car insurance companies is a sort of engine car insurance online that shields a car from any unavoidable perils that may prompt financial misfortunes. It is a danger sharing agreement between the best car insurance and the car proprietor where the previous vows to pay for the fixes/substitution of the car in return for an expense. A car insurance companies strategy gives inclusion against any dangers or perils emerging out of mishaps, outsider liabilities, robbery, artificial catastrophes, fire, normal risks, and so forth bringing about harms or loss of the car.
Why Should You Buy car insurance online Policy?
Buying a four-wheeler best car insurance policy is mandatory in India for all cars as per the Motor Vehicle Act 1988. Vehicle car insurance companies compensate for the loss or damage caused to the insured vehicle and a third-party from the insured four-wheeler. Here are some of the reasons to buy a new car insurance online policy in India:
- It pays for the car damages as a result of a collision, accident, death or natural calamities, which otherwise would need to be paid by the insured
- It pays for hospitalization expenses in case of an accident
- It reduces the financial and legal damages that can arise from a third-party liability or damage
- With rider benefits like roadside assistance, zero depreciation the expenses are further reduced
Moreover, the premium amount of your car policy is decided based on the Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces.
It is important for any policyholder to compare the best car insurance plans before going for 4-wheeler insurance renewal or buying a new policy. car insurance companies comparison can be made online on Policybazaar and you can buy the plan that fulfills your expectations hassle-free. It can help to:
- Get the best car insurance online policy from top motor insurers
- Instant and easy online best car insurance renewal process
- Comprehensive coverage for four-wheeler vehicle
- A wide range of add-on covers for improved protection
Moreover, the premium amount of your car insurance companies is decided based on the Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces.
It is important for any policyholder to compare car insurance plans before going for 4-wheeler best car insurance renewal or buying a new policy. Compare various car insurance online plans online on Policybazaar and buy the one that fulfills your expectations hassle-free:
- Get the best car insurance companies policy from top Car insurers
- Instant and easy online car insurance renewal process
- Comprehensive coverage for four-wheeler vehicle
- A wide range of Add-on covers for improved protection
Types of car insurance online Policy in India
There are three types of best car insurance policies that are available in India –
Comprehensive car insurance companies
A comprehensive car insurance online policy provides coverage for third party liability as well as damages caused to your own car. In comparison with third party liability best car insurance, a comprehensive four wheeler car insurance companies policy offers extensive coverage, more benefits and covers the damages caused to the insured car in case of an accident, collision, theft, etc.
A comprehensive policy can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.
Third-Party car insurance online
Third-party best car insurance safeguards you from any legal liability due to your own car’s involvement in an accident. Your car insurance companies provider will compensate you for death, disability, injury, or property damage to any third-party. Therefore, you are protected from financial liability towards the third-party.
Third-party liability car insurance online prices are a mandate in India under the Motor Vehicles Act, 1988.
Engine Capacity Third-party Liability Car Insurance Price Effective June 16, 2019 (Rs.) Less than 1000 CC 2,072 More than 1000 CC & less than 1500 CC 3,221 More than 1500 CC 7,890
Pay as You Drive best car insurance
Also known as usage-based motor car insurance companies, this insurance policy allows the insured to pay the car insurance online premiums as per the kilometers driven. This newly introduced product likely to be helpful for those with multiple cars not all of which are used so frequently. As per the IRDA guidelines under the Sandbox project, a few insurers such as Bharti AXA, Bajaj Allianz have started offering Pay As You Drive the best car insurance policy. The policy offers comprehensive coverage for own damage and third-party liability on a pilot basis for a term of one year. The policy seeker will have to declare the distance he/she expects to travel during a policy year and based on that premiums for Pay As You Drive policy will be decided. However, the insurers have come up with 3 slabs for distance covered -Rs 2,500 km, 5,000 km, and 7,500 km
Best car insurance companies Policy in India 2020
The following table shows the complete list of the best car insurance online policy in India with their personal accident cover and the number of network garages offered by the car insurers:
|Car Insurance Companies||Network Garages||PA Cover Owner/ Driver|
|Bajaj Allianz Car Insurance||4000+||Up to Rs. 15 lakhs|
|Bharti AXA Car Insurance||5200+||Up to Rs. 15 lakhs|
|Chola MS Car Insurance||6900+||Up to Rs. 15 lakhs|
|Digit Car Insurance||1400+||Up to Rs. 15 lakhs|
|Edelweiss Car Insurance||1000+||Up to Rs. 15 lakhs|
|Future Generali Car Insurance||2500+||Up to Rs. 15 lakhs|
|HDFC ERGO Car Insurance||6800+||Up to Rs. 15 lakhs|
|IFFCO Tokio Car Insurance||4300+||Up to Rs. 15 lakhs|
|Kotak Mahindra Car Insurance||1000+||Up to Rs. 15 lakhs|
|Liberty Car Insurance||4300+||Up to Rs. 15 lakhs|
|National Car Insurance||N/A||Up to Rs. 15 lakhs|
|New India Assurance Car Insurance||1100+||Up to Rs. 15 lakhs|
|Oriental Car Insurance||N/A||Up to Rs. 15 lakhs|
|Reliance Car Insurance||3700+||Up to Rs. 15 lakhs|
|Royal Sundaram Car Insurance||4600+||Up to Rs. 15 lakhs|
|SBI Car Insurance||5400+||Up to Rs. 15 lakhs|
|Shriram Car Insurance||1500+||Up to Rs. 15 lakhs|
|Tata AIG Car Insurance||N/A||Up to Rs. 15 lakhs|
|United India Car Insurance||700+||Up to Rs. 15 lakhs|
|Universal Sompo Car Insurance||N/A||Up to Rs. 15 lakhs|
Disclaimer : *Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Benefits of best car insurance Policy
It is not only because of the law but for the benefit of your vehicle, it is good to get it insured. Whether you purchase a new car or an old second-hand vehicle, car insurance companies are needed always. A third-party car insurance online policy provides protection against liabilities (legal and financial) towards a third-party.
