Car insurance is more than just a legal requirement; it's your financial safety net. Whether you're a new driver or an experienced one, having car insurance can protect you from hefty expenses in case of accidents, theft, or damages. Not only does it safeguard your finances, but it also provides peace of mind on the road. Let's dive into the different aspects of car insurance to help you make informed decisions.
Insurance Companies | Network Garages | Claim-Settlement Ratio(%) | Plan Details |
---|---|---|---|
Zuno (Edelweiss) Car Insurance | 1200+ | 98% | |
Iffco Tokio General Insurance | 4300+ | 95.8% | |
Reliance General Car Insurance | 6200+ | 98% | |
Bajaj Allianz Car Insurance | 4000+ | 98.5% | |
HDFC ERGO General Insurance | 6,800+ | 99% | |
ICICI Lombard General Insurance | 8,800+ | 96.75% | |
Kotak General Car Insurance | 1,300+ | 94.67% | |
National General Car Insurance | 3,100+ | 93% | |
New India General Car Insurance | 3,000+ | 95% | |
SBI General Car Insurance | 16000+ | 98% | |
Tata AIG General Insurance | 5,000+ | 99% | |
United India General Car Insurance | 3,100+ | 95% | |
Universal Sompo General Car Insurance | 3,500+ | 96% | |
Liberty Car Insurance | 4300+ | 90.5% | |
Future Generali Car Insurance | 3500+ | 96.3% | |
Digit Car Insurance | 1000+ | 96% | |
Cholamandalam Car Insurance | 7100+ | 96% | |
Royal Sundaram Car Insurance | 3300+ | 98.6% |
Car insurance is a vital protection for vehicle owners, offering various types of coverage to suit different needs. In India, the primary types of car insurance include Third-Party Liability Insurance, Own Damage Insurance, and Comprehensive Insurance.
Coverage: Mandatory in many countries, this insurance covers damages to third-party vehicles or injuries to third parties.
Benefits: It is the most basic form of car insurance and is required by law in many places.
Limitations: Does not cover damages to the policyholder's vehicle.
Coverage: Covers repairs to the policyholder's vehicle in case of an accident.
Benefits: Essential for those who have financed their vehicle.
Limitations: Does not cover third-party liabilities.
Coverage: Offers the highest level of protection, covering third-party liabilities, damages to the policyholder's vehicle, theft, and natural disasters.
Benefits: Provides extensive financial security and peace of mind.
What Is Covered? | Third-Party | Comprehensive |
---|---|---|
Third-Party Vehicle Damage | ✔️ | ✔️ |
Third-Party Property Damage | ✔️ | ✔️ |
Own Vehicle Damage | ❌ | ✔️ |
Vehicle Theft | ❌ | ✔️ |
Fire Damage | ❌ | ✔️ |
No Claim Bonus | ❌ | ✔️ |
Cashless Claim | ❌ | ✔️ |
Damage from Natural Calamities | ❌ | ✔️ |
Personal Accident Covered | ✔️ | ✔️ |
Engine Protection | ❌ | Through Add-on |
Zero Depreciation Cover | ❌ | Through Add-on |
NCB Protection | ❌ | Through Add-on |
Invoice Cover | ❌ | Through Add-on |
Key Features | Benefits |
---|---|
Own Damage Cover | Available under Comprehensive and Standalone plan |
Third Party Damage Cover | Covers third party injury and property damage |
Car Insurance add-ons | 10+ add-ons according to the plan |
Personal Accident Cover | Upto 15 Lakh |
Cashless Repairs | Available |
Car Insurance Premium | Starting @ ₹2072/year |
Buying/Renewal of Policy | Online & Offline |
Savings | Upto 80% on Car Insurance Premium |
No Claim Bonus | Upto 50% |
Purchasing car insurance online has made the process seamless and efficient. Here’s what you need to know:
Coverage Scope: Buyers should select coverage that aligns with their specific needs, such as third-party liability, own-damage coverage, or comprehensive insurance.
Premium Amount: The cost of the insurance policy. It's important to strike a balance between affordability and the benefits offered by the policy.
Claim Settlement Ratio: This indicates the percentage of claims settled by the insurer compared to the total claims received. A higher ratio means a greater likelihood of hassle-free claim approvals.
Network Garages: The number of garages associated with the insurance company where cashless repairs can be availed. A wider network ensures greater convenience in case of repairs.
Customer Reviews: Reading reviews can help understand the quality of service, claim process, and reliability of the company.
Deductibles & Add-ons: Deductibles refer to the amount a policyholder must pay before the insurance covers the rest.
Purchasing car insurance online has become increasingly popular due to the numerous benefits it offers. In just three simple steps, you can insure your car against damages and financial losses caused by accidents, fire, theft, and more. Here are the key advantages of buying four-wheeler insurance online:
Renewing your car insurance on time is important as it ensures continuous coverage. A timely renewal also helps avoid legal penalties, such as fines for driving without valid insurance. Moreover, it allows you to retain benefits like the No Claim Bonus (NCB), which significantly reduces premium costs. Being proactive about renewal not only keeps you legally compliant, but also ensures peace of mind while driving.
