Car insurance provides compensation to the policyholder in the event their car is stolen or damaged due to any unforeseen circumstances. Individuals can select from the three types of car insurance: Third-Party Car Insurance, Comprehensive Car insurance, and Standalone Own Damage Car Insurance.
Car Insurance Key Feature
Third party damages
Death, injury or property damages
Available under standalone and comprehensive car insurance
No claim bonus
Up to 50% in case of consecutive 5 claim free years
Add on cover
No claim bonus protection
Return to invoice
Personal accident cover
Up to 15 lakhs
What is Car Insurance?
Car insurance is a contract between a car owner and a general insurance company wherein the latter promises to protect the car owner from financial losses which may occur due to an unfortunate event involving his/her 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.
Types of Car Insurance
Comprehensive Car Insurance
A Comprehensive Car Insurance policy is the most extensive car 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
Third-Party car insurance policy is a mandatory requirement for driving a car in India. It is the most basic car 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.
Own Damage Car Insurance
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 Four Wheeler Insurance Policy Online?
You can choose an ideal car insurance online plan by following some points given below:
1. Select the Type of Plan - Assess your car insurance needs and finalise the type of policy you need. Choose a third party cover or comprehensive cover based on your requirements.
2. Compare Policies - 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.
3. Check for IDV and Premium - The IDV refers to the current value of your car in the market and the amount that an insurer can maximum pay you in case of total loss or car damaged beyond repair. A higher IDV can give you extended coverage but it increases the premium as well. So, check for the amount of IDV and select the one which you can afford and require.
4. Ask for Add-on Covers - Add-on covers expand the coverage of your policy. You can buy it by paying an additional premium. You should inquire about the add-ons and choose the one which suits your needs the best. However, you can have these covers only with the comprehensive insurance plan.
5. Look for the Claim Process - Look for an insurance company that has a simple and swift claim process. To confirm the quality of the claim process of insurers, you can check their Claim Settlement Ratio (CSR) before finalising. It refers to the percentage of claims settled by the insurer in a year. It is better to buy a plan from a company with high CSR.
Key Highlights of Car Insurance Policy
Given below are salient highlights of a four-wheeler insurance policy:
Coverage for third-party injury and property damage
Own Damage Cover
Covers the damage and loss incurred by the insured four-wheeler
Personal Accident Cover
Available up to 15 lakh
Various add-ons are available based on the policy such as zero depreciation cover, return to invoice cover, roadside assistance, etc.
Available at the network garages of the insurer
No Claim Bonus
Up to 50%
Benefits of Buying Car Insurance?
A car insurance offers a host of benefits to its policyholders. The key benefits are as follows -
Helps You Stay Legally CompliantA car insurance helps you stay legally compliant as according to Indian Motor Tariff, every car owner is mandatorily required to have at least a third-party car insurance policy. The absence of which is punishable with a fine of Rs. 2,000 and/or imprisonment of up to 3 months.
Protection Against Third-Party LiabilitiesA car insurance policy helps you mitigate third-party liabilities such as bodily injuries, temporary/permanent disability, death as well as property damage. While, the compensation of third-party property damage is limited to Rs. 7.5 Lakh, there is no compensation cap in case third party bodily injuries, disability or death.
Protection Against Own-DamagesA car insurance policy helps you keep yourself financially secured against the own-damage expenses of your car. Damages incurred in road accidents, natural calamities, man-made disasters, fire, explosion, vandalism, etc are covered under standalone own-damage as well as comprehensive car insurance plans.
Coverage Against TheftA car insurance policy also provides coverage in case of theft of your car. In case your car gets stolen, your insurance company provides you with your car’s Insured Declared Value (IDV) which corresponds to the market price of your car.
Personal Accident CoverWith a car insurance policy, you can also get a personal accident cover of up to Rs. 15 Lakh which offers a coverage in case of death, bodily injuries as well as disability of the policyholder in a car accident.
Explore Car Insurance
Top Car Insurance Companies in India 2022
Here’s the list of the best car insurance companies as per the claim settlement ratio (CSR) registered by them with IBAI in the financial year 2019-2020.
|Rank||Companies||Network Garages||Claim Settlement Ratio|
|1||Bajaj Allianz General Insurance||4,000+||88.83%|
|2||Bharti Axa General Insurance||5,200+||87.99%|
|3||Hdfc Ergo General Insurance||6,800+||91.23%|
|4||Icici Lombard General Insurance||8,800+||87.71%|
|5||Iffco Tokio General Insurance||4300+||95.30%|
|6||Kotak General Insurance||1,300+||82.81%|
|7||National General Insurance||3,100+||85.71%|
|8||New India General Insurance||3,000+||89.60%|
|9||Reliance General Insurance||6,200+||84.26%|
|10||Sbi General Insurance||16000+||89.51%|
|11||Tata Aig General Insurance||5,000+||90.49%|
|12||United India General Insurance||3,100+||82.93%|
|13||Universal Sompo General Insurance||3,500+||90.78%|
Disclaimer:*The above-mentioned claim settlement ratio (CSR) has been sourced from IBAI’s General Insurance Claim Insights Handbook - 5th Edition. InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
How to Buy Car Insurance Online?
The process of buying a car insurance is quite simple and easy. Here’s how you can buy the right car insurance online with us.
- Fill Your Car Details
Provide your car details such as its make, model, etc, to see car insurance price offered by top insurance providers in India.
- Compare Car Insurance Quotes
From all the available car insurance plans, select the plan which suits your budget & requirements in the best manner.
- Make Payment Online
Pay the policy premium online & get your car insurance document instantly in your inbox.
Benefits of Buying Car Insurance Online
Buying car insurance online comes with a range of benefits which are as follow:
1. Convenience - The online car insurance purchase and renewal process are much more convenient than a traditional offline facility. Earlier people had to visit the insurance company’s branch or meet their insurance agents, but with the online car insurance feature, they can now compare and select a policy at the comfort of their home.
