Car Insurance: Car insurance is mandatory so choose a plan wisely. You can now save money, get discounts and find the best deal through. Compare various plans and buy hassle-free. Get best plans from top Insurance providers Lowest premium guaranteed Compare and buy instantly Car Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen. The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various auto insurance options before going for a car insurance renewal or buying a new policy.
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owning a car has moved beyond being a status symbol to an everyday necessity. Being a car owner proves your financial independence, puts you in a refined league of your peers and wins you some much-needed brownie points with the family.
But the joys of owning a car could be short-lived if say, your vehicle meets with an unfortunate and untimely accident, is stolen, is lost in a raging flood, or worse - if it turns up to be the cause of an accident that costs the life or property of a complete stranger. These situations can be disastrous, costly, and frustrating!
What is Car Insurance?
Car insurance is a policy that is signed between two parties, the policyholder and the insurer to cover the losses that one might incur due to damages done to the car or in a case of theft. A pre-decided value is fixed according to the Insured Declared Value (IDV) of the vehicle for the premium to be paid by the policyholder periodically. These days, a policy seeker has many options available to choose from the various types of policies in the market. Each with its own uniqueness and offerings, car insurance has become a must in today's time. But the question still remains, what are the real advantages of car insurance? What security does a policy gives to the buyer? You can find all the answers here at PolicyX.com which lets you compare and choose the best car insurance online.
Why Do I Need Car Insurance?
If you are planning to transfer your car from one state to another, there are certain procedures you need to follow. You should be aware of the fact that using a vehicle in another state for more than 12 months calls for re-registration. If this is not done, the car owner will have to pay a fine on the road tax. So, it is important that you prepare for inter-state transfer of your vehicle by obtaining an NOC from the RTO. Following the transfer, you will also have to re-register the vehicle in the new state and pay the appropriate road tax. In case you decide to change your mind, you can always cancel the NOC. This article gives you a detailed explanation of the inter-state transfer process.
This is a very good question. Why bother with the chicken when you are a Vegan, right? Primarily, the following five reasons should answer your query:
1. It's the Law
Under the provisions of the Motor Vehicles Act of India, all vehicles that operate in public places must have a car insurance policy as a mandatory document. At the very least, the policy must cover ‘third-party liability', that is, a cover in scenarios where your vehicle was the cause of an accident that resulted in injury, loss of property and/or death of a third party.
2. Pay Little Today, Save Big Tomorrow
According to recent estimates, every 6th car crash in the world happens in India. This is staggering odds and a likely indication that your car could very well end up on the side of the road one of these days, after a brutal crash that could have resulted in injury, death and of course, massive losses in terms of repairs and replacements for your car. At that instance, the compensation and charges could run into several thousand or lakhs of rupees that may not be immediately available. However, with Car Insurance, there is complete peace of mind - paying a nominal premium today, to be tension-free when an unforeseen accident happens at a later date.
3. Saving Time When Accidents Happen
Accidents are stressful on their own without having to deal with the question of ‘What next?' With your car insurance, comes your insurer's expertise in handling these tense situations. Walking you through the claims process, helping you find a good garage and settling your claim on time - things that you will be thankful for when dealing with the aftermath of an unfortunate road accident.
4. A Supplement for your Health Insurance
Most Car Insurance policies offer coverage for injuries that might be sustained by you and your fellow passengers as a result of your vehicle's accident. If not, personal injury protection can be purchased as an add-on feature. This acts as a powerful supplement to your health insurance - additionally covering for items that might not be covered by your health policy, including specialist care for accident-related injuries, dental repairs, funeral costs etc.
5. Sustained Peace of Mind
Just imagine, cruising on an open highway or wriggling through rush hour traffic without overtly worrying about the consequences (mostly financial) of a freak accident or an ‘innocent' brush-up with an adjoining vehicle. Not having to pay for the mistakes of others. That's mental peace - in it's purest form!
Advantages of Car Insurance (car automobile insurance)
Among a pool of insurances available online and offline both, in this age of consumerism, following are the general advantages that we could list down for you-
1. Coverage against loss or damage of the vehicle caused by - Accident, theft, fire, explosion, self ignition, lightening, riots, strikes, Act of terrorism, Transit by Rail, Road, Air & Elevator and natural calamities, (Earthquake, Flood and more)
2. Coverage against financial liability caused by injury or death of a third party or damage to the property
3. Personal accident cover also comes under various car insurances
We at PolicyX assist you at every stage of your policy buying process and ensures that you get the right plan at the best price.