However, you can buy a comprehensive cover as well that not only provides third-party coverage but protects your vehicle against damage or loss. Here are a few benefits of having a four-wheeler best car insurance companies policy:
- Personal Accident Cover: A comprehensive car policy not only provides third-party cover but as well as offers cover against personal accident. In personal accident cover, you get a pre-defined amount against death because of the accident and permanent total disability. In addition to this, one can purchase this cover for co-passengers as well even on an unnamed basis, which will be maximum as per the seating capacity of the vehicle. However, the amount of coverage is pre-determined even in this case.
- Loss or Damage of the Insured Vehicle: A comprehensive car policy provides coverage against damage or loss to your car. Reasons for damage like fire, accident, or self-ignition are covered in this plan. In addition to this, if the car faces losses because of theft, burglary, terrorism, riots, then also a car insurance online policy covers it. Moreover, it also covers loss or damage occurred due to transit via train, air, road, inland waterways, or lift.
- Vast Network of Garages: Most of the motor car insurance online providers have a wide range of network garages that are spread across the country. This feature ensures that you can get the service of your car anywhere in India.
- No Claim Bonus: One of the best benefits of having a car insurance policy is its No Claim Bonus (NCB) feature. You are eligible to avail of this offer for each claim-free year. The NCB is available as a discount on the next premium and this makes 4 wheeler best car insurance policy comparatively more affordable.
- Liabilities of Third-Party: If your car meets with an accident and causes loss or damage to the property of a third-party, then do not worry as it is covered under a four-wheeler insurance policy. Moreover, if you come across any legal liabilities because of an accident by your cars like death or injury to any person or property, then do not worry, your car policy provides you coverage for the same.
How to Choose the Best car insurance companies Policy?
Finding the best car insurance policy can be a great deal, as this is a yearly investment that you make to cover the risks while driving on the road. The market is bursting with numerous four-wheeler car insurance online plans providing value-oriented services to its customers. And it can get quite confusing to find the best 4 wheeler insurance policy online?
This checklist of the best car insurance companies in India will help you compare different quotes from various car insurance online and select the best deal for yourself. You can check out this list of the best four-wheeler best car insurance plans for 2020, by analyzing their features including the incurred claim ratio, network garages, and coverage benefits.
Points to Consider While Selecting car insurance companies Policy
- What is covered – Checkout the inclusions and exclusions of both third-party car insurance online and comprehensive vehicle best car insurance policy. Only buy third party car insurance companies if you can bear your own damage expenses.
- Compare car insurance online – compare car insurance online and select the one that meets most of your financial expectations. You can easily get multiple four-wheeler best car insurance quotes online from the best car insurance companies in India.
- Incurred Claim Ratio – Higher ICR, indicate satisfied customers and more the chances of your claim being settled.
- Add-on Covers – It is always recommended to buy a comprehensive car policy with additional benefits like roadside assistance, zero depreciation, flat tire assistance, etc.
What’s Covered in car insurance companies Policy?
The four-wheeler car insurance online policy covers the following:
- Loss or damage to the insured vehicle.
- Loss or damage to your vehicle caused by accident, theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities.
- Financial liability caused by the injury/death of a third party or damage to the property.
- Personal accidental best car insurance cover.
Add-On Covers in car insurance companies Policy
Add-on covers are the additional covers or protection that you include in your 4 wheeler car insurance online plan to keep your car safe from any damages or total loss. The add-on covers need to be purchased on payment of an extra premium amount. The following are some of the add-on covers – No Claim Bonus Protection cover, Zero Depreciation cover, Engine Protection cover, Key protection cover, etc.