2. Minimal Paperwork - When you buy a car insurance plan online, it involves minimal or even zero paperwork with a digital proposal form, the requirement of scanned documents copy, etc. Also, a soft copy of the policy document is sent to the registered email ID after its purchase. In simple terms, an online car insurance purchase helps you avoid the tedious process of documentation.
3. Affordable Process - To purchase a car insurance plan online is economical when compared to buy a policy offline. The overall operational cost goes down when car insurance is sold online as it eliminates the insurance agent and other mediators from the process that also reduces their commission expense. Hence, insurers can offer you car insurance plans at reduced rates.
4. Easy to Check Credibility - It becomes much easier to check any insurance company’s credibility online in comparison to offline. You can easily find the Incurred Claim Ratio, Claim Settlement Ratio, claim settlement process, and reviews to know the actual working quality of an insurance company. Getting all these details offline can be tedious and time-consuming.
5. Make the Process Faster - The car insurance renewal online or buying process is faster any day than the offline process. It takes a few minutes to buy a car policy online by just entering basic details about you and your car. While, in the offline process, you have to meet an insurance agent or visit the insurer’s branch and fill lengthy forms. Hence, online car insurance makes the processes faster.
Why Choose InsuranceDekho for Car Insurance Online?
- Car Insurance in Just 5 Minutes*
Wait no more! Get your car insurance online in just 5 minutes with our easy, quick and paperless car insurance policy issuance process.
- Over 45 Lakh Happy Customers
InsuranceDekho is a favourable choice among insurance buyers. Our transparent and quick process, availability of top-rated four wheeler insurance and dedicated customer support team has helped us win the love and confidence of over 45 Lakh happy customers
- 7 Days Dedicated Customer Support
Our dedicated customer support team is available at your service all the 7 days of the week. Feel free to reach out to us for any four wheeler insurance related assistance, be it for policy purchase or claim settlement, we are always there to help you.
Car Insurance Coverage
- What is Covered?
- What is not Covered?
- Third Party Bodily Injuries
All bodily Injuries caused to someone else by your car in an accident will be compensated for by your insurance provider.
- Third Party Disability
If an accident caused by your car results in a disability of a third party, then the compensation for the same will be provided
- Third Party Death
Compensation will be provided in case an accident caused by your car results in a demise of a third party.
- Third Party Property Damage
Damages caused to a third party’s property will be covered up to Rs. 7.5 Lakh.
- Road Accidents
Damages caused to your car in accidents or collisions will be covered.
- Natural Calamities
Damages sustained by your car in natural disasters such as earthquakes, floods, cyclones, etc will be covered.
- Man-made Disasters
Damages incurred by your car in man-made disasters like riots, strikes, terrorsism, vandalism, etc will be covered.
- Damage During Transit
Damages caused to your car during transit by road, rail, inland waterway, and lift will be covered.
Damages sustained by your car in fire and explosions will be covered.
- Theft of Your Car
Loss of your car due to theft or burglary is covered.
- Drunk Driving
Claims for incidents when the insured was driving under the influence of alcohol are not admissible.
- Driving Without Valid Driver’s License
No coverage is offered if the insured was driving without a valid driver’s license.
- Wear and Tear/Depreciation
By default, no coverage is offered for depreciation expenses of the car.
No coverage is available for engine oil, brake oil, air conditioner refrigerant, radiator coolant, nuts, bolts, screws, washers, grease, etc.
- Mechanical/Electrical Breakdown
No coverage is provided for mechanical/electrical breakdowns.
- Driving Under the Influence of Drugs
Claims when the insured was driving under the influence of drugs are not covered.
- Damage in War/Nuclear Attack
No coverage is provided for damages sustained in a war or nuclear activity/attack.
- Damage to Tyre/Tubes Except in Accidents
By default, damages incurred by tyres and tubes, except in case of accidents, are excluded from the coverage
- Damage Incurred Outside Covered Geographical Boundaries
No coverage is offered for damages incurred outside the coverage geographical limits.
Partner Car Insurance Companies
Car Insurance Add-ons
- Bumper to Bumper Car Insurance
Bumper to Bumper is an add-on cover designed to give holistic coverage to cars irrespective of their part’s depreciation value. With this cover, the insurers do not deduct the depreciation cost from the compensation for the repair and replacement of car parts, excluding car batteries and tyres. In simple terms, it eliminates the depreciation part during the claim settlement and gives complete coverage for rubber, fibre, and metal parts of the car.
- No Claim Bonus Cover
Your insurance provider rewards for not making a claim during a policy year. This reward is offered as a discount on the own-damage premium of your car insurance policy and is called the no claim bonus (NCB). It can go up to 50% of your own-damage premium rates. However, if you make even a single claim, this NCB gets lost. You can protect the loss of NCB by opting for a NCB protection cover.
- Engine Protection Cover
No coverage is offered for the damage incurred by the car’s engine due to oil leakage or water ingression. A standard car insurance policy only covers the damage caused to the engine during an accident. However, you can get a complete coverage for your car’s engine damage by opting for an engine protection add-on. It is one of the most opted for add-ons as the engine is the heart of the car.
- Return To Invoice Cover
In case of complete total loss of your car, the Insured Declared Value (IDV) of your car is paid as the compensation amount by the insurance provider. However, the IDV amount is lower than the actual price paid by you at the time of purchasing your car. You can bridge this gap by opting for a return to invoice cover which provides you the amount mentioned in car’s purchase invoice in the event of your car’s total loss.
- Roadside Assistance Cover
The roadside assistance add-on cover provides you with on-road assistance services if your car breaks down anywhere. To avail this benefit, you just have to call your insurer and it will arrange a mechanic for your location to help you out. This add-on cover offers several assistance services such as minor on-site repair, changing a flat tyre, car towing, fuel delivery, battery jumpstart, and so on.
