between insurers and buys a policy.


Chetali Verma

Gurgaon

Reviewed On 18-02-2018

"Third Party Coverage"

It is mandatory to have car insurance in India. It comes in handy when you have third party liability coverage also


Nimit Patel

Ahmedabad

Reviewed On 07-01-2018

"Fantastic"

Even bike insurance is available online. This is tremendous


Nisha

Other

Reviewed On 07-01-2018

"ok site"

ok site


123456

Aggregate Rating for Motor Insurance   [ 68  ]

Key features of Car Insurance
  • Provides coverage against loss and damage to the insured vehicle
  • Covers damage caused by other than an accident for example, theft, fire, etc.
  • Provides coverage against third party liability.
  • Offer the needful roadside assistance
  • No claim bonus for every claimless year

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