No Claim Bonus Protection Cover
For every claim-free year, the insured is rewarded with a discount on the renewal premium. This discount is called – No Claim Bonus (NCB). It is cumulative and increases every year. It usually ranges from 10% to 50% and can save a substantial amount of money on the premium payable for your auto best car insurance.
Let’s take an example if a policyholder doesn’t make a claim during the tenure of his auto car insurance companies policy, he becomes eligible for No Claim Bonus, on the basis of which, a certain rebate is offered on the payable premium. With No-claim-bonus protection cover you can retain your NCB even after registering a claim during the policy term. The terms and conditions vary from one insurer to another.
Engine Protection Cover
An engine is one of the most important parts of a car. And engine protection cover compensates the cost of fixing the indirect damages that are caused to the engine due to lubricating oil leakage and water ingression. It covers the Gear Box Parts, Engine Parts, and DifferentialParts.
Zero Depreciation Cover
This additional feature offers compensation even for the depreciating value of your car. With this feature, you will not have to pay for the depreciation value of your vehicle’s parts. It is mostly valid on private cars and is subjected to a specific number of claims during the policy period. Compulsory and voluntary deductibles (as per the case) will be applicable despite zero depreciation cover. You can check with the car insurance online company for any terms and conditions before making the purchase.
Sometimes, a bunch of unforeseen expenses can drain all your savings. Consumables Cover. Includes all the expenses incurred on consumable items for any perils that are covered under the policy. Consumable items include screws, nuts and bolts, washers, AC gas, grease, lubricants, bearings, clips, engine oil, distilled water, oil filter, brake oil, and fuel filter are mostly covered.
There are certain terms and conditions that are applicable to this add-on cover that varies from one best car insurance provider to another. It is mostly valid on private cars and is subjected to a particular number of claims during the policy period. You can check with the car insurance companies before making the purchase.
Key Protection Cover
Once in a lifetime everyone would have lost or misplaced their car keys. In such cases, the insurer can offer you financial help by covering the costs incurred on the replacement and repair of your car keys. Here’s was Key Protect Cover will offers.
- You will be permitted for a fixed number of claims during your policy period
- Any case related to theft or burglary should be supported by a Police FIR
- The replaced keys will be of the same type as the ones that were lost or stolen
- Any broken or damaged keys will be replaced by the insurer
- In case of misplacement or theft of car keys, the insurer will replace the entire set of keys including h lockset, after submission of all the other keys to the insurer
Daily Allowance Benefit
In case of accidental damage, you might have to leave your car in the workshop and travel on your own. This add-on cover comes to your rescue when your vehicle is parked in the garage after an accident for repair. If you have this add-on cover the insurer will provide you daily travel allowance if the vehicle requires has to be in the garage for more than 3 days (varies from insurer to another).
Personal Accident Rider Benefit
Personal Accident Rider is an optional add-on benefit that can be added to the comprehensive auto car insurance online by paying an extra premium. This rider provides the policyholder with the coverage of medical expenses due to damage, personal injury, or disability caused due to an accident.
Cover for Car Accessories
By simply opting for a separate add-on policy, you can avail the coverage for your car accessories, which a normal 4 wheeler car insurance online policy may not cover. Such additions may increase the premium, but it is always beneficial and cost-effective rather than fitting a new car accessory.
Save Through Paying High Deductibles
Deductibles are a certain percentage of the claim amount that the insured has to pay from this own pockets. A policyholder can save by paying higher deductibles. At the time of filing a claim, if you choose to pay higher deductibles against your claim, your auto best car insurance provider manages to give you some discount on premium later on.
What’s Not Covered in car insurance companies Policy?
Following features are usually not covered in a 4 wheeler car insurance online policy:
- Loss or damage if a policy is not in force.
- Gradual wear and tear of car and its parts.
- Loss or damage to the vehicle when driven by a person without a valid driving license.
- Loss or damage to the vehicle as a result of intoxication due to drugs, alcohol, etc.
- Loss or damage to the engine as a result of oil leakage.
- Loss or damage to the vehicle as a result of abuse of car manufacturer’s guidelines.
How to Calculate the best car insurance Price?
The car insurance price is decided based on several factors. It is also easy to find out the four-wheeler insurance premium using an online car insurance calculator. However, the insurance provider takes into consideration the following parameters before fixing the car insurance companies price:
- IDV (Insured Declared Value) of the vehicle
- Age and Type of Car
- Engine’s Cubic Capacity
- Geographical zone
Car’s IDV Calculation Formula:
IDV = Car’s Showroom price + Accessories cost – depreciation value
Thus, the formula to calculate OD premium amount is:
Own Damage premium calculation formula:
Insured Declared Value X [Car Premium as per the insurer)] + [ Optional Benefits] – [NCB/Discount etc.]
