All You Should Know About Car Insurance Online

Car Insurance

The best car insurance online in India is a contract between the car insurance companies and the vehicle owner that protects the insured vehicle from any unforeseen & unavoidable financial loss in exchange for a yearly premium. In India, it is mandatory to avail car insurance as per IRDA (Insurance Regulatory and Development Authority). The conditions for which best car insurance in India offers coverage includes:

  •       Theft/Loss of Car
  •       Third-party liabilities
  •       Natural/Human-made disasters
  •       Accidental Damages

The best car insurance in India includes different add-ons and exclusions, and it’s up to you to decide which features you want in your car insurance. Some of the add-ons of the best car insurance policy in India are as follows:

  •       Key/Lock Replacement
  •       Engine/Tyre Protection
  •       No Claim Bonus
  •       Roadside Support
  •       Invoice Cover

Best Car Insurance Companies in India

You must look for a suitable car insurance online policy to ensure financial aid for any damage/loss caused to your vehicle. Note that it is mandatory to get the best car insurance policy in India according to the Motor Vehicle Act 1988 for a private/commercial vehicle. Moreover, you also need to select a deductible premium, which is a small part of the total expense that the policyholder needs to pay, and the car insurance companies take care of the rest. Check out the top car insurance companies in India who provide third party car insurance.

  1. Bajaj Allianz
    1. Network Garages: 4000+
    2. PA Cover Driver/Owner: INR 15 lakhs
  2. Cholamandalam
    1. Network Garages: 6900+
    2. PA Cover Driver/Owner: INR 15 lakhs
  3. Edelweiss
    1. Network Garages: 1000+
    2. PA Cover Driver/Owner: INR 15 lakhs
  4. Bharti AXA
    1. Network Garages: 5200+
    2. PA Cover Driver/Owner: INR 15 lakhs
  5. Digit
    1. Network Garages: 1400+
    2. PA Cover Driver/Owner: INR 15 lakhs
  6. HDFC ERGO
    1. Network Garages: 6800+
    2. PA Cover Driver/Owner: INR 15 lakhs
  7. Liberty
    1. Network Garages: 4300+
    2. PA Cover Driver/Owner: INR 15 lakhs
  8. Kotak Mahindra
    1. Network Garages: 1000+
    2. PA Cover Driver/Owner: INR 15 lakhs
  9. Future Generali
    1. Network Garages: 2500+
    2. PA Cover Driver/Owner: INR 15 lakhs
  10. United India
    1. Network Garages: 700+
    2. PA Cover Driver/Owner: INR 15 lakhs
  11. Reliance General
    1. Network Garages: 3700+
    2. PA Cover Driver/Owner: INR 15 lakhs

Procedure to Get the Car Insurance

Eligibility

In India, if you own a car, you are eligible enough to get the best car insurance policy in India. It is mandatory for every Indian car owner to have third party car insurance, as driving without insurance can lead to legal actions.

You can directly receive the best car insurance in India at the time of the car purchase. Buy car insurance online where you can simply compare various policies under one roof and with a few clicks you will manage to compare and find the best car insurance policy in India.

Related Blog: Effective ways to find the best car insurance policy

Documents required to purchase Car Insurance 

  •       A copy of your driving license
  •       Address proof
  •       Current policy document (in case you want to switch or renew the policy)
  •       Vehicle registration documents

Features and Benefits of Car Insurance Online

Features of Purchasing Car Insurance Online

  • Claim against theft and vandalism: Car insurance compensates the value of your stolen car according to its current market price.
  • Third-party cover: Under any circumstances, if a person ends up damaging any other person’s car or the driver gets hurt, you can claim third party car insurance online to meet the damage caused. It will cover legal expenses along with the hospitalisation fee.
  • Coverage for damage caused due to natural disasters: Damage caused due to natural disasters like flood, earthquake or landslides is taken care of by the car insurance companies. You can claim an amount if your vehicle faces any kind of loss.
  • Receive no claim bonus: If by the end of the year you have not claimed the best car insurance in India, you can receive a fair amount of no claim bonus. Another advantage is that you can get your car insurance online renewal at a cheaper rate.
  • Fulfil your legal requirements: Getting the best car insurance in India not only makes you a responsible citizen who not only abides by the rules and regulations but also fulfils the requirement of the Indian Motors Vehicle Act that states that third party car insurance online is mandatory for all vehicles.
  • Coverage against accidental damages: Accidental incidents are covered by car insurance without letting you face any out-of-pocket expenses.