- Consumable Cover
When a car gets repaired, several consumable items are used like lubricants, coolant, nuts and bolts, grease, engine oil, screw, oil filter, etc. Generally, the expenses of consumable items are not covered by a car insurance policy and the policyholder has to bear this cost. But the consumable add-on cover reimburses the cost of consumables items incurred during the repair of an insured car.
- Accessories Cover
Different types of accessories are fitted in the cars to enhance their protection and beauty. These include stereo systems, reverse cameras, etc. These luxurious accessories are electrical and non-electrical. Since they are costly, it makes them theft-prone and can also bring a huge loss in case of accidents. Here, accessories add-on cover comes in to shield your car’s accessories by offering you additional coverage to reimburse them.
- Passenger Cover
Passenger add-on cover is an add-on cover that provides financial protection for the passengers riding in the insured car against liabilities arising from accidents. However, it is compulsory to own a personal accident cover to insure the owner-driver, but covering passengers is not mandatory. Still, you can opt for this benefit to cover passengers including your family members or your customers, if you have a commercial car.
- Key Replacement Cover
In case you lost or misplaced your car’s key, you need to get a duplicate key by approaching the service center of your car, which can be a time-consuming and expensive procedure. To reduce the hassle, you can opt for the lost key cover. It is an add-on cover that will reimburse the expense to repair or replace your car key, in case you lose, damage, or misplace them.
- Personal Accident Cover
A personal accident cover or PA cover is a benefit provided by insurance companies to an owner-driver of an insured car to help them stay protected against any type of accidental injuries. This cover gives compensation to the owner-drivers to cover their bodily injuries, permanent disability or death incurred due to a car accident. An owner-driver is the owner of the car, who owns a valid and active driving license.
- Tyre Protection Cover
A tyre protection cover is an add-on cover designed to provide coverage for the repair as well as replacement expense of tyres of the insured car. This benefit also covers accidental loss or damage, bursting of tyre or cut sustained by the tyre and tubes in addition to labour charges incurred during the repair or replacement of tyres which comprise refitting, rebalancing or removing the wheel.
Comparison of Different Car Insurance Plans
|Coverage||Third-Party Cover||Standalone OD Cover||Comprehensive Cover|
|Third-Party Bodily Injuries|
|Third-Party Property Damage|
|Personal Accident Cover|
|Theft of Car|
Why Should You Buy A Comprehensive Car Insurance Policy?
Every car owner should purchase a comprehensive four-wheeler insurance policy due to several reasons. Here are its top benefits:
1. Third-Party Liabilities - Comprehensive car insurance provides you coverage for third party liability, which will help you if your car gets involved in an accident that leads to damages sustained by the third party. Also, it gives you legal compliance with the basic cover in hand while driving a car.
2. Own Damage Cover - Apart from the third party liability, comprehensive car insurance also gives coverage for damages or losses incurred by your car due to an accident, theft, fire, burglary, man-made disaster or natural calamities. Also, it covers damage or loss to cars while in transit by rail, air, and so on.
3. Personal Accident Cover - Personal accident cover is also offered with comprehensive car insurance plans that give protection against permanent total disability as well as death due to an accident. This cover can be extended for other passengers based on your car’s seating capacity for a specified amount.
4. No Claim Bonus - One of the biggest benefits comprehensive car insurance provides is the No Claim Bonus (NCB) feature. Under this benefit, a policyholder gets a discount on the next year's premium for not making any claim in a policy year. With every claim-free year, discounts accumulate making the car insurance more affordable.
5. Cashless Claims - The cashless car insurance claim is a significant aspect of every policy. Insurance company’s with a large network of garages across the nation ensure active cashless services in all these locations. This facility makes it convenient for policyholders to avail the repair services without paying anything.
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How to Calculate Four Wheeler Insurance Premium Online?
To calculate the premium of your car insurance policy online is quite a simple process. Below are some steps to find the premium of your car insurance through the premium calculator:
1. Choose the brand, model, fuel type & variant of your car.
2. Select the city where your car is registered correctly.
3. Set the year in which you bought your car.
4. Tell us, if you have made any claim in the previous year by selecting ‘Yes’ or ‘No’.
5. Enter your name and mobile number on which you will get an OTP. On entering the OTP, you will get various policy premium quotes to choose a plan from.
Car Insurance Renewal Online - Instant e-Policy
Below is the process of car insurance renewal online through the InsuranceDekho portal:
Step 1: Go to InsuranceDekho and click on the ‘Car’ tab.
Step 2: Enter the car’s Registration Number and click on the ‘Proceed’ button. Then choose your car’s variant and vehicle fuel type to continue.
Step 3: Share the previous company’s expiry date and the name of your car insurer. Also, tell if you have raised any claim in the last policy year and click on ‘Continue’.
Step 4: Fill in your name and mobile number and the duration for which you want to insure your car and click on the ‘Submit and Get Quotes’ link.
Step 5: Different premium quotes from different car insurance companies will appear which you will have to compare and choose as per your requirements. You can also pick car insurance add-on covers at this step.
Step 6: Click on the ‘Buy Now’ button, verify your details, and make the payment. The car policy will be issued and its document will be sent to your registered email ID.
Why Should You Renew an Expired Car Insurance Policy Now?
If your four-wheeler insurance expires, you will become vulnerable to legal and financial risks. Here are some points risks of an expired car insurance policy:
1. Legal Trouble - Driving a car with an expired car insurance policy can get you in trouble which can lead to penalties. Repeated offences can enhance your penalties and can even make you face imprisonment. Hence, if your car’s policy is expired, then you should renew it immediately.
2. No Cover & Claim - An expired car insurance policy can provide no coverage, which means you cannot make any request for a claim from the insurance company. So, if your car faces any damage, then your insurer will not be liable to compensate your losses and you will have to bear the entire expenses.
3. Long Renewal Process - The renewal process might become difficult and can take a long time if your policy has expired, otherwise, it takes a few minutes only. The reason behind the delay is that an inspection is required to renew an expired policy which may take time as per the availability of the surveyor.