Compare Car Insurance Online (building contents insurance)
Car Insurance is compulsory in India, thus you are required to have it. There are many insurers, which offer auto insurance policies, but for getting the best out of all you need to compare them. Vehicle insurance comparison helps you in getting the best car insurance Plan from the top insurers. Here at PolicyX.com, you will get free quotes that allow you to save up to 60 percent on the premium. By getting free quotes you can compare them easily to get the desired one. As we all know, purchasing a motor insurance policy is mandatory in India, so you must purchase the same smartly. After getting free quotes you must compare the features and benefits of the policies provided by several insurance companies. With it you can easily get the best one at an affordable price.
A car insurance policy protects you and your car from expenses related with damages, accidents, fire, explosion, theft, etc. You must purchase the auto insurance policy online as it will help you in saving more. With the help of online free quotes you do not need to pay anything to the agent. PolicyX.com helps you in choosing the best insurance Plan and assists you in purchasing the same easily.
Why Car Insurance Comparison? (buy car insurance online)
While motor insurance is mandatory, it is also essential to get the best policy within the desired budget. At PolicyX.com, we have tie-ups with several insurance companies to serve the best premium rates. The process that we follow to provide free quotes is very simple. You simply need to put your personal details and vehicle related details in the online form, and in just a few steps you can get the best vehicle insurance policy. By following these steps you can easily get the best and cheapest insurance policy that directly saves your hard earned money. The portal provides free quotes that will help you to choose best one. Our comparison service is free and unbiased. PolicyX.com is an IRDA approved portal which follows the guidelines to serve its consumers. The portal assists you in every possible manner and you can contact us anytime in case of assistance.
Types of Car Insurance Policies (life insurance comparison qutoes)
There are generally two types of Motor insurance coverage in India:-
Third Party Liability Coverage:
Under this feature, insures provides coverage to damages caused by you to the Third Party. This plan does not cover the losses, damages or the injuries to the insured person. It refers to the minimum risks which are covered under the Auto Vehicles Act 1938. Under the law of India, Third party liability coverage plan is compulsory to have by each and every owner of the car.
Comprehensive coverage:
This is a plan which provides wider coverage to the insured and Third party as well. Apart from the basic third party liability coverage, the comprehensive feature of the insurance covers the maximum expenses that can occur due to the damages caused to a car in case of an accident or loss due to theft or any other reason. This plan provides coverage to all the damages which are caused because of natural calamities, accidents, theft, fire and much more. The insured person can extend the policy for increasing the additional benefits. It is recommended to choose comprehensive plan as it covers maximum things and provide helpful benefits.
It is important to evaluate the cover you are opting for your policy and look for specific features you need along with the premium discounts. PolicyX.com helps you in choosing the best policy for your favorite car. With PolicyX.com you can not only compare online quotes, but also buy policies of your choice within few minutes. You can read informative articles and blogs available on our site which will make you understand the plans better and make a decision.
How to Choose Best Car Insurance Plan? (car insurance fuquay varina nc)
Car insurance is the arrangement between the insured and the insurer wherein the coverage is provided by the company to the insured in case of any financial loss due to the damages to the car. It is mandatory in India under the Motor Vehicles Act. It is also known as motor insurance policy provides coverage for the maximum losses that you might face in the case of damaged or stolen car. The amount of the premium related to your auto plan depends upon the Insured Declared Value (IDV) of your car. The more the IDV the more will be the premium amount, the less IDVs leads to low premium amount. It is vital to compare features or plans before buying or renewing the current policy. At PolicyX.com you can compare policies from top insurance companies with the help of free quotes in a few minutes. There are some things that you must check while purchasing an insurance policy. Auto insurance policy majorly covers the loss that occurs because of theft, scratch or accidents.
Nowadays there are many insurance companies which are offering the towing facility, depreciation and other value added services, thus it is essential to check all the terms and condition while purchasing the insurance policy. Carefully read through the policy documents and compare various plans before making a final choice.
Benefits : Car Insurance (dmv ny insurance lapse)
It is a necessity, not only because of the law, but also for its helpful features. A vehicle policy provides the needful coverage in case of any loss that occurs due to theft, accident, fire, explosion, etc. You should buy it for you and your vehicle's safety. Take advantage of the third party liability coverage that protects you from paying heavy penalties during accidents that are caused by you.