Benefits of buying Car Insurance Online

Most individuals prefer the car insurance online method as it has the below-cited benefits:

  • Zero paperwork: Offline insurance purchase requires a lot of paperwork and form fill-ups, while in the case of car insurance online mode, all you need to do is apply and fill up a form with basic details and upload the required documents.
  • No agents: Insurance agents are involved in the offline car insurance proceedings who try to sell their policies rather than suggesting you the best ones. However, in the case of car insurance online, you get the opportunity to easily go through and compare numerous car insurance policies and then decide what’s best for you.
  • Cashless facility: With the option to easily pay via cards such as debit card, credit card or internet banking, car insurance online gives you a cashless method of payment which is both easy and secured.
  • Saves time, easy, and convenient: Car insurance online allows you to save time as well as money. You need not run to go from one office to another looking for the best car insurance in India. Rather you can gain access to a wide range of policies to compare from right from your home or any place of your choice.
  • Reminder regarding payments: Missing out on policy payments or renewal can cost a lot. However, once you get car insurance online, you receive email or text message reminders so that you don’t miss out on anything important.
  • Effortless comparison: Easily compare different car insurance policies and also receive quotes before deciding and selecting the best car insurance in India for you and your car.
  • Cost-effective: When you buy a car insurance online, it can get you the best policy at a lower rate than the one you would get offline. Premium amount also reduces when you buy car insurance online. The online method eliminates factors such as agents, paperwork, and the unavailability of discounts.
  • Easy access and documentation: Another best thing about getting car insurance online is that you can get access to it from any place as a soft copy of your policy in your email easily allows you to do so.

Things that are covered in 4-wheeler Insurance

While you are purchasing car insurance online from the top car insurance companies in India, it would be best if you are aware of what features are covered in the insurance. Below-cited is the list of features that are covered under the best car insurance in India are:

  •       Personal accident coverage
  •       Cover for any loss or damage caused due to natural calamities, the act of terrorism or riots
  •       Safeguarding against death or injury of a third party car insurance
  •       Damages of the insured vehicle

Things that are not covered in 4-wheeler Insurance

The best car insurance in India covers you and your vehicle against financial loss, but there are certain conditions which may not suffice to avail a claim. Many times, people skip the exclusions that are not covered in the best car insurance in India. Make sure that you understand how your policy functions. List of certain features which are not included:

  •       Gradual wear and tear of car parts
  •       Damage of the car engine due to oil leakage
  •       Loss or damages occurred when the policy is not active
  •       The harm caused due to violation of car manufacture guidelines
  •       Damage due to intoxication (alcohol, drugs etc.)
  •       Accident occurred while driving outside India
  •       Damage or loss occurred while driving without a valid driving license
  •       Mechanical or electrical failure

Add-on coverage of Car Insurance Policy

Policyholders purchase add-ons to cover up unforeseen expenses. Also known as riders, add-ons can be bought by paying an extra premium annually. It’s essential to understand and select the add-on that benefits you the most:

  • Engine cover: If your car insurance policy doesn’t cover damages for engine cover due to natural disaster or any given reason, try to include engine coverage add-on. You get benefits like an engine repair or replacement expenses covered throughout your policy term.
  • Accidental cover: This kind of additional benefit is quite beneficial for both the car owner as well as the driver. In any circumstances, if there is a death occurrence or a severe injury, the car insurance companies will help you with a fair amount as compensation.
  • Daily allowance: The daily allowance helps you to get alternative transport if your vehicle is in the garage for any repair or cleaning. The coverage will depend on factors like the model of your car, and assistance will be provided for 10 to 15 days.
  • Replacement of lock and key: In case you lose the key of your car, this add-on will help you with full financial assistance to fix it rather than receiving only a limited amount which is usually paid if you don’t have add-on.
  • Consumable coverage: If you have purchased a car recently, then this additional benefit will be of great use. Cars not older than three years can make claims for screen washers, nuts and bolts, engine oils or any other consumable parts.
  • Road assistance: Add-ons such as assistance on-road add-ons will assist you in ways like getting towed to the garage for any repair purpose or help you get to your destination in case you face any difficulty while travelling.
  • No claim bonus coverage: Car insurance companies provide no claim bonus in the form of premiums or discounts for your next policy when you don’t claim any insurance throughout the year. But if due to any situation you need to claim an insurance your no claim bonus will be reduced to zero. In such conditions, add-on like no claim bonus coverage comes into the act and keeps your bonus intact.
  • Return to invoice cover: The car’s value is determined as per IDV-Insured Declared Value, also known as current market value. Insured Declared Value is usually lower than the actual rate of the car, and when you claim for any damage caused, the car insurance companies pay you as per IDV. But return to invoice cover, you get paid without any deduction, i.e. the actual value of the car is received by you.

Save Money & Time, Get Car Insurance Online

Purchasing best car insurance in India is not only a wise decision to make, but it also offers you with a wide range of discounts:

  • AAI Discounts: Individuals are liable to get discounts on policy premium if they are members of AAI (Automobile Association of India).
  • Anti-theft Discounts: Installing an ARAI approved anti-theft device makes you eligible for a discount of 2.5% on OD-own damage premium.
  • Professional Discounts: By profession, if you’re a doctor, government teacher, defence personal, an employee of the Central or State government or practising chartered accountant, you can gain a discount on OD-own damage premium.
  • Age Discounts: Any policyholder whose age is between 35-45 years, he/she gets a discount of 5% on OD premium and the discount increases further if the person’s age is 46-60 years.
  • Voluntary Excess Discounts: A minimum amount that a person wills to pay in the event of a claim is termed as a voluntary excess discount. A rise in the voluntary excess indicates that the premium will be low.
  • No Claim Bonus: For a claim-free year, you may receive a discount percentage of about 20% to 50% from enrolling in the renewal process. No claim bonus can also be easily transferred in case you choose a new insurer or get a new car.