How to Renew car insurance online?
It’s mandatory to renew your best car insurance to avail of the policy benefits without a break. Therefore, you should ensure your car policy before it gets expired. Follow the steps given below for online car policy renewal:
- Go to the renewal section.
- Enter the details required on the page, such as your policy number, mobile number, date of birth, etc. and submit them
- Choose the 4 wheeler car insurance companies to plan that you want to purchase
- Select the riders or add-on covers that you want to buy or drop (if any)
- The premium amount that you need to pay will be shown on the page
- Pay the car insurance online premium online with the help of a credit card, debit card, or through net banking
- Once the payment is complete, your four-wheeler best car insurance policy will be renewed
You will receive the policy document for your renewed 4 wheeler car insurance companies on your registered email id. You can also download a copy of the policy document and get a printout anytime you want.
Benefits of Renewing car insurance online Policy Online
A new best car insurance policy has a validity period and after its expiry, you need to renew it for keeping your car insured. You can renew your car policy either offline or online. Even though many of us still follow the traditional method of offline renewal of the policy, but opting for online car policy renewal is better. Here are a few benefits of renewing your car policy online:
- Easy and Quick Process: For renewing your online car policy, all you have to have is a good internet. With the help of a good internet connection, you can renew your 4 wheeler car insurance companies plan at the convenience of your home anytime. In this way, online renewal is easy and fast as you do not have to go to a branch of the car insurance online provider or call an agent for renewal. Moreover, the online car policy renewal process is paperless or requires very minimal paper-work.
- Simple Customization of Policy: You can easily customize your car policy while renewing it online. You can enhance the coverage of your policy by adding add-ons to it. However, before topping your policy with an add-on, you must keep in mind that the premium majorly depends on the cover type that you are taking.
- Secured Renewal / Purchase Process: best car insurance renewal online is an easy process because of the availability of all the required information over the web. This transparency enables you to make an informed decision. In addition to this, payment through secured gateways of payments ensures that your personal and critical information is not leaked anywhere. Therefore, it safeguards you from exposing to any fraudulent risks.
- Simple car insurance companies Provider Switching Process: In addition to all the above benefits, you can very easily switch your car insurance online provider while renewing your policy online. Since information regarding all the best car insurance providers is available online, thus it is very easy to make car insurance companies comparison online and select the best-suited plan in terms of premium and features.
- Easy No Claim Bonus Transfer Process: You should always transfer your NCB or No Claim Bonus at the time of policy renewal. While for the online renewal process, it is really easy and quick in comparison to offline renewal.
- A Transparent Method: Since in the online renewal process everything is in front of your eyes. This means nothing is hidden or no agent or someone is hiding any information from you. Whether it is a comparison of policies or switching of plans or payment processing everything is selected by you and happens in front of you. So, we can easily say that this method of policy renewal is completely transparent.
Benefits of Buying car insurance online Policy
Buying the best car insurance policy is a common practice today. With the buying of 4 wheeler car insurance companies policy online, you can ensure your car against any damage due to an accident, theft, fire, etc within 2 minutes. If you are wondering why most people prefer to purchase four-wheeler car insurance online, check out its benefits below:
No More Agents
Offline purchase of car insurance online policies involves agents who try to sell their own product rather than suggesting a better policy from another best car insurance provider. The purchase of a new car insurance companies policy online will eliminate such agents and you can buy the best policy after comparing various plans offered by different car insurance online companies.
Another benefit of buying a four-wheeler best car insurance policy online is zero paperwork. Contrary to the offline mode which requires you to fill multiple forms, the online mode allows you to fill up all the forms online. You can also upload the required documents online making the application process digital and free of any paperwork.
Convenient & Saves Time
As compared to the offline modes, buying 4 wheeler car insurance companies online is very convenient. You don’t have to visit a branch of the car insurance online company or take out time to meet the agent. You can get your car insured from the comforts of your home, hence, saving a lot of time and effort.
Missing policy payments or renewals can cost you a great deal. Not only will you lose out on the renewal discounts but also have a break in policy. But if you purchase your car policy online, you will receive timely reminders ahead of your due date ensuring that you do not miss out on the payments.
Buying 4 wheeler best car insurance offers a cashless facility and involves zero cash transactions. You can make payment of your best car insurance premium online through online modes such as debit cards, credit cards,s and internet banking.
With the online purchase of four-wheeler car insurance companies, you can easily compare the plans offered by different companies. Online aggregators allow you to compare the coverage and the premium quotes provided in different plans before selecting the ideal car insurance online policy for your car.
Buying the best car insurance policy online is more economical as you save a lot of in-between costs. Your premium reduces due to the elimination of agents, zero paperwork and you get discounts that further reduce the amount of premium you pay.
