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What is Car Insurance ?

Car Insurance is an insurance policy that protects the owner of the vehicle against any financial loss arising out of damage or theft of vehicle. Car Insurance Policy also covers the damage caused to third party or property. Car Insurance is mandatory in India and is the best way to financially secure yourself, your family and your vehicle. Car Insurance helps cover against theft, financial loss caused by accidents, ( Bodily Injury, Medical Payments, Property Damage ) and any subsequent liabilities. It may cover the insured party, the insured vehicle (damage) and third parties (car and people) based on the type of insurance bought

Types of Car Insurance

Third Party Liability coverage Policy

A third-party Car Insurance plan provides coverage against any legal liability arising out of injuries to a third-party when the policyholder is at fault. It covers damages and injuries caused by the insured vehicle, to a third-party person or property. As per the Motor Vehicles Act, 1988, it is mandatory for every motor vehicle owner to buy at least third-party insurance coverage in India.

Comprehensive Insurance Policy

A comprehensive Car Insurance plan offers complete protection against the damages to the car due to an accident or a road-mishap. This plan is called a comprehensive plan because it provides coverage for the damages to the car, third-party legal liability, theft, along with the personal accident coverage. The coverage can be boosted by selecting additional covers, such as zero depreciation, engine protector, accessories cover, medical expenses, etc. A comprehensive Car Insurance plan includes coverage for fire, theft, natural and man-made catastrophes, such as a tornado, hurricane, vandalism, damage caused to the car by animals, falling objects, civil disturbance etc.

POINTS TO CONSIDER BEFORE BUYING Car Insurance

TYPE OF Car Insurance PLAN:

One needs to decide whether a Comprehensive Car Insurance is required or a standalone Third Party Liability Insurance is to be taken. Third Party Liability is mandatory by law in India. If one opts for only Third Party Liability policy, then only injuries caused to other people in an accident will be covered but not the damage to the Car or property.

ADD ON FEATURES:

Nowadays, many add on features or riders are available with the standard comprehensive Car Insurance Policy like zero depreciation, Engine Protection, Key Loss Protection, Return to Invoice etc. One needs to understand these add ons and opt for them if it is suitable.

CASHLESS FACILITY:

Before buying a Car Insurance Policy, one should check up the list of garage which are providing the cashless facility for claim settlement. This will help in the easy settlement of the claims.

INSURED DECLARED VALUE (IDV):

Car Insurance premium is linked to the Insured Declared Value (IDV) of the car. IDV is the maximum amount that one can claim under a Car Insurance Policy. Lower the IDV Lower Coverage as well as Lower Premium.

NO CLAIM BONUS (NCB):

If there is no claim during the entire year then about 5-10% discount is given on renewal premium so, on renewal, NCB needs to be checked that it has been accurately calculated especially if there has been no claim in the previous year and NCB needs to be carried forward. NCB can accumulate upto a maximum of 50%.

CLAIM PROCEDURE:

The most important aspect of a “good” Car Insurance Policy would be easy and efficient claim procedure and hence knowing the same and being aware is a very important factor while buying Car Insurance Policy.

Ways to save on your Car Insurance Premium

Compare Insurance Premium
Evaluate Voluntary Deductions
Installing Anti-Theft Devices
Big No to claim small expenses
Ensure the Continuity of the Policy

COMPARE INSURANCE PREMIUM

Comparing the quotes of various insurance policies online can help in saving the premium. However, it is very important to note that the required coverage should be first identified before comparing the premium. Otherwise, one may miss out on important feature/cover.

EVALUATE VOLUNTARY DEDUCTIONS

The higher the voluntary deduction, the lower will be the Car Insurance premium. Voluntary deduction is basically the amount one is required to pay in case there is a claim. If voluntary deduction is nil, then entire claim amount subject to the policy terms and conditions will be paid. However, in such case, premium will be higher.

INSTALLING ANTI-THEFT DEVICES

Anti-theft devices protect you and your vehicle from theft and help bringing down the insurance premium. The presence of safety features like air-bags, etc, can positively affect your insurance premium determination by insurers.

BIG NO TO CLAIM SMALL EXPENSES

In case of small expense, it is advisable to not to submit the claim. This will help in retaining the bigger benefit of No Claim Bonus compared to claiming small expenses of minor repairs from your insurer. Always compare the amount of claim with the No Claim Bonus before submitting any claim.

ENSURE THE CONTINUITY OF THE POLICY

If the renewal premium is not paid in time, then policy will get lapsed and you will have to forgo your no claim bonus. Make sure you have reminder in place to take quick action before policy expires.

Car Insurance