Car insurance offers protection against any financial losses arising due to accident, be it with another vehicle or against any object, theft of the vehicle or parts of it, water or fire damage etc.
Having a comprehensive car insurance helps you protect against any liability arising out of an accident that involves a third party, person, or property. It also covers all kinds of natural and manmade calamities. According to the Motor Vehicles Act, India, it is mandatory to have a third-party insurance cover for your car.
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Top Car Insurance Plans Available on Coverfox
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Reliance General Insurer
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs
Disclaimer - Above mentioned prices are for a Maruti Wagon R, 1.2 VXI (1197 CC) registered in Mumbai on 2013 & previous policy has not expired.
What is Car Insurance
Car insurance is also popularly known as auto insurance. Car insurance policy is bought to protect your car or vehicle, from unexpected or accidental risks. It mainly gives you protection against the losses that you incur in case of unavoidable instances. It helps you get cover against financial losses caused by accidents, liabilities & in some cases, even losses caused by theft. The premium of car insurance depends on certain factors like; the value of your car, type of coverage, voluntary excess & vehicle classification. Car insurance coverage gives you the confidence to drive without worries. In case of emergencies, it acts as a life-saving toolkit for the insurance holder.
In order to get these benefits continuously, car insurance policy renewal should be done in a timely manner.
Types of Car Insurance Policy You Can Buy From Coverfox
Comprehensive Car Insurance
A comprehensive car insurance plan provides complete cover against third-party/person/property liability and for damages (collision, theft, accident, and more) caused to your own vehicle. You can also avail of a wide range of rider options such as zero depreciation, roadside assistance, personal accident cover, and more at the cost of an additional premium. This type of plan is a 360-degree car protection plan; ideal for all car owners.
Third Party Car Insurance
A third party car insurance only provides cover (death, disability, injury, and more) against damages incurred to a third person or property. It does not provide cover for you and your car. The premium of third party car insurance is determined by the Insurance Regulatory and Development Authority of India and is revised on an annual basis. A third party cover is mandatory for driving a motor vehicle in India according to motor vehicle act of 1988
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Comparison Between Third Party VS Comprehensive Car Insurance
Protection from Repair expenses for your car resulting from an accident.
Liability Towards Third-Party
Protection from Legal Liability arising from death or disability of third-party due to an accident with your car.
Liability Towards Property
Protection from Third-party Property Liability arising from damage or destruction of property due to an accident with your car.
Personal Accident Cover
Not just your vehicle, the third-party and third-party property you are also protected. You get an accident cover of Rs. 15 lakh.
Mandatory by Law
Protection from Steep Traffic Fines and a Free 3 Month Trip to Jail. It helps you comply with the Motor Vehicles Act, 1988
Complete Peace of Mind
Now no more worries while enjoying those long road trips. You are completely safe and secure from financial losses.
Cover from Natural Calamities
Be it Flood, Earthquake, Lightning, Storm, Landslide or anything else.
Man Made Events
Be it Theft, Burglary, External Damage to Car due to an Accident.
Other Damage or Loss
Damage or loss to Electrical and Non-Electrical Components and Accessories
Cashless Service
Get Cashless Car Insurance Service at more than 10,000+ Network Garages for a worry free repair
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Benefits of Buying Car Insurance Policy Online
Buying car insurance online has become a common practice as it offers numerous benefits. You can get your car insured against damages and financial losses caused to accident, fire, theft etc. by buying a car insurance policy online in 3 simple steps. Check out the below advantages that come with buying four wheeler insurance online.
No More Agents
We provide concrete and reliable information which helps you make the right decision.
Zero Paperwork
Application is filed digitally along with a scanned copy of required documents with minimal to no paperwork
Cost-effective
Eliminates the need for an agent which reduces any commission costs along with frequent discounts.
Convenient and Time Effective
You are not limited by working hours branch & agents. Buy policy in your convenient time.
Payment Reminders
Our mobile app sends reminders at frequent intervals. So you never miss a due date.
Pay Premium Online
Digital payments is the new choice & our platform supports all digital payment channels
Easy Endorsement
As easy as submitting a self-declaration and verification of the amended information to your insurer.
