Buying a new car insurance plan for your brand new car is a very crucial decision. A comprehensive plan will provide complete coverage and protection against all types of accidents, fire, theft, manmade/natural disasters along with third party legal liability.
In case you meet with an accident that leads to injury to a third person or property, a third party liability car insurance plan will come to your rescue. The individual involved in an accident with you is called a third person. In addition, a third party liability car plan is mandatory by law (Indian Motor Vehicles Act, 1988) for all vehicle owners.
Disclaimer - Above mentioned prices are for a 2 years old Maruti Wagon R, 1.2 VXI AMT OPT (1197 CC) registered in Mumbai & previous policy has expired.
Getting Insurance for your new car is like a shield against unexpected events. It helps provide your new car against thefts, financial losses caused by any unprecedented incidents and any subsequent liabilities you may come across unexpectedly. In India, you must have a driving license while driving a car. As per the Motor Vehicles Act 1988, it is mandatory to have a car insurance that covers for third-party liabilities.
There are essentially two types of car insurance plans- you can either opt for a Third Party car insurance & Comprehensive Car Insurance.
Top Car Models Insurance Price base on their variants are as follows:
| Car Models(2019 Registration) | Model Variant | Insured Declared Value | Zero Depreciation Cover | Car Insurance Price | More Plans |
|---|---|---|---|---|---|
| Maruti Baleno | VXi CNG (1197 CC) | 3,78,700 | 3,525 | 11,455 | |
| Ford Ecosport | 1.5 | 3,84,615 | 3,788 | 6,156 | |
| Tata Tiago | XT | 3,39,039 | 1,695 | 4,617 | |
| Hyundai Creta | CRDI EX | 7,69,492 | 5,002 | 12,580 | |
| Honda Amaze | 1.5 E MT | 4,83,000 | 3,140 | 7,897 | |
| Jeep Compass | 2.0 Limited Plus 4X4 | 13,51,769 | 12,029 | 10,021 | |
| Toyota Innova | Crysta 2.4 V | 10,42,819 | 6,778 | 10,896 | |
| Renault Kwid | AMT RXL | 2,50,109 | 2,346 | 3,812 | |
| Mahindra Marazzo | M2 7Str | 5,79,837 | 3,769 | 10,033 | |
| Datsun redi-GO | NXT | 2,36,565 | 2,219 | 3,606 |
Disclaimer: The above car insurance premium rates may change as per the different car model, variant, fuel type, place of registration, year of registration, policy type, IDV and Add-on covers chosen.
| Third Party Insurance | Comprehensive Car Insurance |
|---|---|
| Only damage caused to others vehicle by your own car is covered | Covers all the damages related to your car or third party car |
| Low Premium | High Premium |
| Does Not cover own damage | Covers own damage |
| It is mandatory as per Indian Motor Act | Not mandatory although it includes Third Party Insurance |
| Cannot Buy Add ons | Can buy add ons |
Here are the reasons to choose a comprehensive car policy over other types of car insurance plans:
New Car Insurance Calculator is a free online tool which enables you to calculate the car insurance premium for your car vehicle within minutes. You do not have to perform complex mathematical calculations; it does everything for you while you sit back and relax. All you have to do is input basic details about the vehicle for which you want to calculate the premium like
A new car insurance calculator is a useful online tool to figure out the quotes of different insurance companies in India.
Here is a step-by-step guide to buying car insurance online on Coverfox:
You are a proud owner of a new car, now it's your responsibility to provide coverage to your car by buying insurance. Coverfox.com is the one stop solution for all your insurance needs. There are a lot of benefits while you buy an insurance from Coverfox.com. Before you make the final decision to buy a car plan, it is important to compare different plans and insurers. The insured declared value has a significant impact on the premium payment amount (Higher the Insured Declared Value (IDV), more the premium, and vice versa). Here is why you should buy car insurance plans online on Coverfox.com We list you some.
Application is filed digitally along with a scanned copy of required documents with minimal to no paperwork.
Eliminates the need for an agent which reduces any commission costs along with frequent discounts.
We provide concrete and reliable information which helps you make the right decision.
You are not limited by working hours, branch & agents. Buy policy in your convenient time.
Our mobile app sends reminders at frequent intervals. So you never miss a due date.
Digital payments is the new choice & our platform supports all digital payment channels
As easy as submitting a self-declaration and verification of the amended information to your insurer.
Receive digital copy of your insurance policy via email & mobile app.
Below is a list of 20 best car insurance companies in India with their network garages and claim-settlement ratios 2019 - 2020:
| Top Car Insurance Companies | Cashless Garages Network | Incurred Claim Ratio 2018-2019 |
|---|---|---|
| Bajaj Allianz Car insurance | 4000+ | 88.83% |
| Cholamandalam Car insurance | 7100+ | 85.89% |
| Digit car insurance | 1000+ | 87% |
| Edelweiss Car Insurance | 1200+ | 116.31% |
| Future Generali Car Insurance | 3500+ | 88.69% |
| HDFC ERGO Car Insurance | 6800+ | 91.23% |
| IFFCO Tokio Car Insurance | 4300+ | 95.30% |
| Kotak Mahindra Car Insurance | 1300+ | 82.81% |
| Liberty Car Insurance | 4300+ | 87.48% |
| National Car Insurance | 3100+ | 85.71% |
| New India Assurance Car Insurance | 3000+ | 89.60% |
| Oriental Car Insurance | NA | 112.62% |
| Universal Sompo Car Insurance | 3500+ | 90.78% |
| Reliance General Car Insurance | 6200+ | 84.26% |
| Royal Sundaram Car Insurance | 3300+ | 92.66% |
| SBI Car Insurance | 16000+ | 89.51% |
| Shriram Car Insurance | 1500+ | 69% |
| Tata AIG Car Insurance | 5000+ | 90.49% |
| United India Car Insurance | 3100+ | 82.93%% |
| Raheja QBE Car Insurance | 1000+ | 102% |
| ICICI Lombard General Insurance | 8,800+ | 87.71% |
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Here is a list of top car insurance providers for New Car in India along with the type of plans they offer:
| Top Car Insurance Companies | Type of Plans |
|---|---|
| Bajaj Allianz Car insurance |
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| Go Digit Car insurance |
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| Edelweiss Car Insurance |
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| Future Generali Car Insurance |
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| HDFC ERGO Car Insurance |
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| Kotak Mahindra Car Insurance |
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| IFFCO Tokio Car Insurance |
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| Reliance Car Insurance |
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| ACKO Car insurance |
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| NAVI General Insurance |
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| SBI Car Insurance |
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| ICICI Lombard Car Insurance |
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| Shriram Car Insurance |
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Disclaimer: All information has been sourced from the official website of the respective insurance company.