4. Loss of NCB Benefit - The NCB of your car insurance can be terminated if your car insurance plan is not renewed within 90 days of its expiry date. This can make you lose your NCB discount even if it was 50%, which could be a huge loss for you as it could lower your premium for the next year.
5. Scope for Inspection - If your policy expires, your insurance company might want the car before renewing the insurance for it. This can lead to a price hike due to two major reasons that comprise the cost of the inspection process to the company and if your car is not found to be in a good shape or at risk.
Factors That Affect Your Four Wheeler Insurance Premium
Here are some top factors that influence the premium of your car insurance:
1. Make, Model & Variant - The brand, model, fuel type, and variant affects the cost of a car, which will ultimately increase the risk on the insurance company to compensate. So, it affects the premium of the policy.
2. Age of the Car - With age, the depreciation reduces the value of your car that reduces its IDV which has a direct relation with premium. In simple terms, the premium of an old car will be lesser than that of a new car.
3. Add-on Covers - With the inclusion of add-on covers to your car insurance policy, you can get additional coverage. However, to own every add-on cover you will have to pay for a little extra premium which will increase your premium.
4. No Claim Bonus (NCB) - Insurance companies provide their customers with a reward for spending a claim-free year in terms of a discount called No Claim Bonus. With every claim-free year, this bonus tends to increase that will get you more discount on your next year’s premium during renewal.
5. Anti-Theft Device - If someone has installed anti-theft devices authorised by the Automotive Research Association of India (ARAI), then his car insurance policy premium could be lower by the insurance company as it lessens the chances of car theft which ultimately lowers the insurer’s risk and burden to pay compensation.
How To File a Online Car Insurance Claim?
A car insurance claim can be made in two ways - cashless claim or reimbursement claim. When you visit a network (partner) garage of your insurance provider for your car’s repair work, the claim is settled in a cashless manner When you visit a non-network garage of your choice, the claim is settled first by you and is later reimbursed to you by your insurance provider. You can follow the below steps to make a car insurance claim -
- Step 1: Inform your insurance provider about the incident.
- Step 2: Get your claim intimation number.
- Step 3: A surveyor will visit the place of the incident to assess the damages.
- Step 4: Your insurance provider will arrange for towing services for your car, if required.
- Step 5: Get your car repaired at either a cashless network garage or a garage of your car.
- Step 6: The claim will be settled by the insurance provider in accordance with the garage chosen by you for repairs.
Documents Required to File Car Insurance Claim after an Accident
To file a four-wheeler insurance claim successfully, you require a few documents which are as follow:
1. Car insurance policy
2. Driving license copy
3. Duly signed claim form copy
4. Original repair invoice
5. RC copy of the car
6. Fitness certificate for commercial cars
6. FIR copy, in case of theft, injury or damage to third-party, or accidents
7. Cash receipt and proof of car release
8. ID proof of insured person such as Aadhar card and PAN card
How to Compare Online Car Insurance Quotes at insuranceDekho?
You can compare different four-wheeler insurance policy quotes online at InsuranceDekho in just 30 seconds. A thorough comparison of policy quotes can help you find the most suitable policy at the lowest premium. To get the policy quotes, you will have to enter some details such as make, model, fuel type, variant, manufacture year and so on. This will get you a car insurance premium offered by several insurers in the market which you can customise with add-on covers and select the one that fits best to your requirements and budget.
Frequently Asked Questions About Car Insurance
What is a car insurance policy?Car Insurance/Four Wheeler Insurance is an agreement between an insurance company and a car owner under which the former provides an insurance cover to the policyholder for financial damages incurred by his/her car in unforeseen events. Depending on the coverage, there are three types of car insurance plans - third party car insurance policy, standalone own-damage car insurance and comprehensive car insurance policy. Car insurance renewal online process provides instant e-Policy.
Why should I buy car insurance?
There are a number of benefits of owning four wheeler insurance. Firstly, it helps you meet the legal requirement of owning at least a third party car insurance cover. Moreover, a car insurance policy helps you meet financial liabilities that may arise towards a third party or own-damages to your car due to a road accident or any other unfortunate event.
How much fine do I have to pay for not holding car insurance while driving?
It is mandatory to own at least a third party car insurance policy while driving a car. If you get caught driving without it for the first time, you may be charged with a fine of Rs. 2,000 with or without imprisonment of a maximum of 3 months that can increase to a fine of Rs. 4,000 and/or jail of up to 3 months, when caught for the second time.
How much is car insurance premium?
The premium rates for third-party car insurance price depend on the engine capacity of the car and is fixed by the IRDAI. However, the premium for standalone own-damage and comprehensive car insurance policies varies from car to car depending on a number of factors such as car's MMV (Make, Model and Variant), RTO location, engine capacity, registration city, fuel type,
What if my car insurance policy gets expired?
Every car insurance comes with a validity period, post which you need to renew it to continue to enjoy its benefits. However, even if you miss to get your car insurance plan renewed by the expiry date, you can still get it renewed till the next 90 days from the date of expiry. After the expiry of this 90-day period, car insurance cannot be renewed. In such a case, you need to purchase a new car insurance policy.
How to find my car insurance policy number?
Car insurance policy number is a unique 8 to 10 digit number, given by your car insurance company for the identification of your insurance account. It is generally written on your insurance card or statements issued by the insurance company. The number remains the same as long as your policy is active with the respective insurance provider.
Which is the best car insurance company in India 2021?
There are a number of factors which make a car insurance company better than its peers. One such important factor is Claim Settlement Ratio (CSR). It is the percentage of claims settled by a car insurance company out of the total number of claims received by it during a financial year. In the financial year 2018-19 the insurance companies which registered the highest claim settlement ratio are IFFCO Tokio General Insurance (96.44%), Royal Sundaram General Insurance (94.07%), and Oriental Insurance Company (93.16%)..
Is car insurance mandatory in India?