Soft Copy of the Document
Receive digital copy of your insurance policy via email & mobile app.
Top 8 Car Insurance Policies on Coverfox - Premium Breakup in 2023
List of Cheapest Car Insurance Plans
Plans
Cover Value (IDV)
PA Cover Price
Net Premium
Plan Details
Zuno (Edelweiss) Car Insurance
₹ 3,98,678
₹ 375
₹ 10,108
Shriram Car Insurance
₹ 3,59,000
₹ 375
₹ 10,256
Iffco Tokio Car Insurance
₹ 2,58,480
₹ 325
₹ 10,844
Digit Car Insurance
₹ 3,59,000
₹ 330
₹ 11,473
Liberty General Car Insurance
₹ 3,59,000
₹ 375
₹ 11,584
Reliance General Car Insurance
₹ 4,77,873
₹ 375
₹ 11,799
Bajaj Allianz Car Insurance
₹ 5,41,590
₹ 331
₹ 13,573
Disclaimer:The above mentioned prices are for a Honda Civic, V CVT (1799 CC), Petrol, registered in Mumbai & previous policy has not expired.
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How to Compare Car Insurance Online?
It is very important to compare car insurance policies in order to choose the best policy for your car. Compare car insurance online from the best insurance companies before renewing your policy. It takes only a few minutes to compare and buy or renew car insurance online. Follow the simple steps as below to choose the best car insurance coverage.
Visit the car insurance page on Coverfox’s website.
Fill your car details like its make, model etc.
Compare car insurance quotes from available car insurance plans.
Select a plan that suits your budget and requirements.
Pay your car insurance premium online and get your insurance documents on your registered email address.
20 Best Car Insurance Companies in India 2023 (IRDAI Approved)
Below is a list of 20 best car insurance companies in India with their network garages and claim-settlement ratios 2021 - 2022:
Car Insurers
Network Garages
Claim-Settlement Ratio(%)
Zuno (Edelweiss) Car Insurance
1200+
84.61
Iffco Tokio General Insurance
4300+
84.12
Reliance General Car Insurance
6200+
75.57
Bajaj Allianz Car Insurance
4000+
68.53
Hdfc Ergo General Insurance
6,800+
74.66
ICICI Lombard General Insurance
8,800+
70.88
Kotak General Car Insurance
1,300+
82.67
National General Car Insurance
3,100+
90.68
New India General Car Insurance
3,000+
91.00
SBI General Car Insurance
16000+
93.58
Tata AIG General Insurance
5,000+
74.51
United India General Car Insurance
3,100+
98.90
Universal Sompo General Car Insurance
3,500+
91.32
Liberty Car Insurance
4300+
62.84
Future Generali Car Insurance
3500+
62.43
Digital Car Insurance
1000+
79.54
Cholamandalam Car Insurance
7100+
65.05
Royal Sundaram Car Insurance
3300+
85.76
Disclaimer:*The above information on Incurred Claim Ratio has been sourced from IRDAI’s Annual Report (2021-22).
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Points to Consider While Selecting Car Insurance Policy
What is Covered?
Loss or Damage to the insured vehicle
Personal accidental insurance cover
Damage or loss of the vehicle due to theft, lightning, riot, explosion, accident, self-ignition, strikes, natural calamities or acts of terrorism
Liability arising out of the death of the third party or damage caused to their vehicle
Compare Car Insurance Online
You can now compare various car insurance plans and choose exactly the one meeting your needs. You can easily compare quotes from different auto insurance companies online and can compare the best car insurance plans in India from the table above.
Incurred Claim Ratio
Higher Incurred Claim Ratio indicated higher satisfied customers.
More the ICR, higher the chances of your claim getting settled.
Add-on Covers
It is beneficial to consider add-ons when you buy car insurance online.
Add-ons like No Claim Bonus, Zero Depreciation Cover, Engine Protection Cover are additional benefits that improve your comprehensive car insurance policy.
What is Covered in Car Insurance Policy from Coverfox?
