Car Insurance

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Car insurance is a type of motor policy which provides protection against theft, third-party damages, man-made and natural calamities. You can get financial and legal protection against the damages caused by your car. A comprehensive car insurance policy also provides protection against damages caused to your own car. The Motor Vehicles Act of 1988 makes it mandatory for every car owner to insure his car with a third-party insurance policy.

No matter how careful you are while you are driving, mishaps may still take place and you may end up paying hefty repair bills. Worried? Don’t be, as you can buy a car insurance policy to ensure protection for your car against damages. Car insurance which is also known as motor insurance, vehicle insurance, or auto insurance is thus very important for all car owners. With a car insurance plan, you will get coverage if a third-party is damaged due to the insured car. Depending on the scope of coverage, there are 3 types of car insurance policies – Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance. To continue to avail the benefits of these policies, the car insurance renewal should be processed on time by policyholders. A third-party car insurance is mandatory as per the Motor Vehicles Act of 1988 and provides protection if there is any damage to the third-party property. However, a Standalone Own-damage car insurance provides financial assistance if there is any damage to the insured car. Comprehensive Car Insurance on the other hand provides protection for both standalone own-damages and third-party damages. Thus, with comprehensive car insurance, if there is any damage due to riots, fire, or natural disasters, then this type of car insurance plan provides the relevant coverage. You can also include a number of add-ons to this plan to enhance the coverage even more. With InsuranceDekho, you can buy any of these three types of car insurance plans from your preferable car insurance company.

Car Insurance Types

A comprehensive car insurance policy is the most extensive insurance cover under which an insurance company is liable to pay for financial liabilities incurred towards a third-party as well as for the own-damages sustained by the insured’s car. In addition to road accidents, the policy is applicable in the event of natural calamities, man-made disasters, self-ignition or lightning, explosion, fire, theft, etc

Third-party car insurance policy is a mandatory requirement for driving a car in India. It is the most basic insurance plan and is thus also called Liability Only Car Insurance Policy. Under this cover, the insurance company is liable to pay for the bodily injuries, permanent disability, temporary disability as well as death of the third party caused by an accident involving the insured’s car. This plan also provides coverage for property damage incurred by the third party up to Rs. 7.5 Lakh.

In September 2019, the Insurance Regulatory and Development Authority of India (IRDAI) introduced the Standalone Own-Damage car insurance policy. Under this plan, the insured gets insurance coverage only for the own-damages sustained by his/her four-wheeler in a road accident, natural/man-made calamity, fire, explosion, theft or any other mishap. A standalone own-damage car insurance policy aims at offering the insured the flexibility in terms of the insurance provider they want to choose.

How to Choose Car Insurance Policy Online?

Buying a car insurance policy may become a challenging task if you fail to do proper research. At Insurance, we understand how important it is for you to buy the right car insurance plan. So, to help you out, we have enlisted some of the tips in which you can buy the best car insurance policy online:

  • Check the Different Car Insurance Types: With three different types of four wheeler insurance available, it is crucial to assess your car insurance needs and accordingly finalise the type of policy you need. Choose a third-party cover if you want to stay legally compliant. On the other hand, choose a comprehensive car insurance plan if you want to get complete protection for your vehicle. As InsuranceDekho offers three different types of car insurance plans, you can easily pick one that best suits your needs and budget.
  • Analyse the Car Insurance Premium: The premium of car insurance depends on a number of factors such as IDV, model, fuel type, age, and others, which is why the car insurance premium varies from one insurer to another. Moreover, checking four wheeler insurance premiums also become important to analyse so that you are able to buy a plan that fits your budget. So, it is wise to first compare the car insurance premiums and then make the final decision.
  • Check for IDV: IDV or the Insured Declared Value refers to the current market value of your car. As your vehicle suffers wear and tear, then the value of your car decreases. It is the maximum amount that your insurance company will settle in case your car is completely damaged or stolen. The car insurance premium is directly proportional to the IDV, which means that the higher the IDV, the higher will be the four wheeler insurance premium.
  • Compare Different Plans: You should compare different car insurance plans online. The comparison makes it easier to pick the best car insurance plan as per your budget and needs. You should analyse the coverage offered under different types of four wheeler insurance plans as doing so will help you make an informed decision in selecting the right car insurance policy for yourself.
  • Add-ons: There are a number of add-ons available such as zero depreciation cover, no claim bonus, key loss cover, engine loss cover, and more that help in enhancing the benefits of your car insurance plan even more. So, while buying a car insurance plan, you must include a number of add-ons to get additional coverage. Once you have rightly selected the four wheeler insurance policy, you will be able to get complete protection for your car.
  • Availability of Cashless Garages: Cashless garages in car insurance is helpful for policyholders to get their car insurance claims settled in a cashless manner. With the availability of more cashless garages with your insurer, it becomes easier to get cashless repairs in a hassle-free manner. So, always buy a car insurance plan from a company that has tie-ups with a large number of cashless garages.
  • Check Claim Settlement Ratio: The claim Settlement Ratio in four wheeler insurance refers to the efficiency of car insurance companies in getting their car insurance claims settled. It thus refers to the percentage of claims settled by the insurer in a year. So, always look for an insurance company that has a simple and swift claim process and check their Claim Settlement Ratio (CSR) before finalising. It is better to buy a plan from a company with high CSR.
  • Services Offered: In addition to the claim settlement ratio, you should also check the services offered by your four wheeler insurance company. For instance, you must understand whether the company offers a quick claim settlement, 24*7 service, and other services. You should thus choose a company that offers hassle-free customer service.

Frequently Asked Questions