Factors that can affect your Car Insurance Premium

It would be great if you are aware of the factors that can affect your premium rate. Below-cited is those factors:

  • Vehicle’s Fuel Type: Depending on the vehicle’s fuel type, the premium rate is determined. For cars using petrol, the premium is low while for CNG vehicles the premium amount is more as the possibility of damage is higher for such cars.
  • Age/Gender: For policyholders who belong to the age group of 18 to 25 years, need to pay a higher premium as this age group is regarded as an accident-prone category by the insurance statistics.
  • Anti-theft Safety Discount: Avail a discount of 2.5% on your premium if your car is fitted with an automotive research association of India.
  • Car Make/Model: Cars like Audi, BMW or Bentley are required to a higher premium than other vehicles. The rate is more as the damage cost is high for such vehicles and also the theft rate.
  • Manufacture Year/IDV: The manufacturing year determines whether a car insurance holder pays a high or low premium. A new car includes high premium while an old car carries less premium due to the IDV-Insured Declared value.
  • Profession: State or Central Government employees, doctor, defence personal, police etc. are rewarded with additional discounts by the car insurance companies which comparatively lowers the premium rate of people belonging to this category than the rest.
  • Township/location: Living in an active/posh area can increase your premium rate. In densely populated areas, the chances of ending up with road accidents are more.

Procedure to Get your Car Insurance Plans Renewal

  • Policy Renewal before its Expiration Date

Reach out the best car insurance company in India, i.e., your insurer, and ask them for policy renewal. Their executive will visit you at the earliest and get the renewal process done with almost no paperwork.

Else, you may visit your Insurer’s official website and get the renewal done within a few moments that will save you both money & time.

If required, you may choose to opt for some add-ons.

Complete policy renewal payment through online transactions or cheque/cash if policy renewal is done offline.

  • Policy Renewal within the Grace Period

Determine your renewal charges along with the late fee and proceed to pay

It is essential to clear your pending premiums or any other dues, if there.

Select the policy you want renewal for and opt for the add-ons, if required.

Complete the payment and get your renewed policy delivered at your registered email address.

  • Policy Renewal outside the Grace Period

Failing to policy renewal within the grace period results in policy elimination, and it no longer exists. Moreover, you may lose the chance to get a renewal from the same insurance provider if the delay extends to several days. It means you need to get new car insurance online from some other top car insurance companies in India.

Information required for car insurance renewal

  •       Your name
  •       Contact number and email ID
  •       Copy of the RC and vehicle-renewal number
  •       Insurance policy number (existing)

Procedure to Claim Car Insurance

Things that you need to keep handy in the following scenarios to claim your insurance:

  • Car accident: Date and time of the accident
  • Keep your policy documents updated. Doing so will help you claim your insurance easily
  • Get evidence in place; in case your vehicle experiences any kind of damage, immediately take pictures of the damaged parts. It applies in both situation-when the damage is caused by you or by a third party
  • Record the name of the driver and driving license number
  • Present a brief description of the incident
  • Contact the nearest police station. Once you get all the legal proceedings and inspection done. It becomes easier to pace up the claim process.
  • Record the details of the other vehicle is possible. These details (car number, model number etc.) will help to record in the file and claim insurance smoothly
  • Get an FIR filed. It is a mandatory thing else it might get difficult to claim the third party car insurance online liability claim.
  • Inspection official will evaluate and inspect the damage to the vehicle or may ask for evidence of an initial payment
  • Don’t hide any information and make sure to present all valid and correct information to the insurance representative.

Kindly note that It is important to file a car insurance claim as per guidelines. Failing to do so will reduce the claim as void and null.

Documents required to claim for car insurance

  •       Copy of the Police FIR you filed
  •       Driving license
  •       Claim form with the signature of the policyholder
  •       RC-Car registration certificate
  •       Fitness certificate (for commercial vehicles)

With all information and documents in place, the car insurance companies settle the claim in one week from the date of submission.

FAQs

Most car insurance policies allow multiple claims although the limit to file a claim differs from one insurance to the other.
Renewal should be done before the expiry of the policy, doing so will eliminate the chances of missing out on benefits like no claim bonus.
Cashless facility indicates that the insurance will directly communicate with the workshop and settle the claim without you getting involved.
When you sell your car, you need to transfer your car insurance to the new car owner.
Yes, you should inform your insurer as the type of fuel used in the vehicle impacts the premium cost.
Yes, it is completely safe and secure to renew car insurance online.
Collision, liability, and comprehensive insurance are the three types of car insurance policies.
Both options are made available by car insurance companies but paying a premium amount annually is more beneficial than monthly. Car insurance companies also come up with exciting discounts if one agrees to pay annually.
No, cancelling a car insurance policy won’t affect your credit score.
Yes, you may but only if you cancel it within a 14 days cooling-off period, the cooling-off period is referred to the day when you receive your policy paperwork.