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The Best Car Insurance Plan
What is Car Insurance?
Car Insurance is a type of insurance policy which protects you from financial loss in case of theft or damage caused to or by the car . In case the car is stolen, or is damaged due to an accident or causes damage to someone else's life or property, the car insurance will provide the cover. In such a situation the losses borne by the owner may be compensated by the insurance company if the same is covered under car insurance policy. It is mandatory to have a third party insurance by law.
Types of Car Insurance Policies
Third Party Policy
This covers the damage that your car may cause to other people's life or property. This type of car insurance is mandatory by law. This is popularly known as TP policy.
Own Damage Policy
This covers the damage or theft of your car. You could be involved in an accident or your car may even be damaged when you car was parked safely - this cover ensures that the financial cost of repair is covered by the insurance company. This is popularly known as OD policy.
This cover is a combination of Third Party Cover & Own Damage cover. It is the most popular type of cover as it covers all risk scenarios.
Factors that affect your Car Insurance Premium
- Age of your car
- Value of your car
- Previous claims history
- Brand and model of car
- State / City of use
- Deductible in your policy
- Type of cover chosen
- Amount of usage
- Choice of Riders or Add-on covers selected
Add-On Covers in Car Insurance Policy
Whenever parts need replacement, the insurance company will only pay for the depreciated value and the balance will need to be paid by you. With this add-on cover, the complete price of the new replaced part will be borne by the insurer.
In case you are stuck in some place and your car will just not start, this cover will provide assistance in the form of towing, puncture repair, minor repairs or emergency fuel.
Engine Protection Cover
In case the engine is damaged due to oil leakages, natural calamities or water seepage, this cover will provide the added protection.
You can additionally cover any accessories fitted on your car.
Return to Invoice cover
In case of theft or total damage of your car, this cover will provide the price mentioned in the invoice rather than the depreciated value of the vehicle.
Tyre Damage Cover
In case of damage to your tyre, this cover will bear the cost of replacement.
NCB Protection Cover
Normally you are eligible for a no-claims bonus only if you do not make a claim in your policy. With this add-on cover, you will get the no-claim bonus discount even if you have made a claim in the policy.
Key Loss Cover
In case you lose the key to your car, you will not have to bear the expenses, which sometimes goes to a few thousand rupees. With this cover, the cost of key replacement is borne by the insurance company.
How to Calculate Car Insurance Premium?
|Own Damage Premium (OD)|
|NCB as a % of above|
|Add-on covers opted|
|Sum of OD - A|
|Third Party Premium (TP)|
|PA cover to Owner-driver|
|PA cover for unnamed passengers|
|Legal liability cover for paid driver|
|Sum of TP - B|
|Sum of both A + B|
|GST @ 18%|
|Total Premium (in ₹)|
Best Car Insurance Companies in India 2023
Benefits of Buying Car Insurance Online
How to Renew Car Insurance Premium Online?
Renewing your car insurance is a fairly quick and simple process. You can visit our site and get it instantly renewed.
- Step 1 - Input details of your care
- Step 2 - Input details of your last insurance policy
- Step 3 - Get quoted from multiple insurers. You can easily port from one insurer to another at the time
- Step 4 - Select the insurer of your choice
- Step 5 - Fill the KYC details
- Step 6 - Make payment
- Step 7 - Get the policy instantly
FAQ's on Car Insurance
Why should you buy a Comprehensive Car Insurance Policy?
How to make a car insurance claim online?
What documents are needed to file a car insurance claim?
- Policy document
- Driving licence
- Details of accident / theft
- FIR, if applicable