Zero Depreciation cover
If you choose the zero depreciation cover then you will get the original cost of the part and not the depreciated one from the insurer. Usually the companies offer these add on cover to those cars which are 2 to 3 years old. For taking advantage of this add-on-cover you have to pay an extra small amount apart from the basic premium.
No claim bonus
When you do not make any kind of claims during a policy tenure, then you will get a discount at the time of renewing your policy. This process is known as no-claim bonus. It will assist you in saving huge money in the premium also. In case if you have collected a nice no claim percentage then it will assist you in a future claim which you will make.
Roadside Assistance
With a vehicle insurance policy, you will get various kinds of assistance in a form of add-on covers. These can be emergency transport, daily allowances, assistance in case of a dead battery, taxi benefits, towing facilities, assistance if the fuel in the car runs out, freebies and many more. These small things help you effectively when you got stuck in unwanted situations.
Invoice cover
Commonly known as the Return to Invoice cover. These add on benefit assists the insured person in case of a complete loss of your car because of any damage caused by an accident. In such type of situations the insurance company will pay the depreciated value of the car to the insured, but with the help of this add-on coverage, you will receive the amount that will assist you in buying a new car.
Replacement cover
This feature of the plan assists you if you lose the keys of your car, this feature will cover the expenses of its replacement. This will also provide coverage for the procurement of new locks. Normally the insured will be able to take advantage of this plan once in the whole policy.
Coverage under Comprehensive Car Insurance (best auto insurance for classic cars)
Protection against Third-party Liabilities
It covers the financial loss against the charges from third party damages including the death/injury or disability of the person of any third party vehicle.
Coverage against personal Accident
Damage caused or loss occurred due to natural calamities like flood or earthquake or manmade reasons are also covered under the comprehensive car insurance policy offered by various companies. Major natural reasons include - typhoon, lightning, storm, hurricane, inundation, tempest, cyclone, frost, hailstorm, rockslide and landslide. However, man-made factors such as burglary, riot, theft, strike and accident by external means, malicious act and terrorist activity, damages in transit by rail, road, lift, elevator, inland waterway or air are included in the policy agreement.
Additional Coverage
Apart from the basic damage and loss coverage, many policies offer extended coverage against other types of assistance for the vehicles. However, the premium amount of the policy increases accordingly. Following are some of the additional benefits or add-ons that one can opt from for their car insurance policy-
Zero Depreciation Cover
As the vehicle wears and tears gradually, depreciation is the reduction in the price of the vehicle over the years. Therefore, many insurance companies protect the policyholders from the loss of depreciation and allow you to claim the amount for deprecation by replacement or repair of the damaged car part. This is one of the most highly sought after add-on covers of a vehicle policy.
NCB Retention Cover
NCB or no claim bonus is a reward to the policyholder for not making any claim in the policy for over a year. Also, one can get up to 50% discount by accumulating NCB over the period of 5 years. So, those policyholders who have made even a single claim cannot claim the NCB. This is where the NCB retention cover comes into effect where owners can claim under pre defined limits which does not have any effect on the NCB for the specified duration.
Coverage against Damage or Loss
A type of policy called comprehensive car insurance plan covers the third party liabilities of the policyholder in case of any accident that leads to death or disability or injury to any third party or damage to any third party property.
Road Side Assistance
Coming along with the comprehensive car insurance policy, this add on feature rescues you when your vehicle gets stranded or faces an accident or is unable to move due to mechanical or electrical issues in the middle of a remote area. It offers services like towing, jump start of a battery, fuel re-fill and service by mechanics.
Daily Cash Allowance
While the policyholder has given their vehicle on service and the car company keeps the insured vehicle for more than the intended time period, the policyholder can claim cash for transportation and commuting through the add-on cover called daily cash allowance.
Documents Required to Buy Online
Purchasing motor insurance online requires minimal documentation. If you are buying a new insurance policy, then you need to fill a proposal form and a copy of Registration Certificate (RC).
In case of renewals, you need to provide a copy of Registration Certificate (RC) along with the previous insurance policy. It is advisable for you to fill your details carefully as by providing accurate and complete information you will face no issues at the time of a claim.
