Car Insurance , a shield of your car

Car Insurance & Policy

If you have a car, you are responsible for its safety. Car insurance can provide financial protection for your car in the event of an emergency. Any damage to your insured vehicle through auto insurance such as accident, theft, fire, burnout, lightning, disturbance, strike, terrorism, natural disaster (earthquake, flood, etc.), rail / road / aircraft, etc. protect from financial losses as a result of losses.

👉 The need for Car Insurance

In a populous country like India, about 55 road accidents happen every hour. And your car could also be involved in this accident. Does this make the cost of repairing the damage to your vehicle rare or is it not possible to deliver it on time? Who will be responsible for this? So without worrying about the cost of car repairs, it is very important to insure the car. Proper car insurance can solve this problem. Those who have proper insurance for their car can seek help from the insurance company and apply for car repair at the right time. Even if your car is damaged due to someone else's liability, you can claim it from the insurance company. None of this is possible if you have proper car insurance. Otherwise you will have to bear the cost.

This car insurance not only helps to cover the financial cost of the driver and the car that is damaged as a result of a car accident but also helps to avoid various legal hassles. And for this it is essential to have car insurance according to the laws of India. According to Article 11 (Chapters 145 and 146) of the Motor Vehicle Act of India, 1988, a third party must have car insurance.

The Indian government has recently made a number of changes to the law and imposed various fines to prevent road accidents and to increase driving safety. In addition to financial fines, imprisonment sentences have been enacted. As a result, the government has made many changes in the Motor Vehicle Act 2019 which was recently passed by the Union Cabinet.

👉 Types of Car Insurance plans in India

In India, current car insurances can be broadly divided into two main categories. These two types of insurance provide financial protection against any unintended accidents that may occur with your vehicle. The two types of car insurance are listed below-

Third party liability plan

The insurance company is responsible for providing protection in the event of any damage or loss to the third party vehicle by a person covered by the third party liability plan. Under the third party liability plan, the insurance company will not be liable to provide any benefits to the policyholder. It has been enacted under the Auto Vehicle Act 1938 to take care of the minimum risk of providing protection.

Third party liability insurance quotes cover a number of factors such as:

(i) Third party premiums

(ii) Accident coverage of the car's own driver

(iii) Product and service tax

Comprehensive plan (comprehensive insurance)

The most effective car insurance is comprehensive plan insurance where broad coverage is provided to third parties as well as the insured. Third party liability or maximum protection against any damage or loss to your vehicle is provided under this plan.

The components of a comprehensive plan are: -

(i) Third party premium and own loss premium

(ii) Premium for accident coverage of the car's own driver

(iii) Goods and services tax as well as other additional coverage.

👉 Car insurance benefits

According to the law in India, to drive a car, one must have car insurance. But protection from the law alone is not the main purpose of this insurance. Insurance is not only effective for complying with the law, but it also provides many benefits to the car owner and keeps him happy. These types of benefits are listed below:

Inclusion of theft or loss

Through car insurance, the insured gets coverage for accidents, fire damage, theft or natural disasters.

Inclusion of personal accident

The insured receives an inclusion in the cost of hospital treatment for the accident.

Inclusion of invoices

If the car is stolen as a result of an accident for any reason, it provides a complete additional benefit to the person covered by the policy.

Unclaimed bonus

If you have not made any claim within the term of insurance, you will get a discount of 5% to 50% at the time of policy renewal.

Roadside assistance

With this you will be able to avail various facilities such as emergency travel arrangements, daily expenses, taxi facilities etc.

Additional inclusion

In addition to the initial inclusion, you can get other additional benefits if you prefer wide inclusion. This is different from one insurance company to another.

Zero depreciation inclusion

Under the zero depreciation inclusion, the insurance company will pay the actual price of the car in place of the discounted quality.

Replacement inclusion

If you lose your car keys, you will get the cost of a new car lock.

👉 Which are included and excluded in the insurance plan?

What is included?

(i) All damage to your car as a result of an accident.

(ii) If you have a life-threatening / permanent disability as a result of an accident, you are liable to receive its benefits.

(iii) Provide financial protection from natural disasters like floods or earthquakes.

(iv) If stolen, your insurance company will be liable to pay the same amount as the IDV.

(v) Man-made disasters such as riots, blockades, arson, and terrorism

Which is not included?

(i) If there is any damage to the car due to driving under the influence of drugs

(ii) Any kind of war and nuclear risk

(iii) In case of theft or loss

(iv) In case of any damage to the vehicle as a result of any illegal activity

(v) Driving without a valid license

(vi) Any costs incurred as a result of repairing a mechanical fault for everyday reasons.

👉 Why compare online?

According to the Motor Vehicle Act, 1988, a car must have valid car insurance in India. Several companies throughout the world will provide your car insurance. Therefore, you will have various opportunities to choose your best insurance policy suitable for your vehicles.

Multiple options:

You can choose the best insurance policy for your car from the list of various options. With so many options available, you can easily determine which insurance policy is best for you by comparing one policy with another online.

Convenient:

This helps to compare the quotes of the top insurance providers together. Any hassle and simplicity online makes this method more convenient.

Clarity:

Judging by the equivalent of a car insurance policy while sitting online will give you a clear idea and help you to know more about that. This will give you an accurate idea of the insurance premium and will provide clarity on what is and what is not covered by insurance.

Minimum paperwork required:

If you think that buying insurance online requires a lot of paperwork and documentation then it is completely wrong. We will provide you with the benefit of insurance by using the least amount of paperwork and provide you with soft copies of the required documents online which will reduce the risk of losing all these important documents and keep it safe.