Renewing your car insurance is a crucial step to ensure continuous coverage, but the method you choose can significantly impact your experience. Here’s why online renewal outshines offline methods:
While offline renewals may offer personal interaction, they come with higher costs, longer processing times, and limited options. Online renewal, on the other hand, empowers you with speed, savings, and a hassle-free experience.
Renewing your car insurance policy is crucial for staying protected and complying with legal requirements. Here’s why:
Legal Compliance: Driving without a valid car insurance policy is illegal in India and can result in hefty fines or penalties.
Uninterrupted Coverage: A lapsed policy leaves you unprotected against financial losses due to accidents, theft, or natural disasters.
Third-Party Liability: Renewal ensures you meet mandatory third-party liability coverage, safeguarding you from legal issues in case of accidents.
Avoid Premium Hikes: Renewing on time helps maintain your No Claim Bonus (NCB), reducing your premium cost.
Comprehensive Protection: Keep your car protected against damages caused by accidents, fire, theft, and other unforeseen events.
Eligibility for Add-Ons: Policy renewal is a great time to include or update add-ons like Zero Depreciation Cover or Roadside Assistance.
Peace of Mind: Timely renewal ensures you're always prepared for unexpected incidents, whether on the road or off it.
Avoid Policy Lapse: A lapsed policy may require a fresh inspection, leading to additional hassle and costs.
Every car insurance policy must be renewed to enjoy continuous insurance benefits. You can apply for car insurance renewal online as well offline. However, renewing car insurance policy online can give you several advantages. These benefits are:
A new car insurance policy is specifically designed to protect newly purchased vehicles from unforeseen damages and risks. It provides coverage against manufacturer defects, theft, and accidental damage, ensuring that the car owner does not face financial burdens in the event of an unexpected incident. Additionally, having a valid insurance policy ensures legal compliance and offers financial security, making it a crucial step immediately after purchasing a new vehicle.
Comparing different policies helps ensure you get the best deal with adequate coverage. By carefully evaluating key aspects like premiums, coverage, add-ons, and claim settlement ratios, you can make an informed decision that suits your needs and budget.
Let’s explore why comparison is essential and how to effectively assess different insurance plans.
Platforms like Coverfox provide easy comparison tools to help you pick the right plan.
Comparing car insurance policies online is essential to find the best coverage that suits your needs and budget. Coverfox allows you to explore various options from top insurance providers, ensuring you make an informed decision without any hassle. Here's a simple guide to help you compare and purchase car insurance online:
Visit the Car Insurance Page on Coverfox's Website: Navigate to the official Coverfox website and go to the car insurance section.
Enter Your Car Details: Provide necessary information about your vehicle, such as the make, model, year of manufacture, and registration number.
Compare Insurance Quotes: Browse through the list of available car insurance plans. You'll see quotes from multiple leading insurers.
Select the Best Plan for You: Evaluate the coverage options, benefits, add-ons, and premiums to choose a plan that aligns with your requirements.
Make a Secure Online Payment: Pay your car insurance premium using secure digital payment methods available on the platform.
Receive Your Policy Instantly: Get your insurance documents delivered immediately to your registered email address.
By following these steps, you can effortlessly compare car insurance policies and select the one that offers the best value. Online comparison not only saves you time but also ensures you get the most competitive rates and comprehensive coverage for your vehicle.
Your four-wheeler car insurance plan covers the following instances:
Your auto insurance plan does not cover the following instances:
Enhance your policy with useful add-ons:
This cover is particularly beneficial for cars up to five years old and is often referred to as “bumper-to-bumper insurance.” While some insurers may limit the number of claims under this cover, others might allow unlimited claims, providing comprehensive financial protection for replacement parts after accidents.
It provides immediate help in case of emergencies while driving, such as a flat tyre, running out of fuel, or technical issues like battery failure. It also covers situations like towing services, lockout assistance, or accommodation benefits if stranded in remote locations. This add-on ensures peace of mind by offering quick solutions to unforeseen breakdowns or accidents.
It offers coverage for damages to the engine caused by incidents like water ingress, oil leakage, or mechanical/electrical breakdowns. This cover also includes financial aid for repairing or replacing engine parts.
It safeguards the NCB discount even if a claim is made during the policy year. Normally, raising a claim affects the NCB and increases premiums in subsequent years. However, with this add-on, car owners can retain their NCB benefits, helping them keep premiums lower despite claims.
Check the list of cashless garages by insurer to make car insurance claims hassle-free. Easily locate authorized service centers for quick repairs without any upfront payments. Compare networks across insurers and choose the best coverage for seamless claim settlements.