Endorsement refers to any changes in the information provided in the policy document. in the case of online endorsements, you just have to give a self-declaration as opposed to filling up the endorsement form manually and submitting all the documents.
Soft Copy of the Document
Another benefit of applying for car insurance companies is that you have a soft copy of your policy document in your email. This makes it easy for you to access it from any place without the need to carry a hard copy with you.
Third-Party car insurance online Cover vs Comprehensive Car Insurance Cover
The main difference between third-party best car insurance and comprehensive four wheeler car insurance companies is the cover they offer. On one hand where third-party car insurance online covers your car against any loss or damages to a third-party. On the other hand, a comprehensive car policy provides coverage for own vehicle damage as well. Let us compare these two types of motor vehicle best car insurance policies:
|Parameter||Third-Party Car Insurance||Comprehensive Car Insurance|
|Coverage||This insurance plan covers damages and losses caused to third-party person, place, or property by the insured vehicle.||This insurance plan offers damages or losses incurred to the insured vehicle along with the third-party cover.|
|Is the coverage sufficient?||No, because the insured vehicle is still exposed to risks.||Yes, being comprehensive you can even add add-ons to make it more elaborative.|
|Is the facility of add-on provided?||Here the only add-on that is provided is – a personal accident.||You can include many add-ons in your comprehensive car policy like roadside assistance, zero depreciation, cover for accessories, etc.|
|Which is affordable?||Third-party insurance is the affordable one because of its limited coverage. The price of a third-party vehicle insurance policy is finalized by IRDAI, which is based on the cubic capacity of the vehicle.||The price of comprehensive vehicle insurance is comparatively higher because of its vast coverage. The price of this policy is finalized by the insurance provider itself because of the inclusions and terms and conditions of the plan.|
Therefore, comprehensive vehicle insurance is better than a third-party car insurance companies cover because of the vast coverage provided by it. Moreover, you can customize your coverage by adding add-ons in your plan while a third-party 4 wheeler car insurance online plan leaves you exposed to risks like damaging your vehicle.
Let us elaborate on these two to understand the difference more clearly:
Third-Party best car insurance
Third-party car insurance companies are a four-wheeler car insurance online policy that provides financial protection to the insured car’s owner against any loss or damage to some third-party, which can be another person or another person’s property. According to the Motor Vehicle Act, 1988, it is mandatory to have at least a third-party vehicle best car insurance policy. So, this policy provides:
- Legal Liabilities
- Third-party Liabilities
- Compensation for death of another person from the insured four-wheeler.
Comprehensive Car Insurance
A comprehensive insurance policy provides a vast coverage that includes both – liabilities of third-party and own damage. Purchasing a comprehensive plan is not mandatory as per the law, but because of its vast coverage, many car owners prefer this insurance policy. The inclusions of this policy are:
- Provides coverage against own damage.
- Has a vast range of coverage.
- The provision of add-ons improves insurance coverage as well.
Methods of Purchasing Comprehensive and Third-Party Car Insurance:
It is not at all difficult to get a four-wheeler car insurance companies policy. You can purchase it by any of the below-mentioned three methods:
- Online: For purchasing a comprehensive or third-party insurance policy, all you have to do is to go to the website of your selected motor car insurance online provider. With minimal to no paperwork, you can buy affordable car insurance online.
- Visiting the Nearest Branch of the Insurance Provider: Once you select the best car insurance provider, you can visit its nearest branch and get your car insured.
- With the Help of an Insurance Agent: Last way is through a car insurance companies agent. An insurance agent is the affiliate of the insurance provider. An agent provides the application form with other details.
How to File a car insurance online Claim?
All the car owners, at some point in time, need to file the best car insurance claim for a certain loss or damage. To avoid any confusion while filing a 4 wheeler car insurance companies claim, here are a few points that you need to consider:
- Make sure that you have the following information ready with you at the time of claim intimation
- Time & date of the accident
- Name of the driver and contact details along with driving license details
- Four Wheeler car insurance online Policy number
- Estimated loss
- A brief description of the incident
- Survey location to support the investigation process
- Insured contact details
- Claim intimation should be provided at the customer help desk. They will take you through the claim process
- Once you have informed, the insurer’s customer support team will provide you with the claim reference number
- Upon claim registration, a surveyor will be assigned for your case
- You will receive the confirmation notification on text along with the details of the loss assessor
- You can coordinate for a suitable time with the surveyor and he will conduct the survey at your convenience
- There are certain documents that you need to provide to the assessor, such as vehicle type and severity of the damage
- You also need to inform him/ her about the requirement of the claim processing team to settle your own damage claim
- Coordinate with the surveyor again if the re-inspection of the vehicle was advised by him.