As per the Indian Motor Tariff, every car owner in the country is compulsorily required to own at least a third party car insurance cover. Absence of a valid third party car insurance plan is a punishable offence which attracts a fine of Rs. 2,000 and/or imprisonment of up to 3 months for the first offence.
How is car insurance premium calculated?The premium price of third-party car insurance plans is determined by the IRDAI, whereas the premium for standalone own-damage and comprehensive plans vary from insurance company to insurance company. Following are some factors which affect the premium for own-damage four wheeler insurance cover:
- Insured Declared Value – The Insured Declared Value (IDV) is the current market value of the four wheeler. It is one of the important factors which affect the calculation of the premium as IDV is the amount which insurance companies pay the policyholder in the event of total loss of car. Higher IDV attracts a higher premium.
- Engine Cubic Capacity – The premium of a car insurance plan is also a function of the car’s engine cubic capacity. Greater the car’s cubic capacity, higher is the premium.
- Age of the Car – With time the value of the four wheeler reduces due to depreciation. The normal wear and tear reduce the value of the car in the market due to which its insurance premium also reduces. Thus, greater the age, lower the premium.
- Make, Model and Variant – The make, model and variant of the car affects the IDV of the car which eventually affects the car insurance premium. For different make, model and variants of the car, the different premium is applicable.
- RTO Location – Another important factor is the RTO location of the car. It gives the insurance company an idea about the density of traffic in the area/city where the car will be driven and thus the probability of road accidents and other mishaps.
Can car insurance be transferred to the new owner at the purchase of a second hand four wheeler?
Yes, the four wheeler insurance can be transferred from the old owner to the new owner in case the sale of a second-hand car. As per the Indian Motor Tariff, the policy transfer should be completed within 14 days from the car’s purchase date.
Can one car owner buy two policies for the same car?
No, one car owner can not have two insurance policies for the same four-wheeler. However, a third-party insurance plan and own damage cover can be purchased separately for a four-wheeler, in place of a comprehensive four wheeler insurance.
How to Claim Car Insurance Online?
A car insurance claim can be made online by following the below-mentioned steps:
Step 1: Register the claim by visiting the website or mobile app
Step 2: After claim registration, the car’s owner gets a claim registration number
Step 3: After claim registration, the four wheeler insurance company sends a surveyor the place of accident/mishap to assess the extent of damage. The policyholder needs to submit the required documents at this stage to the surveyor to proceed with the claim.
Step 4: The damaged four wheeler is then sent to a garage for repairs. Depending on the type of garage, the payment for the claim will be made.
Step 5: If a network garage is chosen, the bill is directly settled by the four wheeler insurance company with the garage. In case, the garage is not a part of the insurance company’s cashless garages network, the policyholder needs to settle the bill which is later reimbursed by the insurance company.
What is depreciation in car insurance?
Depreciation in car insurance refers to the loss of the insured car’s value with time due to wear and tear. The depreciation rate plays a vital part in a car insurance policy as insurance companies consider, based on the car’s age, to determine the value they agree to provide for your car.
I have bought a used car. Can the insurance of its last owner continue while the car ownership has been transferred to my name?
The Indian Motor Tariff gives a period of 14 days from the date of the car’s sale to get the car insurance plan transferred from the previous car owner’s name to your name. If you fail to get your car insurance plan transferred within 14 days, your car will have no valid insurance protection.
What are the factors that insurance companies consider to accept car insurance applications?
While applying for a car insurance policy, the insurance company can ask you to disclose various relevant information requested on the car insurance application. Many insurers consider your credit history, age, criminal record, and other aspects for accepting or rejecting your application.
How can I transfer a car insurance policy to my name?
After making the payment of a transfer fee of Rs. 50, the buyer should own the below-given documents for the car insurance policy transfer process:
- 1. New copy of the registration certificate/form 29
- 2. Old policy document
- 3. No Objection Clause (NOC) from the last policyholder
- 4. New application form
- 5. Inspection Report from the insurer
- 6. Difference amount of No Claims Bonus
Once all these documents are submitted, the insurer validates the policy transfer. You should initiate this transfer process within 14 days of car purchase.
Once the car inspection request is logged online, how long does it take to get the car policy?
Once the request is made, the car inspection process is conducted within 24 hours. After the successful inspection, the surveyor makes an online recommendation to you within 48 hours of which, you will have to log in to the insurance website and convert your plan. Failing to do so within the stipulated time will make you go through the entire process again.
What do you mean by Constructive Total Loss?
An insurance company declares the insured car to be a constructive total loss when it gets damaged to an extent where repair cost would equal or exceed its cost or its insurance coverage limit. It states that the insurance company will have to pay out the insured value of the car rather than pay for it to be restored to its previous condition.
If I buy new accessories for my car, can I get them insured in the middle of the insurance policy term?
You can insure the accessories that you purchased for your car at the time of car insurance policy renewal time and not in the middle of the insurance policy term.
When should I report to the police?
When your car meets with an accident or gets stolen, you should report it to the police as soon as possible and file an FIR (First Information Report). All insurers ask for an FIR copy for initiating the settlement process.
What is the meaning of voluntary deductible in car insurance?
A voluntary deductible is the share of the insurance claim that the policyholders agree to pay from their own pocket. If you choose this deductible, the premium of your policy will decrease.
What to do if there is a mistake in my car policy document?
If there is any wrong or incorrect detail entered in the car insurance policy document, you can edit it online or offline as per the provisions offered by your insurance company. You can either make changes in the policy online or through call or email or by making a visit to the nearest branch of your insurer.
What happens to the car insurance policy if I sell my car?
According to the Motor Vehicle Act, 1988, when you sell your car, you become responsible to transfer your existing car insurance policy in the name of the new owner of the car within 14 days of the sale of the car. Also, you can cancel your policy by getting in touch with your insurer. Your insurance company will prorate your payment and give back the remaining amount for the month or overall policy term.