There are several factors to keep in mind when buying car insurance for your new car. Paying attention to them will ensure that you fetch an ideal level of cover. Some of these factors include the following:
Now you must be wondering, after exploring & purchasing a car the new task is to get insurance for the new car. No wonder, buyers get tempted to buy car insurance directly from the dealer itself to save their time & energy. Let’s find what can go wrong if you opt for buying a new car insurance from the dealer.
Lucky, you crashed into us! We will help you compare & buy the best car insurance online
New vehicle insurance rules - Cars and bikes are now less expensive
The IRDA recently issued a circular to withdraw the long-term insurance for both cars and bikes that came into effect from August 1, 2020. Consequently, cars and bikes will become cheaper. Read on to know more.
The COVID-19 pandemic has disrupted much of the Indian economy. One of the worst-hit sectors is the automotive industry. Since the Government of India has initiated strict lockdown measures, the movement of vehicles (passenger, commercial, and public) has almost come to a standstill.
As per the report published by the Society of Indian Automobile Manufacturers (SIAM) (dated 20th October 2020 in Outlook Money), there has been a drastic fall in the motor vehicles category for the first time in 10 years based on the sales volume for the quarter April-May 2019, while commercial motor vehicles and motorbikes are still in the negative growth zone.
This was followed by a chain reaction caused by tight liquidity due to the ailing economy, crises of the NBFC segment caused by bankruptcy and fraud, low government policies, and a hike in insurance premium issued by the Insurance Regulatory and Development Authority of India.
The sum of all the factors mentioned above, along with the COVID-19 pandemic, has pretty much crippled the automotive sector over the last seven months. The demand for the auto sector is yet to be revived completely. The Society of Indian Automobile Manufacturers (SIAM) has estimated the Society of Indian Automobile Manufacturers (SIAM) while two-wheeler sales registered an 11.64 percent year-on-year growth for September 2020.
Yes, you can get car insurance coverage for your new car in case you do not have a number plate; it can be using a temporary registration number issued by your car dealer. However, the permanent registration has to be done within 30 days.
Ideally, comprehensive insurance coverage is recommended for a new car as it covers both own damage and third party liability.
Yes, the insurance premium for a new car is higher than that for an old car.However, this coverage is valid only for third party insurance cover.
The insurance period for a new car is three years.
Yes, you can choose to cover your new car with the type of policy you want.
Yes, since new cars have a higher insured declared value, the premium is higher than that of used cars.
Buying only third party insurance is mandatory for the car.
No, car insurance cannot be availed before registering the car at the nearest RTO
While you buy a car for yourself, you must ensure its insurance needs as well. For getting an insurance you may choose an offline channel or opt for an online medium where you can compare and select various car insurance policies for your new car. For any queries related to your car insurance please login to Coverfox.com
According to Indian Motor Law, having a Third party insurance policy is important & mandatory by law.
Money spent on a new car insurance premium might seem like an additional expense. However, if spent correctly, it can help you save a lot of money in the future. There are several factors at play here. If you opt for lower coverage while insuring a new car and choose higher coverage for insuring an older car, then the insurance premium for the latter can be higher.
For new cars, it is mandatory to buy Third-party Policy for three years.
So, make sure that you have an insurance cover every time you drive your car. Usually, only third-party insurance cover is offered by the car dealer at the time of purchasing a new car.
Yes. It is mandatory to have Third Party Insurance for 3 years.
Bumper-to-bumper insurance including coverage for the driver, passengers and owner of the vehicle should be mandatory for 5 years. The rule will apply to new vehicles sold from September 1,2021.
Yes.
New cars have a higher Insured Declared Value (IDV). So, the part of the premium corresponding to IDV is higher than that of used cars. Since the IDV of used cars is lower, the premium corresponding to this component is lower. It is cheaper to repair used cars
Once the car is bought by the new owner, the policy of the previous owner does not remain valid. According to the Insurance Regulatory and Development Authority of India, in case a motor insurance claim has to be filed, the name and address on both the registration and insurance documents have to match.
You can calculate the insurance premium for a new car with the help of an online car insurance premium calculator. Know more about this tool on Coverfox.com.
No, you cannot drive a new car on Indian roads with a valid third party liability car insurance policy.
A car insurance for a new driver is expensive if he/she is young while it is cheaper for experienced drivers. Young drivers are more likely to die due to lack of experience and rash driving.
In order to transfer the rights of car ownership to a new buyer, you need to visit the RTO and submit the relevant documents (Form 28/29/30) for the same. Post RTO approval, your car is eligible for transfer of ownership.