- Based on the survey claim settlement will be done
Documents Required for Filing a best car insurance Claim
Keep the following documents ready while registering a claim with the Insurer-
- Copy of Police FIR
- Claim form duly signed by the policyholder
- Fitness Certificate for commercial vehicles
- Driving License
- Car Registration Certificate (RC)
- car insurance companies documents with the endorsement
The insurer will settle your claim within a week from the date of submission of all the required documents.
How to Get your Online car insurance online Quotes at PolicyBazaar?
On PolicyBazaar, you have to fill in a few simple details like make of the car, model, variant, year of manufacture, etc. You will then get the best car insurance prices from various car insurance companies providers. This way you will get customized quotes, one which saves money on premiums and is also the best fit as per your need
You must be familiar with the following terms while filling the form:
Car Make, Model, and Variant
This information is critical to calculating the base premium. A luxurious, powerful and expensive car will attract more premiums. For e.g. an SUV car will always have a higher premium than a family car.
Year of Manufacture
The manufacture year of your car lets the car insurance online company assess its Insured Declared Value (IDV) that facilitates the underwriter to decide the annual premium for your car.
CNG Fitted Car
Being more vulnerable to combustion, a CNG fitted car is usually insured at a slightly higher premium than a plain petrol/diesel car.
You need to mention whether you do or do not want to get a cover on electrical and non-electrical accessories fitted in your car. Most insurers provide a cover for your car accessories at an additional premium of 4% on its value.
FAQs About best car insurance Policy
Q: When should you renew the car insurance policy?Ans: The policyholder should renew his car policy before the expiry of his existing policy. This will ensure that there is no break in policy and you can continue to avail of benefits such as no claim bonus.
Ans: Zero Dep refers to Zero depreciation car insurance online. It is an add-on cover that allows the policyholder to get compensation up to the insured declared value (IDV) or current market value of the car without taking depreciation into account. You need to pay an extra premium amount to avail benefits of zero DEP in your 4 wheeler best car insurance policy.
Ans: The limit to filing a claim for 4 wheeler insurance per year varies from one insurance provider to another. Most car insurance companies allow multiple claims in a year until the IDV is not exhausted. You should check your policy document to know the exact number of times you can claim your four-wheeler insurance policy in a year.
Ans: Bumper to bumper car insurance online refers to the insurance policy that provides complete protection to the insured car without considering the depreciation of its parts. In other words, this type of four-wheeler insurance allows the policyholder to obtain compensation up to the market value of the car in case of damage or loss to the car. However, it attracts about 20% higher premiums than your regular 4-wheeler best car insurance policies.
Ans: Insured declared value (IDV) is the maximum amount to be paid by an insurer at the time of a claim if the vehicle is a total loss or stolen. It is the sum insured and is fixed at the commencement of the policy period for each insured vehicle.
Ans: If you have LPG or CNG fitted in your, you have to get it endorsed in your Registration book or RC. Then, inform your insurer about the change to get it endorsed in your four-wheeler car insurance companies policy. As the cost of the premium will differ basis on the fuel type of your car.
Ans: Hypothecation is used for creating charges against the security of movable assets. The possession of goods remains with the borrower. For instance, in the case of a car loan, the vehicle remains with the borrower but the ownership is hypothecated to the bank. It means the bank has a right to sell the vehicle if there is any default in repaying the car loan. To add hypothecation in a car insurance companies policy: Letter from the bank or financer/endorsed RC copy has to be submitted at the office of the car insurance online company. To delete hypothecation in a motor best car insurance policy: No objection certificate (NOC)/endorsed RC copy has to be submitted at the office of the car insurance companies company. In the case of a hypothecated vehicle, it is important to obtain NOC from the financer if the payment has to be obtained by the insured. Otherwise claim amount will be paid to the financer for losses other than theft.
Ans: Your comprehensive car insurance online policy covers- Liability to the third party, accident by external means, fire, explosion, self-ignition, lightning, riots, strikes, terrorism, malicious acts, earthquake, flood, storm, landslide, transit by rail, road, waterways, air or lift, burglary, theft or housebreaking.
Ans: Cashless facility means you don’t need to pay anything for repair work and your best car insurance company will directly pay it to the garage. If you have signed up for the cashless facility, all you have to do is take your vehicle to the preferred workshop of the car insurance companies company. The workshop will contact the insurer and settle the claim.
Ans: An IDV is calculated on the basis of the car manufacturer’s listed selling price of the brand and model, which will include local duties/taxes, excluding registration and car insurance online. Different depreciation slabs for arriving at IDV are detailed below:
Age of the vehicle Depreciation value in % Not more than 6 months 5 More than 6 months but below 1 year 15 More than 1 year but below 2 years 20 More than 2 years but below 3 years 30 More than 3 years but below 4 years 40 More than 4 years but below 5 years 50
For those vehicles which are obsolete or aged over 5 years, the depreciation applied varies from one insurer to another.