Can I get medical cover for bodily injuries or demise of the passenger(s) commuted in my car? Should I purchase a separate car insurance cover for that?
You can purchase a personal accident cover for passengers commuting in your car as an add-on cover. This plan will cover the cost of treatment for accidental injuries sustained by the passengers.
What is a cover note in car insurance?
When it comes to car insurance, a cover note is a temporary certificate of insurance issued by the insurance company before the issuance of a policy after the insured person has submitted a duly filled in proposal form and has made the complete payment of premium.
Does car insurance cover scratches, dents and cosmetic damage?
Yes, your car insurance will cover the cost to repair for dents, scratches and cosmetic damage, if the insured individual holds a comprehensive or standalone own-damage car insurance policy.
What are the risks covered by the comprehensive car policy?
Comprehensive car insurance gives coverage to your third-party liabilities in addition to the damage sustained by your car due to an accident, theft, fire, natural calamities like earthquake, flood, etc, and man-made disasters such as riots, strikes, and so on.
Does car insurance cover passengers?
The passengers of your car can be covered under car insurance if you purchase a passenger cover.
Does a car insurance policy cover tyre damages?
Car insurance gives coverage to tyre and tube repair and replacement only in case the insured car has met with an accident. In simple terms, the tyre damages are covered only if the insured car is also damaged in the same accident or at the same time. This excludes tyre burst, normal wear and tear, and so on. However, the policy limits the coverage to 50% of the cost of replacement of tyres.
Will my car policy cover electrical fires?
The damage incurred due to an electrical fire can be covered by your car insurance if there is a provision in your policy.
Will my insurance company give coverage for an accident caused by someone else while driving my car?
The car insurance will cover you, your car, and anyone else driving your car with your consent. So, if you lend your car to your friend, sister, cousin, etc, then the insurance company will pay in the event of an accident.
What is Garage Cash cover in car insurance?
It is an additional benefit that provides the car owner with a daily allowance to cover the daily cost of transportation if your car has to stay at the garage for long for repair.
Do you cover damage due to a hit by a coconut or cricket bat?
Since, car insurance coverage gives coverage for manmade disasters where people might damage a car purposely in riots, strikes, etc, therefore, damages caused due to coconut and a cricket bat can be covered.
Does car damages due to rat bites is covered by the policy?
Car damages due to rat-bite are covered under the own damage or comprehensive car insurance. Rat damage claim is admissible as it is caused by accidental and visible external means.
Is the engine damage covered by car insurance?
Car insurance is designed to give coverage for any damage incurred by the engine of the insured car if it meets with an accident. However, no coverage is provided for engine damage due to wear and tear or mechanical failure. To get such coverage, you can add an engine protection add-on cover to your policy.
Why do car insurance premiums differ from company to company?
The rates of car insurance vary from one insurer to another as every company uses a unique formula to estimate risk and determine the amount of premium and claim that it will pay during the policy year.
Why the premium of car insurance increases every year?
The car insurance premium increases every year as third party insurance premium rates are increased by IRDAI. Since, third party cover is compulsory for all car owners, hence, it impacts the premium amount of the car insurance. After reviewing the loss ratios of car insurance companies and the total number of claims raised by policyholders, the IRDAI declares the third party premium rates for the next financial year.
Does the premium amount of car insurance depends on the city?
Yes, the city or town of car registration impacts the premium cost of car insurance. Insurance companies classify locations in the country in different zones based on the risk associated with them. Generally, zones are termed as metro cities and the rest of India. The former has a high rate of accidents and vandalism that attracts a higher premium in comparison with an insured person living in a less developed and populated city.
Can I pay the car insurance premium in instalments?
No, as of now there is no provision to make payment of car insurance premium in instalments.
Should I file a claim with my car insurer for a dent at the backside of my car? Will my premium go up?
You can claim for the dent at the backside of your car but it can terminate any accrued No Claim Bonus (NCB) benefit, which can enhance the premium of your next policy year. Hence, it is suggested to bear small damages on your own to save NCB and avoid the increase of premium.
Why is it essential to renew a car insurance plan?
The renewal of the car insurance policy ensures the continuation of policy coverage for the next policy year. Apart from fulfilling legal requirements and policy cover, the on-time policy renewal brings several other benefits such as save your NCB, allow self-inspection and help in hassle-free renewal.
What is the right time To Renew Car Insurance?
Most car insurance plans come with a validity of one year while some long term plans come with a 3-year policy term. All the policies are required to be renewed within the due date of their expiry. If the expiry date passes, you should renew it within 30 to 90 days of the grace period that varies from insurer to insurer.
What are the benefits of renewing from the same insurance company?
Many people stick to one insurance company only and keep renewing their plans every year with them. Renewing the policy with the same insurance company can provide a wide variety of benefits that includes trusted relationship gets to build, no hidden cost or fee is charged, and policy renewal becomes easier for you.
How much time will it take to buy or renew a car insurance policy online?
If you have data and details handy, it will take just a few minutes to purchase or renew a car insurance policy online especially at popular insurance portals like InsuranceDekho.
Will my No Claim Bonus get migrated if I renew my car insurance with another insurance company?
Yes, your NCB can be migrated and you can avail of it even if you change your insurance company during the policy renewal. However, you will have to submit evidence of the earned NCB through a renewal notice from your current insurance company.
How can I renew the expired car insurance policy online?
To renew your car insurance policy online, visit the insurance company website you wish to renew your policy with. Click to the renewal section and enter your previous car insurance policy number and its expiry date. Confirm the details of the plan and pay the premium.
Is it safe to online renew a car insurance policy?
Yes, it is absolutely safe to renew a car insurance policy, if you renew it from an authentic insurance company or an insurance broker.
What is the cost of car insurance policy renewal?
There is no fixed cost of renewing a car insurance plan as it depends on several factors such as type of policy, add-ons in policy, modifications in the car, and so on.
What will happen to my No Claim Bonus (NCB) if I renew my expired car policy?