Your four-wheeler car insurance plan covers the following instances:
Any form of loss/damage to the policyholders’ vehicle
Damages arising out of an accident or events like theft, fire, explosion, self-ignition, lightning, riots, strikes or act of terrorism, natural calamities, and more
Damages to third party/person/property
Personal Accident Cover of up to ₹ 15 lakhs
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What is Usually NOT Covered in Car Insurance Policy?
Your auto insurance plan does not cover the following instances:
Loss/damage incurred when the policy is not in effect
General wear and tear; depreciation
Loss/damage due to driving without a valid car license
Loss/damage due to driving under the influence of alcohol, substance abuse, drugs, narcotics, etc
Loss/damage to the car engine via oil leakage
Loss/damage due to commercial use of the private vehicle
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Car Insurance Add-ons You Can Choose From Coverfox
No Claim Bonus Protection Cover
For every year where no claim is made by the policyholder, a discount called No Claim Bonus (NCB) of 10% to 50% allowed substantial discounts on the car insurance premium. But in the case of a claim made for the damaged car, the policyholder can miss out on the No-Claim Bonus. With a No Claim Bonus Protection Cover, you can continue to enjoy your no claim bonus after the claim as well.
Engine Protection Cover
Flooding or Oil Leakage can damage the car engine over time. Car insurance does not cover the charges of engine repair. An Engine Protection add-on provides cover to the expenses made on the repair of the engine and protects you from incurring additional costs later on.
Zero Depreciation Cover
Car Insurance Companies take into account the depreciated value of the car at the time of claim settlement. Without the Zero Depreciation Cover, all insurers are responsible for depreciating the parts of your car and pay your claim only after the depreciation amount has been deducted. The add-on does not remove any depreciation and you obtain more money in your claims.
Consumables Cover
When a car gets repaired, a number of consumable items are used like lubricants, nuts and bolts, engine oil, screw, oil filter, etc. The cost of these items is not covered under a car insurance policy and the policyholder has to bear the cost. The Consumables add-on cover reimburses the amount spent on consumables during the repair of the car.
Key Protection Cover
Car keys are not cheap and can cost up to ₹ 10,000 in some cases. In case of losing or misplacing your car keys, you do not have to bear additional charges for a new one if you opt for key protection cover. Under the Key Protection add-on, the cost of buying a new car key from the company’s service center is reimbursed by your car insurance company.
Personal Accident Cover
A personal accident cover is an add-on benefit provided by the car insurance company to the owner-driver of the insured car to protect them from any type of bodily injury at the time of an accident. The Personal Accident Cover gives compensation to the owner-driver covering his bodily injury, disability or death in case of an accident. The cover can also be purchased for fellow passengers on an unnamed basis limited to the seating capacity of the vehicle. Under this, you can get access to coverage of up to ₹ 1 lakh per passenger.
Daily Allowance Benefit
Sometimes, you have to commute on your own after putting your car in a repair garage due to a sudden accident. In such a case, you bear the cost of travelling from your pocket. However, If you have this add-on the insurer provides you with a daily allowance for travelling benefits if your car is required to be in the garage for more than 3 days. (May change from insurer to insurer).
Cover for Car Accessories
A car comes with various accessories like a stereo set, reverse camera etc. Since the accessories are expensive, it makes them prone to damage and theft. With a simple car insurance add-on, you can cover your car accessories which may not be covered in your car insurance policy. The add-on provides reimbursement and additional coverage for these items.
How to Calculate Car Insurance Premium?
It is easy to find the premium amount using a Car Insurance Calculator online. Companies calculate car insurance premiums after taking into account various aspects. Following factors are considered by the auto insurance companies when deciding the insurance premium:
Insured Declared Value (IDV) of the Vehicle
Age and Type of Car
Engine’s Cubic Capacity
Geographical Zone
Formula for Car’s IDV calculation:
IDV = Car’s Showroom Price + Cost Accessories- Depreciation on Car
Thus, the formula for calculating Own Damage Premium Amount is:
OD = Insured Declared Value X [Car Premium as per the insurer)] + [ Optional Benefits] – [NCB/Discount etc.]
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Why Do You Need to Renew Your Car Insurance Policy?
If your four wheeler insurance policy expires, you become prone to legal as well as financial risks. Here are the reasons you need to renew your private car insurance policy.