Ans: No claim bonus (NCB) is a discount in premium offered by insurance companies if the owner of a vehicle has not made a single claim throughout the motor best car insurance policy term.
Ans: No single policy is the most economical for everyone. Different people can find different car insurance companies policies economical depending on the coverage and the add-on covers. You should compare the coverage and the premium quoted by different car insurance online providers to find out the most affordable car insurance plan for you.
Ans: If you sell your car, you need to transfer the four-wheeler best car insurance policy to the name of the new owner. Follow the steps given below to transfer the car insurance companies to the new owner:
- You need to get a sale affidavit made with details of the transfer, details of the new owner, and details of payment. It should be notarized and signed.
- Fill up the RTO transfer forms and obtain a clearance certificate from your Regional Transport Office (RTO).
- Fill up the new proposal form
- Attach the documents listed above
- Submit it to your insurer
- The policy will be transferred within 14 days
Ans: You can get the duplicate copy of your four wheeler insurance policy online by downloading it from your motor insurer’s website. All you need to do is log into your account on the website and enter the required details to get a copy of your policy on your email. You can download the duplicate policy from the email sent to you.
Ans: In case you want to know the availability of new car insurance online, you can check it on the insurance company’s website or by contacting them over the phone. You can also check the availability of four wheeler insurance plans by multiple insurers at brokers websites, such as policybazaar.com.
Ans: Follow the step-by-step procedure given below to download your car policy/ certificate online:
- Visit the website from where you had purchased the best car insurance for your car
- Go to the option of downloading the policy online or log into your account on the website
- Enter your policy number and other requested details, including your mobile number and email id
- Your insurer may send an OTP on your registered mobile number
- Enter the OTP in the requested space and submit it
- The insurer will send the copy of your 4 wheeler car insurance companies policy/ certificate on your email id
- Download your vehicle car insurance online policy/ certificate from the email
Ans: There are multiple ways to find your vehicle best car insurance policy number:
- You can find the policy number on the car insurance companies certificate or policy document issued by your motor insurer.
- You can check it online if you have an account at the insurer/ car insurance online brokers’ website.
- If you purchased your four-wheeler best car insurance through an agent, you can ask him/ her to tell you the policy number.
- You can also visit your insurer’s nearest branch or call them to know your policy number.
- You can check it on the website of the Insurance Information Bureau (IIB), which maintains the record of all motor car insurance companies policies in India.
Ans: In case there is a mistake in your car policy document, you should immediately notify your insurer about it. Provide evidence of the correct information and request your insurer to rectify the mistake. Once the insurer receives the evidence, they will pass an endorsement or issue a new policy document with the correct information.
Ans: Motor insurance companies offer lesser premiums for policies purchased online because their overall business cost reduces when operating online. The sale of online insurance policies helps them to cut several operating costs, such as agent commission, distribution costs, stationery cost, etc., that are indispensable in offline mediums.
Ans: Yes. A four-wheeler best car insurance policy document issued online is legally valid under the motor laws of India. However, make sure that the policy has been purchased from an IRDAI registered car insurance companies.
Ans: If you have lost your online policy document, you need to follow the steps given below to obtain a duplicate four wheeler insurance policy:
- Immediately inform your motor insurer about the loss of your car policy document
- File an FIR with the Police regarding the loss of the document
- Write an application to your insurer requesting them to issue a duplicate policy document. Mention details, such as policy number, your name, issuance date, how you lost the policy, etc., in the application letter
- Publish an advertisement in a state newspaper mentioning the loss of your policy document
- Get a notarized indemnity bond, stating your full name, with signatures of two witnesses
- Submit the application letter, indemnity bond, and copy of the FIR to the insurer
- After receiving all the documents, your insurer will issue the duplicate policy document
You can also download a copy of your online policy from your insurer’s website by providing the required details.
Ans: Under certain types of claims, your motor insurer may need you to file a First Information Report or FIR with the Police as part of the claim process. For instance, claims arising out of car theft or third party liabilities will require a Police FIR. On the other hand, claims arising out of car damages due to natural calamities may not need a Police FIR.
Ans: There is no standard time period followed by all car insurance companies to settle a vehicle insurance claim. The claim settlement period varies from one insurer to another. For example, one insurer may settle your claim within 7 days whereas another may settle it within 14 days. Moreover, claims with complexity usually take more time to be settled than simple claims, such as a car dent.
Ans: To know the status of your four wheeler insurance policy, you can check the policy start date and expiry date mentioned in your policy document. Your policy will be active or valid in the period between the policy start and expiry date. On the other hand, your policy will be inactive before the start date and will get expired after the expiry date.