Your No Claim Bonus (NCB) will stay intact if you are able to renew your expired car insurance policy within 90 days of expiration, otherwise, the NCB discount will become invalid.
What is a No Claim Bonus (NCB) in car insurance?
The No Claim Bonus (NCB) is a reward given by insurance companies in terms of discounts to their policyholders for making no claim requests in a policy year. The NCB discount ranges between 20% and 50% which is applicable on the premium of the next policy year.
What document should I submit to avail my No Claim Bonus?
If you are renewing the car insurance policy with your own insurance company then only your policy document will be required to avail No Claim Bonus. But, if you are renewing your plan with a new insurance company for your current car, you will be required your previous year’s car insurance policy document or renewal notice which states the NCB you are eligible for.
My car insurance policy has expired. Will my NCB be retained?
No, if your car insurance policy gets expired, then your No Claim Bonus (NCB) will be cancelled and you will have to renew your plan on the standard policy premium.
I have purchased a new car and want to transfer my old car's NCB (from another insurance company) onto the new car insurance policy. What will be the process?
You can simply transfer your No Claim Bonus (NCB) to your new car by cancelling your old car insurance policy. After the cancellation, your insurance company will issue you an NCB retention letter that you will have to submit to your new car insurance company to avail of the bonus.
Is my NCB transferable when I change my car or insurer?
The No Claim Bonus (NCB) is offered in the name of the policyholder and not to the insured car. Hence, it can be transferred to another insurance company or car owned by you.
What is Zero Depreciation in a car insurance policy?
Zero Depreciation is an add-on cover in car insurance that make the insurance company pay the complete amount of claim to the policyholder without taking the depreciation cost on the parts of the car into consideration. Since it is an add-on, you will have to pay a little extra premium to avail of it.
What is Insured Declared Value (IDV) in car insurance policy?
Insured Declared Value (IDV) in car insurance is the maximum sum insured set by the insurance company to offer to policyholders in case of theft or total loss of the insured car. IDV is the present market value of the car and if your car suffers total loss, the IDV will be provided as compensation.
How can I add or remove Hypothecation in my car insurance policy?
To add hypothecation in your car insurance, you will have to submit a letter from your bank or an endorsed copy of RC, form 34, PUC certificate, address proof and PAN card of the car owner, valid car insurance policy and receipt of the fee paid for the hypothecation by the RTO. On the other hand, to remove the hypothecation from your car insurance, you will have to submit NOC from the lender to the insurance company in addition to form 35, a valid car insurance plan, and PUCC.
How do I get a duplicate copy of my car insurance policy online?
You can get a duplicate copy of your car insurance in 3 simple steps:
- Step 1: Visit your insurer’s website and choose the car insurance tab.
- Step 2: Log in to the account by entering the required details like policy number, mobile number, etc.
- Step 3: You can download the policy copy easily from the available link.
Also, in case of any trouble, you can contact the customer care team of your insurance company and request for duplicate car insurance policy copy and they will send it to you.
Is an online car insurance policy a valid document?
Yes, the online car insurance policy is a valid document.
What should I do if I lose my online car policy?
Inform your insurance company at the earliest about losing your policy so they can begin the process of issuing a duplicate policy document. Some insurers require a police complaint to issue a duplicate policy copy, in such a case, you should register a FIR.
How can I check car insurance policy online status?
You can know the status of your car insurance policy online check through the website of the Insurance Information Bureau (IIB) or VAHAN E-services and follow simple steps. You can also check your car insurance status via the QR code that IRDAI has made mandatory for every car insurance policy to hold the necessary details that you can scan with your smartphone to fetch status. In case an online facility is not available, you can check the status of your car insurance policy by visiting or getting in touch with the RTO office, where you will have to provide your car registration number.
Also read: https://www.insurancedekho.com/car-insurance/news/check-car-insurance-policy-status-easily.htm
Is it worth filing a claim for a minor dent?
Even the smallest dent is allowed to be covered under a car insurance policy, but it is always recommended to avoid raising any claim for it and cover its cost out of pocket as fixing a dent may cost you lesser than your car insurance deductible. Also, you may lose the No Claim Bonus accrued over the years due to a small claim.
How many car insurance claims are allowed in a policy year?
Generally, there are no such restrictions applicable on the number of claims that you can make in a policy year under your car insurance policy. However, one should keep in mind that the car insurance claim impacts your No Claim Bonus (NCB) as well. Also, repeated claims in a policy year and termination of NCB can enhance the amount of premium during the renewal of the policy.
What is a cashless claim in car insurance?
A cashless car insurance claim is designed to provide you with instant aid after an accident or any unfortunate event and helps you avoid paying any repair costs. However, the cashless car insurance claim can be availed only when your car is sent for repair to a network garage of your insurance provider.
Do I need to file an FIR to raise a car insurance claim?
You should register an FIR in case of a road accident if it leads to bodily injury, disability, or death of a third party. In addition to this, an FIR also becomes a compulsory requirement if your car gets stolen. In such cases, you will have to submit one copy of the FIR to your insurance company and you will have to keep one copy for yourself while making a claim.
How long does it take to settle a car insurance claim?
The time to settle a car insurance claim varies from insurance company to insurance company. It generally ranges from 7 days to 45 days. Once you have submitted all the required documents to process the car insurance claim, it should not take more than 30 days for an insurer to get the claim settled. However, in some cases, where there are a few complications that require further investigation, the claim settlement is to be completed within six months.
What is the insurance claim procedure in case of car theft?
When you find out that your car has been stolen, the first thing you should do is to register a First Information Report (FIR) at a local police station. You will get a copy of your FIR that you will require for filing the claim. After registering an FIR, you should raise an insurance claim and can notify the company of the theft. After this, you will have to inform your RTO about car theft. You will be required to fill a few official forms, which will then be signed by the RTO officer. With the duly signed forms, the RTO will give you the transfer papers to be submitted to the insurer. You should submit the required documents to your insurance company including the No Trace Report, which is given by the police if they can not find your car for a particular duration. This document is mandatory to get the claim sanctioned by your insurer.