The ratio of the claim of the car insurance company

A person insures his car for the reason that when there is a need, the financial loss related to the car which is covered under the insurance is claimed at the right time so that it can be recovered. But think how painful it is if it is not found at the right time even after going through a lot of hassles? This is why it is so important to know the success rate of an insurance company in settling customer claims at the right time.

So at the same time it is very important to know how you make this claim and how it is settled!

Below is a list of some of the well-known companies that provide car insurance and whose claims settlement ratio is the best.

👉 Different insurance companies

There are different insurance companies that can meet your requirements. Some of the insurance company names are listed below:

ü 👉 Bajaj Alliance Insurance Company Limited

ü 👉 Bharti Exa General Insurance Company

ü 👉 Chalamandalam Insurance Company

ü 👉 Future General Insurance Company

ü 👉 HDFC Arg Health Insurance

ü 👉 IFFCO Tokyo General Insurance Company

ü 👉 Liberty Videocon General Insurance Company

ü 👉 Magma HDI General Insurance Company

ü 👉 National Insurance Company

ü 👉 New India Insurance Company

ü 👉 Oriental General Insurance Company

ü 👉 Raheja QBE General Insurance Company

ü 👉 Reliance General Insurance Company

ü 👉 Royal Sundaram General Insurance Company

ü 👉 SBI General Insurance Company

ü 👉 Sriram General Insurance Company

ü 👉 Tata AIG General Insurance Company

ü 👉 United India Insurance Company

ü 👉 Universal Sampo General Insurance Company

👉 Car insurance renewal

To renew your car insurance, go to the subsequent sites from where you have brought your insurance policy for your vehicles. There renewal process is very straightforward and hassle-free. You will continue to receive their help when renewing your policy or you may choose portability or wide inclusion.

👉 Car insurance renewal checklist

Proper Inclusion: For those who only have third party loss inclusion plans, they should consider a comprehensive inclusion. With this kind of effective and collaborative plan you will easily get your desired inclusion and it will protect you in many ways.

Check IDV (Insured Declared Value): This will get you compensation if the car is stolen or lost. Get an idea of the best price by revisiting the car IDV instead of the premium.

Keep an eye on claims: The issue of claim settlement is very important. If you haven't noticed the settlement of your previous insurance claim properly, check it out now.

Check out the Cashless Garage Services: Take a look at all the garages that offer cashless car repair services near your home.

Additional Services: Take a look at the services they provide as well as many other additional services that will be best for you.

Take advantage of discounts and discounts: Take advantage of all the available discounts. The amount of this discount you have to repay before each claim.

👉 How to renew online?

(i) Go to your desired insurance provider website and fill in some basic details.

(ii) Read each statement and decide which one is best for your needs.

(iii) You can pay through various means such as net banking, debit / credit card and other means.

(iv) You can also apply for personal help from our expert team.

👉 Calculation of car insurance premiums

You have to pay a certain amount to keep your car insurance plan operational. This is called insurance premium. This premium is not the same for everyone. Insurance premiums vary from one insurer to another and from one model to another. You can use the formula given below to calculate the amount of car insurance premium, and also take a look at the criteria on which this insurance premium depends.

Based on the points outlined below, a company determines car insurance premiums

Year of construction of the car: It determines the age of the car. It is very natural that the inclusion of old car insurance will be less than that of a new specially built car.

Proximity to car registration: The distance from your place of residence and the place where you have registered the car affects the car insurance premium.

Motor vehicle model: If the motor vehicle has very expensive or extraordinary parts, then the cost of vehicle protection will also increase in a very natural way.

Purpose of car purchase: Car insurance carriers provide personal and commercial inclusion. If a car is useful to the business, then the amount of inclusion is also higher.

Safety devices: Today’s motor vehicles are capable of security and are enriched by anti-theft devices. You can get up to 2.5% discount if your car is safe.

Claim record: If you claim compensation for having your car insured, the premium amount may increase. If you refrain from making a claim, you will be rewarded with a No Claim Bonus (NCB).

For example, if you have a Swift Desire car, your insurance premium will be according to Bajaj Allianz General Insurance Company's 1 year term - comprehensive insurance plan.

Year - 2018

Car model - Maruti Swift Desire LXI (1298 cc)

Premium – 7586

Update –

According to the new notification issued by IRDA (Insurance Regulatory and Development Authority), considering the essential features of third-party insurance, insurance companies need to ensure that the third-party insurance facility is available in all channels in their organization and also in the included online medium.

👉 How to apply for a claim?

In the event of an accident or emergency, you should notify the insurer as soon as possible. There are two ways to do this - either cashless or the next payment method.

Cashless

This is the best way to claim. With the help of garage network, the company offers cashless claim facility where you don't have to spend a single penny. All you have to do is follow the steps below.

(i) Tell your insurance company as soon as possible.

(ii) Let the surveyor monitor your car and the whole incident.

(iii) Submit all documents.

(iv) Once approved, the surveyor will contact the garage directly and pay on your behalf.

Payment

(i) Inform the insurer via their toll free number and / or mail.

(ii) Fill out the claim form.

(iii) Provide copy of driving license, RC book, and policy document.

(iv) If necessary, also submit FIR.

(v) Include the estimated cost bill, receipt and payment documents with the form.

(vi) The insurance company will monitor your case and contact you accordingly.

(vii) Once the consent is obtained, the party will pay the arrears directly to you.