Notify Your Insurer: Inform your insurance company immediately via their website, app, or helpline. Provide details of the incident.
Log In to Your Account: Access your insurer’s portal or app using your registered credentials.
Initiate the Claim: Fill out the online claim form with details like date, time, location, and a brief description of the incident.
Inspection and Repairs: Schedule a vehicle inspection or upload photos for assessment. Choose between cashless repairs at a network garage or reimbursement options.
Track and Settle: Monitor your claim status online. The insurer settles bills directly with the garage for cashless claims or reimburses approved amounts for reimbursement claims.
In order to file a successful auto insurance claim, you will require the below mentioned documents:
If you're looking to understand why your car insurance premium costs what it does, these key factors can help:
Car Make, Model & Variant: Luxury and high-performance cars typically attract higher premiums due to expensive repairs and parts.
Car's Age & IDV: A newer car with a higher Insured Declared Value (IDV) results in a higher premium. Conversely, older cars have lower premiums.
Location of Registration: Cars registered in metro cities or high-risk zones are subject to higher premiums due to increased theft or accident probabilities.
Driver's Profile: Younger drivers or those with less experience often face higher premiums as they are considered riskier.
Policy Type & Add-Ons: Comprehensive policies with add-ons like zero depreciation or engine protection naturally increase premium amounts.
No Claim Bonus (NCB): Claim-free years reward you with a discount on your premium, often up to 50% for multiple years.
Car Usage & Mileage: Commercial use or extensive mileage increases wear and tear, resulting in a higher premium.
Safety Features: Cars with anti-theft devices or advanced safety systems often qualify for premium discounts.
Claim History: A clean driving record with minimal claims lowers your premium; a poor record can have the opposite effect.
Deductibles: Voluntary deductibles reduce your premium but increase your out-of-pocket expenses during claims.
By optimizing some of these factors, you can lower your premium while ensuring comprehensive coverage. Explore your options today and choose the policy that fits your needs!
It is easy to find the premium amount using a Car Insurance Calculator online. Companies calculate car insurance premiums after taking into account various aspects. Following factors are considered by the auto insurance companies when deciding the insurance premium:
IDV = Car’s Showroom Price + Cost Accessories- Depreciation on Car
Thus, the formula for calculating Own Damage Premium Amount is:
OD = Insured Declared Value X [Car Premium as per the insurer)] + [ Optional Benefits] – [NCB/Discount etc.]
Lowering your car insurance premium doesn’t have to mean compromising on coverage. Follow these tips to save money while staying protected:
Compare Policies Online: Shop around and compare quotes from multiple insurers to find the best deal.
Opt for Higher Deductibles: Agree to pay a higher voluntary deductible to lower your premium.
Claim No Claim Bonus (NCB): Maintain a claim-free record to earn discounts of up to 50% on your premium.
Choose Add-Ons Wisely: Only select add-ons that you truly need, like Zero Depreciation or Engine Protection.
Install Safety Devices: Anti-theft devices certified by the Automotive Research Association of India (ARAI) can fetch you discounts.
Bundle Policies: Combine your car insurance with other policies like home insurance to get multi-policy discounts.
Drive Safely: Maintain a clean driving record by avoiding accidents and traffic violations.
Opt for Long-Term Policies: Multi-year car insurance policies often come with discounted rates.
Reduce Coverage for Older Cars: For older vehicles, consider dropping comprehensive coverage if the repair cost exceeds the car’s market value.
Avoid Small Claims: Retain your No Claim Bonus by not filing minor claims and covering small damages out of pocket.
Choose the Right Car: Premiums are lower for vehicles with smaller engines and those with good safety ratings.
Review Policy Periodically: Regularly reassess your coverage needs to avoid overpaying for unnecessary features.
Implement these strategies to maximize savings on your car insurance premium without sacrificing essential coverage.
Car insurance is an essential safeguard that protects you from unexpected expenses and liabilities. Whether buying a new policy or renewing an existing one, comparing plans and selecting the right coverage ensures a stress-free driving experience. For hassle-free car insurance purchase, renewal, and claim settlement, Coverfox offers an easy-to-use platform with competitive rates and excellent customer support.
Yes, as per the Motor Vehicles Act, 1988, car insurance is mandatory in India. Every vehicle must have at least a third-party insurance policy, which covers damages caused to other people, vehicles, or property. Driving without valid insurance can result in fines or legal action.
Yes, your No Claim Bonus (NCB) is linked to you, not your car. When you purchase a new car, you can transfer your NCB from your old policy to the new one, provided you have maintained a claim-free record. You need to obtain an NCB certificate from your previous insurer to avail of the discount on your new car’s premium.
Your premium depends on factors like the policy type, car make and model, engine capacity, registration location, and Insured Declared Value (IDV). Add-ons like Zero Depreciation increase the cost, while No Claim Bonus (NCB) lowers it.
Driving without insurance is illegal and can result in fines or up to three months of imprisonment.
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