Things to Consider Before Buying Car Insurance Plan (compare auto insurance rates by vehicle)
Brand: While buying a policy it is vital to pay attention to the reputation of the insurance company. You must check the company's record and claim ratio. An insurance company with a bad claims ratio would not be advisable when buying a vehicle insurance policy.
Voluntary Excess: According to the experts, the voluntary excess should be less than the NCB amount you will qualify for next year.
Safety features:
If your car has any safety feature like alarm, immobilizer then you can get a great discount.
NCB: It is advisable that you do not claim for minor damages and repairs which you can pay from your own pocket and which does not add any additional burden on you. It is advisable if you save your NCB for future requirements which may require higher cost spends.
Network garages: The aim of buying car insurance policy is to protect you from any financial emergency in case of any damage/loss of your vehicle. Most online companies provide cashless services only if your vehicle was repaired in a network garage. Therefore, look for insurers with maximum network garages present in their list.
How to Save on Car Insurance Premium (when do you add child to car insurance)
- Looking to buy an auto insurance policy for your new car? You should know that certain important factors can assure you a lower premium rate on your auto insurance. This can be achieved without having to compromise on any of the benefits that you are looking for in the plan.
- Listed below are some ways in which you can reduce the cost of your car insurance:
- Opt for a higher voluntary deductible - Voluntary deductible is a part of the car insurance claim amount that you will be required to pay. Only after you pay the deductible will the policy kick in and pay you the remaining claim amount. You can choose the voluntary deductible amount at the time of policy inception. The higher the voluntary deductible, the lower will be your premium. However, you should only opt for a deductible amount that you will be able to comfortably pay at the taxing time of a claim.
- Decrease the coverage on older cars - At the time of policy renewal, you should review your coverage and make sure that your auto insurance is in alignment with your needs. So, for instance, if your premium is more than 10 times the worth of your car, the car insurance is not a cost-effective proposition. In this situation, you should think about reducing the extent of coverage.
- Do not raise claims for small damages - If you do not make any claims in a policy year, your car insurance company will reward you with a No Claim Bonus (NCB). This is a very attractive proposition, as it will bring down your insurance premium at the next renewal. The No Claim Bonus discount will increase with consecutive claim-free years, and can even amount to a 50% reduction in premium after 5 years. So, if your car has suffered damages, identify the cost of repairs and assess whether it can be easily paid from your own pocket. You should take into consideration the NCB discount when deciding to raise a claim under car insurance. If the cost of repair is much more than the savings you get from the NCB, then you can go ahead and file a claim.
- Buy multiple insurance policies from the same insurance company - Some insurers offer loyalty discounts to customers who buy multiple insurance policies from them. So, if you have a life insurance policy with an insurer, consider buying a car insurance plan from the same provider. You may be able to save a significant amount on your premium.
- Preserve your NCB and transfer it - If you are shifting insurance companies, then you can transfer the accumulated NCB to your new auto insurance policy. For this, you will have to get in touch with your previous insurer and request for an NCB preserve certificate. This way, you can store the NCB for up to 3 months. Within this time, you should transfer the bonus to a new car insurance policy. You will receive a discount in premium as per the accumulated bonus.
- Compare costs and buy online - If you are looking to get the most optimum insurance plan for your needs at a reasonable price, it is advisable to compare policies between insurance companies at neutral financial websites. This way, you can identify a plan that fits within your budget and also offers maximum protection.
- Get membership in automobile associations - If you become a member of the Automobile Association of India (AAI), you can get a discount on your car insurance premium.
- Install security devices - If your car is equipped with an anti-theft device or any other safety gear, you are more likely to get a lower premium quote.
- Renew the policy on time - Most car insurance companies insist on vehicle inspection if your car insurance has expired before you bought a new one. The premium quote in this case will also be higher. Some insurers even refuse to renew car insurance that has lapsed for a longer duration.
- Buy only the required coverage - If you purchase several add-ons to get maximum protection from your insurance, you should also be aware that your premiums will be higher. So, you should only opt for add-on covers that you really need.
- Provide accurate details when buying insurance - Car insurance companies take into account your age, profession, usage of the car, and driving history when offering you a premium quote. So you should always provide accurate details to the insurer.
The Impact of Anti-Theft Devices on Car Insurance Premium
The staggering statistics of car thefts in the country have left the average car owner in a dilemma. The news of increase in car insurance premium is not very encouraging, but the thought of having to install anti-theft devices in the vehicle for its added security is definitely an unwelcome overhead. But wait, did you know that approved anti-theft devices installed in a vehicle can actually bring down its car insurance premium?