Legal Trouble:
Driving a car with an expired insurance policy can land you in legal penalties. Repeated offenses can also make you face imprisonment. In order to avoid these troubles, you need to renew your car insurance if it has expired.
No Claim and Coverage:
An expired car insurance policy provides no coverage to your vehicle. Thus you cannot make any insurance claims in case of damage or theft. You will have to bear all the expenses by yourself.
Long Renewal Process:
If you do not renew your four wheeler insurance on time, then the process might become difficult and take longer than usual. The delay might be because an inspection is required to renew the policy.
Loss of NCB:
You may also lose No Claim Bonus (NCB) of your car insurance if you do not renew your car insurance policy within 90 days of its expiry. This can be a huge loss for you as NCB helps lower the insurance premium for the next year.
Inspection Scope:
If your car insurance policy has expired, the insurance company would require your car for inspection. There might also be a price hike due to the inspection process done by the company and if your car is in bad shape or at risk.
Don’t Worry, Drive Happy! Get Quotes from Top Insurers.
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How to Renew Car Insurance Online at Coverfox?
1
Enter Car Details
Fill in your Car registration number and other basic details
2
Compare & Select Right Plan
Go through the shortlisted plans, their premiums and choose the best plan
3
Add Additional Covers
Increase the protection by attaching add-ons like Zero Dep. Engine Protection, etc.
4
Make Online Payment
Pay premium online through a secure gateway from your credit/debit card, internet banking, wallet, etc.
Benefits of Renewing Auto Insurance Policy Online
Every car insurance policy must be renewed to enjoy continuous insurance benefits. You can apply for car insurance renewal online as well offline. However, renewing car insurance policy online can give you several advantages. These benefits are:
Quick & Easy Process
Quick online process which eliminates branch visit, paperwork & agent.
Easy to Customize
Modify insurance coverage at the comfort of your home & add add-ons as per your needs.
Easily Switch Insurance Provider
Unsatisfied? changing your car insurance company is just a matter of a few clicks.
No Claim Bonus Transfer
Protection from Repair expenses for your car resulting from an accident.
Secure Purchase & Renewal Process
Make informed decisions & payments through secure channels.
Transparency in Process
Protection from Repair expenses for your car resulting from an accident.
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How to File an Online Car Insurance Claim?
In case of an accidental emergency that requires immediate hospitalization, you need to inform your car insurance provider instantly. Here is a step-by-step guide to filing an online car insurance claim:
The first step is to keep track of all the relevant information and the surrounding environment
Record the time and date of the accident
Contact details of the person involved, driving license, and car number details
Take assistance from the traffic police
In case of injury to a third party, admit the individual to a nearby hospital
Get your four wheeler insurance policy details
Contact the local police and file an FIR
Intimate the claim to your respective insurer
Submit the relevant documents/information to the insurer
Estimate the loss and cost of repair
Your car will be subject to inspection by the surveyor
Based on the final decision of the surveyor, the claim will be settled accordingly
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Documents Required to File Car Insurance Claim
In order to file a successful auto insurance claim, you will require the below mentioned documents:
Car insurance policy documents
Copy of your driving license
Copy of RC of the car
Duly signed copy of claim
Original repair invoice
Fitness certificate for commercial vehicles
ID proof of insured person like Aadhar card, PAN card etc.
Renewal of a car insurance plan does not come with a fixed cost. There are a lot of factors like type of policy, add-ons, car modifications etc. However, you can check for the available plans by applying for car insurance policy renewal online.
First and foremost, having a valid car insurance policy is mandatory under the Indian Motor Vehicles Act, 1988. You cannot drive your car without holding at least a third-party liability-only policy. It is best if you buy a comprehensive car insurance policy as it protects you, your car, third party person and property. It covers risks like fire, natural calamities, car theft, and more.
The cheapest car insurance policy is the policy that offers you the highest insurance cover with all the required add-ons at the lowest possible premium. Your requirement is different from other people, so what is cheapest for others may not be suitable for you. Check out this article to find out the cheapest car insurance for your car.
