Car Insurance
Car insurance, also known as motor or auto insurance, is a contract between the car owner and the insurance provider, saving you money if your vehicle is damaged due to unforeseen events, including fire, theft, natural calamities, and artificial disasters like riots, terrorism, and vandalism. As natural disasters can cause hefty repair expenses due to great damage to your vehicle, having car insurance would be a wise option for you to tackle this financial burden by choosing a vehicle insurance policy.Â
Accidents can happen unpredictably, no matter how carefully you drive, causing considerable repair costs. A car insurance policy covers third-party liabilities when you may hurt others or unintentionally damage property in an accident. In India, it is a must for car owners to have third-party car insurance. Therefore, buying and renewing your policy on time is crucial to stay on the right side of the law and safeguard against any damages. At a pocket-friendly premium, our reliable car insurance policy protects you against all these risks so you can drive without worry.
Along with third-party insurance, we offer comprehensive and own-damage car insurance online at incredibly low premiums. You are welcome to choose the policy type as per your requirements. We also cover health insurance plans and pet insurance.
Different Types of Car Insurance Policies
There are several types of car insurance policies to drivers based on their specific needs and preferences.Â
1. Third-party Car Insurance
Third-party car insurance is mandatory in India as per the Motor Vehicle Act 1988, making it the most basic car insurance policy offered by car insurers. It protects you from financial burden when the damages and injuries are caused to other people and their property by your insured car. However, this third-party car insurance or liability-only cover policy does not cover damages to your vehicle and injuries caused to you. That means you must cover all the expenses from your budget if your car gets damaged or you are injured in an accident unless the third is found at fault and their insurance covers your damage.
2. Comprehensive Car Insurance
A Comprehensive car insurance policy covers damage to your vehicle in addition to third-party liabilities, making it the most preferred insurance policy by car owners. Although Comprehensive car insurance has a high premium compared to third-party insurance policies, it provides complete protection for your car. As the name suggests, it offers comprehensive coverage against any financial damage to your vehicle that may be due to accidents, cases of theft, fire, and natural calamities such as lightning, storms, earthquakes, floods, etc., or damages that are man-made including riots, vandalism and terrorism.
3. Own Damage Car Insurance
Having only third-party Liability Car Insurance is not enough for damage to your car from accidents, natural/man-made calamities, fire, theft, or any other mishap. Hence, the Standalone Own-Damage cover policy keeps you safer as it covers all such damages to overcome your financial burden. Unlike Comprehensive Car Insurance, which combines third-party liability coverage and own damage coverage, the Standalone damage cover policy aims to protect your vehicle from all risks.
Suppose you plan to have a car insurance policy online and insure your car. In that case, you can choose among comprehensive car insurance, third-party insurance cover, and standalone damage policy, depending on your budget & car’s specific needs.
Benefits of Buying Car Insurance Online
Insuring your car online is simple, easy, and convenient compared to traditional methods of buying insurance through agents. Here are some of the key features of purchasing car insurance online:
1. Convenience
It is easy to buy car insurance anytime and anywhere with us. You need internet access to purchase car insurance from the comfort of your home without physically visiting the office and meeting an agent.
2. Premium Costs
Our operational costs are low due to less overhead expenses for maintaining physical offices and employees. Car insurance is sold directly to you without intermediary commissions, leading to cost savings.
3. Paperless Transactions
Whether you are buying a new car insurance plan or renewing the existing plan, you do not have any need to spend time and effort on extensive paperwork. All the insurance documents and proofs are available digitally and can be accessed easily in the future if required.
4. Round The Clock Service
Our services are available 24 hours a day, 7 days a week, making it easy to buy insurance at any time that suits your schedule.
5. Stress-free Claims
Raising a car insurance claim used to be a daunting task. We assure you your experience with us will be stress-free with features including free pickup and drop and claim amount tracking.
6. Prompt Policy Issuance
After purchasing a car insurance policy online, you typically receive your insurance documents and proof of coverage electronically via email or the insurer’s online portal, ensuring prompt coverage against any damage by minimizing the risk of delays.
Factors Affecting Car Insurance Premium
Buying car insurance is an essential investment for car owners to safeguard themselves and their vehicles from any damage caused by unpredictable events. However, several factors are considered by insurance companies when deciding the amount of car insurance premiums. Some of the essential aspects are:
1. Car’s Engine Capacity
Cars with larger engine capacities are likely to have higher insurance premiums because vehicles with powerful engines are often perceived as having higher speeds, higher repair costs, and an increased risk of accidents.
2. Insurance Coverage
The type and amount of insurance coverage you select will directly affect premiums. Comprehensive Car insurance policy provides higher premiums compared with third-party car insurance.
3. Insured Declared Value (IDV)
IDV refers to the maximum amount you can receive as compensation if the insured vehicle suffers a total loss. A higher IDV results in a higher premium, while a lower IDV results in a lower premium.
4. Vehicle Type and Age
In addition to newer vehicles, luxury and high-performance cars cost more to insure because of higher repair or replacement costs. As your vehicle ages, the premium will be lower as the IDV decreases.