What should I do to cancel my claim?
Yes, insurance companies allow you to cancel a car insurance claim after filing it. There are various reasons as to why drivers should cancel a claim among which the most common reason is to avoid paying the deductible. To cancel your insurance claim, you should get in touch with a representative of your insurance company.
Should I raise a claim every time my car is damaged?
You can raise a car insurance claim every time your car is damaged, but it is recommended to register a claim for major damages. Since you can lose your NCB and may have to pay the deductible amount, hence, it is suggested to not raise a claim every time your car get damaged instead raise it based on the level of damage.
Why should I notify my claim to the insurance company directly?
Most claim insurance plans for an accident are required to be reported directly to an insurance company irrespective of whether there is any claim being made. It is because reporting to the insurer directly initiates the car insurance claim process quickly and make it transparent.
What is a cashless claim and a non-cashless or reimbursement claim?
Cashless car insurance is where the insurance company settles the claim directly by making the payment on behalf of the insured person while a reimbursement car insurance requires you to pay for all the expenses yourself at the initial stage and later reimburses the expenses.
If I lodge my claim after my car insurance policy expires for an incident that occurred during the policy term, will my claim be valid?
Yes, the claim will be considered valid as long as the policyholder reports the incident with seven days of its occurrence, the claim will be valid.
Can I claim car insurance 6 months after the damage was done?
Generally, the car insurance providers provide a deadline within which you have to reach out to insurance companies for a claim. However, deadlines might vary from one vehicle insurance company to another where you need to submit the receipts that serve as evidence for the expenses made. Hence, it is suggested to raise the claim insurance at the earliest. So, if your insurer allows you to raise a claim within 6 months, you can raise it.
My car insurance application was rejected. What should I do now?
If your car insurance claim gets rejected, you can get in touch with the customer support team of your insurance company to know the reason for claim rejection and make the claim again after rectifying the mistake. If it does not help, then you will have to make payment from your pocket for the repair or loss.
Are there any special discounts on car insurance for people with disabilities?
Yes, some car insurance companies give discounts up to 50% of the amount of premium for people with physical disabilities if their car or vehicle is specifically designed or modified in a way that it can of use of the physically disabled.
Does car insurance provides for the cost of an ambulance ride?
A vehicle insurance company provides covers with the cost of an ambulance if you have got the personal accident cover. They provide this coverage as a part of the medical expenses after a car accident. However, the cover is given if it is medically necessary.
If I fit CNG or LPG kit in my car, is it necessary to inform the insurance company?
You must inform your vehicle insurance company about the change in your car's fuel type to CNG as soon as you get the kit installed in your car. You should not wait for car insurance policy renewal to inform your car insurance company about the modification so that the kit can be covered under the plan.
What type of insurance do I need if my vehicle has an additional CNG/LPG kit?
The CNG or LPG kit can get the coverage under the own-damage and a comprehensive car insurance plan. You will have to inform your insurer about the CNG kit installation in the car vehicle and submit the modified RC book's copy that has the CNG seal. The insurance company can also inspect the car and then make changes in your existing vehicle insurance policy to provide you with the coverage for the installed CNG kit.
How IDV is calculated in car insurance?
Insured Declared Value (IDV) refers to the car manufacturer's listed selling price minus depreciation. The IDV excludes the registration and insurance cost. The IDV of car accessories that are not factory fitted is computed separately at an additional cost of insurance is required for them.
What is the penalty for driving without valid car insurance?
Driving a car without holding at least a third party car insurance plan is an illegal and punishable offence. According to the Motor Vehicle Act, the punishment of driving a car without holding the basic car insurance policy is Rs. 2,000 and/or imprisonment of up to 3 months.
What will happen to my car insurance policy if I change my city?
If you change your city, you should inform your insurance company as it may impact your insurance premium as the traffic density in a metro city is higher than tier 2 city which can cause more accidents to cover which higher premium to be paid.
What is an endorsement in car insurance?
An endorsement in car insurance is an amendment or an addition made to the existing terms and conditions in the policy. Endorsements can also be referred to as riders which allows you to add, delete, modify any parts or terms under the car insurance policy coverage.
I am the car's second owner and want to book a fresh policy in my name. What is the process?
If you wish to purchase a fresh policy for a second-hand car, then you will have to follow the below-given steps:
- Step 1: Enter your car registration number
- Step 2: Provide the required information like make, model, RTO location, fuel type, etc.
- Step 3: Fill in your personal details and contact number
- Step 4:Check the premium amount of different policies from policy quotes
- Step 5: Select a suitable plan as per your budget and requirements
- Step 6: Opt for an add-on cover to enhance your policy coverage
- Step 7: Pay for the final insurance premium amount online and a policy will be issued.
Can a customer cancel his policy during the tenure of his policy?
Yes, customers can cancel their car insurance policies at any time. They just have to communicate with their insurance company with a written notice stating the effective date of cancellation.
Can I select a garage of my choice for repairs?
Yes, you can choose a garage of your choice to get your car repaired. If it falls in the network of the insurance company that you can avail cashless insurance facility otherwise you may have to proceed with a reimbursement claim.
Does the car model affect the cost of car insurance?
The car insurance premium will vary for different models of a car from the same manufacturer. It is because every model is made unique and will have costly parts than its countermodels.
What is the loading or loading period in a policy?
Loading is an additional premium amount charged by insurance companies in addition to the base premium for a car insurance policy. It is an extra cost built into the insurance policy in order to give coverage for losses that are higher than expected arising from insuring a person who is prone to a type of risk.
Can we insure cars after 15 years?
Yes, you can insure your car after 15 years with the third-party car insurance plan as everyone has to carry the liability only cover as a compulsion as per the Motor Vehicles Act, 1988. However, insurance with own-damage cover varies from insurance company to insurance company.
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