You can simply visit coverfox and provide your car details like registration number or make and model to check various car insurance plans available for your car along with the premium you have to pay for it.
You can easily download your car insurance policy online from the insurance company's website. If you have bought your car insurance policy from Coverfox, you can download it from your online account by logging in with your ID and password.
Your policy document or insurance certificate has the policy number printed on its first page. You can also connect with the insurance company to know your policy number.
Zero Depreciation, an add-on cover, is known by many different names like Nil depreciation or Bumper to Bumper Cover. If you have attached this add-on to your comprehensive car insurance policy, depreciation value is not subtracted from the coverage of wearing out of any body parts of the car, excluding tyres and batteries. The insurance company will pay out the entire cost of the body part for replacement. Check out the dedicated page on Zero Depreciation to know more.
Normally, there is no limit placed on the number of claims that you can make in a policy year. It is best to go through the policy document carefully to know if any limits are applicable to your policy. You must also remember that on making a claim, you will not get a No Claim Bonus.
Bumper to Bumper Car Insurance Policy is a comprehensive car insurance policy with a Bumper to Bumper add-on attached to it. It is also known as Zero Depreciation Policy or a Nil Depreciation Policy. Read our dedicated page on Zero Depreciation to know more.
In case you find out there is a mistake in your car insurance policy document, instantly contact your insurance company and highlight the mistake you have come across. If the insurer asks for additional information or documents for rectification of the mistake, you must provide the same at the earliest possible. On receipt of the information, the insurer will provide you with a new policy document or issue an endorsement letter.
You can instantly apply for car insurance policy renewal online on Coverfox. All you have to do is provide your expired car insurance policy number and select a car insurance policy that is best for you. Pay the premium from the payment options available, and you will receive the renewed policy in your inbox
No, a comprehensive or third party liability only policy does not cover the passengers riding in the car. In order to provide protection to people riding in your car, you can buy a passenger cover add-on by paying an additional nominal premium.
Yes, Indian Motor Vehicles Act, 1988 clearly states that it is compulsory for every car owner to have at least a basic third party liability only plan before they can use their vehicle on Indian roads.
If you are using your car without a valid car insurance policy, you will be fined Rs. 2000/- and also get to enjoy a free trip of 3 months to jail. On the second offence, the fine amount increases to Rs 4,000/- with 3 months of jail term.
Car Insurance Online: Buy 4 Wheeler Policy with upto 75%* Discount
4.5 / 5 ( 562 reviews )
Gowri Dey
Best customer care
Thank you, Coverfox for being such a great help with helping me find the best car insurance. I bought a plan that matched exactly what my budget was, and the webpage was very easy to go through. I had questions about many of the coverages and they helped me walk through each of those details impeccably!
30 Jul 2022
Anand Prakesh
Great service
Loved it all along
15 Jun 2020
Ranjit
Good service
Amazing service by coverfox team
13 Jun 2020
Neha Arora
Quick and Easy
It took me 5 minutes to renew my insurance online. Thankyou Coverfox for a great website
26 May 2020
Abhishek Sahu
Very Prompt Service
Very prompt and detailed guidance from Mr. Chetan Shinde for filling out the form online and also for the payment. Keep up the good work COVERFOX. Thumps Up
20 Apr 2020
Ms Anuradhasrivastava
Great Staff....
This very nice i renewed my policy in no time at better price and recd policy immediately. This is very good and save of valuable time.
Thanks
Sanjay
20 Apr 2020
P Kgarg
Avoid Dispute
In my policy name is mentioned in Abbreviations whereas I mentioned my full name during process of policy,Kindly do the needful to avoid any further dispute.
18 Apr 2020
Dr Shubhasethia
Excellent
Interaction with Sachin was excellent, as if some one from coverfox is sitting across & helping me choose plans according to my own requirements, 10 out of 10
18 Apr 2020
Vijay Krishnaranga
Great service
None.. Great service when it comes to renewal.. I still did not claim any against the policy, hope the service will remain great during claim process
17 Apr 2020
Karanth Vijayganapatiramesh
Good Service
Please do not ask the personal mobile number while showing quotes. Only e-mail id should serve the purpose. Your quotes are economic and the service is good.
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