Ans: To transfer a vehicle insurance policy to your name, you need to follow the steps given below:
- Fill up Form 28, Form 29, and Form 30 available with the RTO bearing the previous policy owner’s signature
- Submit the filled-in forms to the RTO along with proof of vehicle sale
- Get the Clearance Certificate from the RTO
- Submit the required documents to the motor insurance company, including application form, old policy document, original RC with your name on it, NOC from the previous owner, etc.
- Pay the transfer fees
- The policy will be transferred to your name and a new policy document will be issued
Ans: You need to ensure your car under a valid four-wheeler car insurance online policy because third party insurance cover is mandatory in India. As per the Motor Vehicles Act, 1988, cars without a valid insurance policy are not allowed to ply legally on Indian roads.
Besides, four-wheeler best car insurance shields your vehicle from unforeseen damages or losses arising out of incidents, such as fire, third party liabilities, natural calamities, theft, accident, and manmade disasters.
Ans: One of the benefits of buying or renewing vehicle car insurance online is that it is a fast process and does not take a lot of time. If you have all the required details regarding your four-wheeler and the previous policy handy, you will not take more than a few minutes to buy/ renew your car policy online.
Ans: At the time of renewing your expired car policy, your vehicle may need to undergo an inspection. While some insurers allow self-inspection, others may send a surveyor to assess the condition of your car. In the second case, you will have to schedule a surveyor appointment by contacting your car insurance companies provide. Once the survey is complete, follow the steps given below to online renew your expired four wheeler insurance policy:
- Visit the website from where you want to renew your vehicle car insurance online.
- Go to the option of online policy renewal for cars
- Enter your expired policy number and other requested details
- Review the details of your vehicle
- Select the type of policy coverage
- Upload the pictures of your car (in case of self-inspection)
- Pay the policy renewal premium online
- Your expired car policy will be renewed
Ans: If you have purchased four-wheeler best car insurance online, you will most likely receive your policy document on your registered email id within a few minutes of paying the premium.
Ans: Yes, online car insurance online renewal is absolutely safe. In fact, online buying/ renewal of insurance is considered safer than the offline method because of secured payment gateways that reduce the chances of fraud.
Ans: The cost of renewing your 4 wheeler best car insurance policy depends on several factors, such as the age of the car, its engine cubic capacity, and the make & model of the car. The type of car insurance companies cover you choose and the geographic area where you drive your car also influence your premium. Moreover, any add-on covers, deductibles, and your No Claim Bonus also affect the renewal premium of your car insurance online policy.
Ans: Mostly, motor best car insurance companies do not cover passengers in the vehicle under four wheeler insurance. However, passenger cover is offered as an add-on by motor insurers in India to provide personal accident cover for the unnamed passengers traveling in the car.
Ans: Most motor car insurance companies only cover accidental damages to the vehicle’s tires under four wheeler insurance. Any non-accidental loss or damages to the tires are not covered. However, you can buy tire protect add-on cover to keep any non-accidental loss or damages to your car’s tires covered under your four wheeler insurance policy.
Ans: Yes. Any loss or damages caused to your car due to electrical fires (or fire resulting out of a short-circuit) are covered under four-wheeler car insurance online.
Ans: Yes. Motor insurance with a minimum of third party cover is mandatory in India for all car owners. Under the Motor Vehicles Act 1988, cars without third party insurance are not allowed to legally ply on public roads. People who violate this law can be punished.
Ans: In case your car has been stolen, you must file a car insurance companies claim with your motor insurer. Take a look at the process of filing car theft claims under four-wheeler car insurance online:
- File an FIR with the Police as soon as your car gets stolen
- Intimate your insurer about the theft of your car
- Inform your RTO about the theft
- Submit all the required documents, including the claim form, FIR copy, RC, etc., to the insurer
- Obtain the No Trace report from the Police
- The insurer will process your claim and pay the IDV of your car in about 90 days
Ans: You can cancel the best car insurance claim by contacting your motor insurer and informing them about your decision to cancel it. You can also speak to your vehicle surveyor about canceling the claim in case there is an inspection scheduled.
However, you cannot cancel any third-party liability claims with your insurer where you are at fault for causing accidental third party loss or damages.
Ans: If you renew your expired four-wheeler car insurance companies policy within 90 days of the expiry date, then your NO Claim Bonus (NCB) will remain intact. However, if you renew the expired policy after 90 days, you will lose your NCB.
Q: What is the penalty for driving without valid car insurance online today?Ans: If you are caught driving your car without a valid best car insurance policy for the first time, you will be liable to pay a penalty of Rs 2000 or/and will be jailed for up to three months. In case you are caught without valid car insurance companies for the second time, you will have to pay Rs 4000 as a fine or/and serve up to three months in jail.