What is an Anti-Theft Device?
An anti-theft device is an instrument that is fitted in a car to improve its security. It protects the car from being stolen and also brings down the car insurance premium to a certain extent.
So, you can be assured that installing an approved anti-theft device in your car or buying a vehicle with such a device is a step in the right direction.
Why Do Car Owners Who Have Installed Anti-Theft Devices Get Premium Discounts?
From the perspective of the car insurance company, a customer who has an anti-theft device in the car is a more responsible owner. The vehicle also has better protection from theft and vandalism. The insurer, in turn, rewards the customer with a car insurance premium discount.
The claim figures from insurance companies indicate that the number of thefts associated with cars having anti-theft devices are relatively lower. Car insurance providers benefit greatly when the number of claims are fewer. Hence, they encourage the use of anti-theft devices.
The discount in car insurance premium offered by providers is usually in the range of 2.5%, up to a maximum of Rs.500. It should be noted that this does not correspond to the entire premium for the policy. The discount is only on the own-damage part of the annual premium.
What Type of Anti-Theft System Should You Choose?
You should look to install an anti-theft device that is approved by the Automobile Research Association of India (ARAI). It is best to have an anti-theft system installed at the start of the policy coverage. In case you are installing such an instrument in the midst of a policy year, the premium discount will be applicable for the remaining policy period on a pro-rata basis.
If you have previously availed a premium discount for anti-theft device installation, you should produce the details at the time of policy renewal. This will help you get a discount on renewal premium as well.
Do New Cars Already Have Anti-Theft Devices?
There are several models of cars today that come fitted with approved anti-theft devices. Almost all luxury cars have a robust in-built anti-theft system. Even mid-segment car manufacturers today have attractive anti-theft systems embedded in the new models.
As stated above, insurance companies welcome the use of such security devices as it brings down the incidence of car thefts and subsequent claims.
In case you are the owner of an older car, your vehicle is unlikely to have an anti-theft system. In this scenario, it is advisable to get it installed separately.
Car Insurance - FAQ's
What is the best way to lower your car insurance premium?
The best way is to use an online insurance web aggregator at the time of purchase or renewal. Online insurance web aggregator will provide free quotes and comparison services so that you can take advantage of the same and choose the best insurance policy for yourself. Through this, you will be able to buy the cheapest policy for yourself.
2 What are some of the most customer friendly car insurance companies in India?
There are many customer friendly car insurance companies such as Iffco Tokio car insurance, ICICI Lombard, Bajaj Allianz and many more. Just search for the best one on the internet and insure your vehicle today.
3 What are the cons of not paying car insurance?
In India, if you own a car, then it is mandatory to have car insurance with you. There are several cons of not paying for car insurance. It will be illegal to run a vehicle without it. If you do not pay for a car insurance then it will not protect you from unwanted incidents. This is something that will provide the needful coverage to you. You must insure your vehicle today, there are many insurers such as IFFCO Tokio car insurance, ICICI Lombard and much more.
4 My car insurance was rejected. What to do now?
If any company rejects your car insurance policy or renewal of the same, then you can take help of online insurance companies that can provide you the needful service easily. There are many companies such as New India assurance, ICICI Lombard and many more. So don't lose hope you will surely get the best one for yourself.
5 Which is the best website for car insurance?
There are several websites of top insurance companies such as New India Assurance, Oriental Insurance Company and many more. If you are confused which is the best for you then choose an online insurance web aggregator, compare quotes and get the best plan from top insurance company in a few minutes.
6 Which is the best car insurance company?
See if you are looking for the best car or home insurance companies in India then there are several options such as Oriental Insurance Company, New India Assurance, ICICI Lombard and many more. It will be good if you can take help of an online insurance web aggregator which can provide free quotes and comparison service. With it, you will be able to get the best plan in a few minutes.
7 I took out car insurance last month. I have now found a cheaper insurance. Can I cancel?
Yes, you can switch insurance company whenever you want. But you have to keep in mind that most of the companies will not pay you back. You can ask your insurer about the refund system before switching your policy or check you policy documents carefully. There are many insurance companies that offer car insurance at a cheap price such as ICICI Lombard, New India Assurance and many more.