This Blog is based on “Car Insurance – Get Insurance online”.
Car Insurance About
Car insurance also known as vehicle or motor insurance, provides financial protection to you and your vehicle in the event of an accident, theft, or other loss of the insured car or third-party person or property.
Key Features of Car Insurance Policy
|1||Own Damage and Third Party Damage Covering|
|2||Covering both third-party injuries & property damages|
|3||Personal Accident Cover-Up to Rs 15 Lakh|
|5||Car Insurance Policy Premium Starting @ Rs. 2072/year* (Changeable as per Insurance Company)|
|6||Buying/Renewal Process Online & Offline|
|7||No Claim Bonus|
Types of Car Insurance Policy in India
A car insurance policy is the initial financial protection that a car owner should have. Despite being required by law to purchase four-wheeled insurance, a car insurance policy is required to obtain adequate insurance protection for the insured car.
Basically, There are 3 types of car insurance policies in India:
Third-Party Car Insurance
A third Party liability car insurance policy protects the car insurance owner from any kind of legal liability due to the involvement of the insured vehicle in the accident. Under this policy, the insurer pays compensation against the disability, injury, death, or loss of property of any third party. In this way, the policyholder is protected from financial liability to third parties.
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Pay When running insurance
As such you have known as drive insurance use-based vehicle insurance. This allows the insurer to pay the insurance premium according to the kilometers driven by the vehicle. This will be useful for those who have more than one car and therefore do not use each one frequently.
Comprehensive Car Insurance
A comprehensive insurance policy provides third-party liability as well as coverage for damage to your own vehicle. Compared to third-party liability insurance, a comprehensive car insurance policy provides comprehensive coverage, offers more benefits, and covers the losses of the insured car in case of an accident, collision, etc.
How to Buy and Renew Car Insurance Policy online?
It is mandatory for all cars in India to buy a car insurance policy, under the Motor Vehicles Act 1988. Car insurance companies pay for the loss or compensation of the insured car and the third party from the insured four-wheeler.
Here are some reasons to buy a new car insurance policy in India:
- It pays for damage to the vehicle as a result of a collision, accident, death, or natural disaster, which would otherwise have to be paid for by the insurer.
- It bears the cost of hospitalization in the event of an accident.
- This reduces the financial and legal damage that can be caused by third-party liability or loss.
- Rider benefits, such as roadside assistance, further reduce the cost of zero devaluation.
Moreover, the amount of your car insurance premium is determined based on the car insurance declared price or IDV. If you increase the IDV, the premium increases and if you reduce it, the premium decreases.
Best Car Insurance Policy in India
Here are the top 5 Best Car Insurance Policies in India.
|Policy||PA Cover Owner/ Driver||Minimum Policy Term|
|Bajaj Allianz Car Insurance||Up to Rs. 15 lakhs||1 Year|
|Bharti AXA Car Insurance||Up to Rs. 15 lakhs||1 Year|
|Chola MS Car Insurance||Up to Rs. 15 lakhs||1 Year|
|Digit Car Insurance||Up to Rs. 15 lakhs||1 Year|
|Edelweiss Car Insurance||Up to Rs. 15 lakhs||1 Year|
Why Choose Car Insurance Policy
Car Insurance Premium – How to Calculate?
Here are the following Parameters to determine the Insurance Price of the Vehicle.
- Car IDV (Insurance Declared Price)
- Geographical region
- Age and type of vehicle
- The dense power of the engine
Vehicle IDV calculation formula:
IDV = Car Showroom Price + Accessories Cost – Depreciation Price
So, the formula for calculating OD premium amount is:
The formula for calculating your own loss premium:
Insurance Declared Price X [car premium according to the insurer]] + [ption benefits] – [NCB / discount etc.]
Car Insurance Renewal
Here are the steps by step given below for online car insurance renewal.
- Go to the car insurance renewal section.
- Enter the policy number, mobile number, date of birth, and submit.
- Choose the 4 wheeler insurance plan that you want to buy.
- Select the rider or add-on covers you want to buy or drop.
- Pay your selected insurance premiums online via Credit Card, Debit Card, Net Banking, and your car insurance policy will be renewed.
After renewed Car Insurence, you will receive the Policy Document in your Registered Email ID.
Benefits of Car Insurance Policy Renewal
You can renew your car insurance policy offline or online. My recommendation it is better to opt for an online car policy renewal.
Here are some of the benefits of renewing your car insurance online.
Benefits of Buying Car Insurance Online
If you are wondering, why most people like to buy Car Insurance Policy online, here is the reason.
- There is no agent between Buyer and Seller
- It’s Saves Time and more cost-effective
- Zero Paperwork
- Payment Reminders
- Easy Comparison and Endorsements
- You can also Online Payment Facility of your Insurance Policy
- You will get a Soft Copy of the Document
How to File a Car Insurance Claim Online?
Here is the step-by-step Process of File a Car Insurance Claim online.
- Information of Contact details including driver’s name and driver’s license with the Accident Venue, Time and Date
- Four wheeler insurance policy number
- Estimated loss
- The location of the survey to support the investigation process
- Insured contact details
- You need to report the claim to the customer help desk. They will take you through the claims process and get the Claim Reference Number
- After registering the claim, a surveyor will be appointed in your case.
- On the text, you’ll get a confirmation notification with the damage assessor’s contact information.
- You can coordinate with the surveyor for a suitable period of time and he will conduct the survey at your convenience.
- You need to inform the claim processing team about the requirements for your own loss claim settlement
- Re-coordinate with the surveyor if a re-inspection of the vehicle is recommended.
Documents Required for Filing Car Insurance
These are the required documents you need while applying for Car insurance online.
- Copy of police FIR
- Driving license
- The claim form is duly signed by the policyholder
- Fitness certificate for commercial vehicles
- Vehicle Registration Certificate
- Insurance documents with approval
How to Compare Car Insurance Policy Online?
Here, I am gonna share with you some Factors to Compare Car Insurance Policy Online.
What is the Model and Variant of Car?
The manufacture Year of Car.
Is the Car CNG Fitted or only in Petrol and Diesel.
And, Additionally, Which extra benefits of the insurance Policy is Covering.
Content Ref: Govt Website icicilombard