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Car Insurance

Car insurance is designed to offer protection against any financial loss arising due to accident, whether it be with another vehicle or against any object, theft of the vehicle or important parts of it, water damage or fire damage etc. A comprehensive insurance cover also protects you against any liability arising out of an accident involving a third party, person or property. All kinds of natural calamities and man-made calamities are also covered.

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Types of Car Insurance Policy in India

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.
  • Pay As You Drive
  • As per this policy, you pay an insurance premium on the basis of the distance (kilometers) driven by the vehicle. This plan has been recently launched and is still in the early stages of development. It is ideal for individuals who have more than 2-3 vehicles but utilise only one at a time. There are three slabs under this policy - 2,500 km, 5000 km, and 7500 km.
  • Its Simple and Instant

    Top Car Insurance Policy 2021

    Here is a comprehensive list of the best car insurance companies, their respective plans, claim settlement ratio, and network garages in India for 2021.

    Car Insurance Companies Cashless Garages Network Claim Settlement Ratio 2019-2020
    Bajaj Allianz Car insurance
    4000+
    65.83%
    Bharti axa Car insurance
    5200+
    81.91%
    Cholamandalam Car insurance
    6900+
    82.95%
    Digit Car Insurance
    1400+
    74.82%
    Edelweiss Car Insurance
    1000+
    116.31%
    Future Generali Car Insurance
    2500+
    57.67%
    HDFC ERGO Car Insurance
    6800+
    79.21%
    IFFCO Tokio Car Insurance
    4300+
    87.77%
    Kotak Mahindra Car Insurance
    1000+
    75.66%
    Liberty Car Insurance
    4300+
    70.95%
    National Car Insurance
    NA
    116.44%
    New India Assurance Car Insurance
    1100+
    85.35%
    Oriental Car Insurance
    NA
    101.63%
    Universal Sompo Car Insurance
    NA
    89.54%
    Reliance Car Insurance
    3700+
    84.63%
    Royal Sundaram Car Insurance
    4600+
    92.23%
    SBI Car Insurance
    5400+
    92.05%
    Shriram Car Insurance
    1500+
    65.43%
    Tata AIG Car Insurance
    NA
    80.29%
    United India Car Insurance
    700+
    96.45%
    Raheja QBE Car Insurance
    1000+
    103.90%

    Update Date: Network Garages List Last updated on 23rd April 2021.

    Disclaimer: *The above information on Incurred Claim Ratio has been sourced from IRDAI’s Annual Report (2019-20). The cashless garages network information has been collated from the Insurance Company's Website.

    Know this Before Selecting Your Car Insurance Policy

    Compare Car Insurance Online

      Always prepare your financial budget before buying a car plan. Compare online on Coverfox and get the best options available

    • What is Covered

      Always check the list of inclusion and exclusions, rules and regulations, terms and conditions under your car insurance plan

    • Incurred Claim Ratio/Claim Settlement Ratio

      Ensure that the ICR and CSR of your respective general insurer is high

    • Add-on Covers

    What is Covered in Car Insurance Policy?

    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 Rs. 15 lakhs

    What is Not Covered in Car Insurance Policy?

    Your four-wheeler car 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

    Its Simple and Instant

    Car Insurance Add-ons

    Add-on covers are also known as rider options. They can be easily added to your base four-wheeler plan at the cost of an additional premium. Here is a list of popular add-ons for your car plan:

    Benefits of Buying Car Insurance Policy Online on Coverfox

    Nowadays, you can easily buy a brand new car insurance coverage policy online within a few minutes. Apart from purchase, you can also file a claim online. Here are the benefits of buying a car plan online:

    • No More Agents
    • The entire process is online, no more extra commission, no more agents that influence your decision, It is a completely hassle-free process.

    • Zero Paperwork
    • Since the entire process is online, there is no paperwork involved. You simply have to upload the documents.

    • Convenient and Saves Time
    • Buying a car insurance plan online is not only cheap, but it saves time as you are not required to visit the insurer’s office.

    • Payment Reminders
    • At Coverfox, we ensure that timely reminders are sent to all of our customers so that they do not miss out on the renewal premium payment amount and the due date.

    • Online Premium Payment Facility
    • It’s easy to buy a car insurance plan as you can pay directly to the insurance company via net/credit/debit card banking.

    • Easy Comparison
    • With Coverfox, you can easily compare different quotes across different insurance plans and providers on a single webpage.

    • More Cost-Effective
    • Since there are no agents involved, there is no need for additional commission. You never have to physically visit the branch office of the insurance company. Online mode is less expensive.

    • Easy Endorsements
    • Endorsement refers to any particular change in the terms/conditions of the policy. You can do the same online without the need to visit a bank branch.

    • Soft Copy of the Document
    • On the premium’s online payment, we email our policy into your inbox within 24 hours. You can always request an additional copy online.

    Instant Quotes at a Click

    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

    Documents Required for Filing a Car Insurance Claim

    • Copy of policy complaint/FIR
    • Duly filled claim form
    • Driving license
    • Fitness certificate/PUC for commercial vehicles
    • Car Registration Certificate
    • Insurance Policy Document and Endorsement

    Its Simple and Instant

    Car Insurance - Its Simple, See How It Works in This Video

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    Frequently Asked Questions

    • Q. By when should I renew my car insurance policy?
      • Ideally, it is best to renew your existing car insurance 15 days before your active policy expires. This way, you can be sure that there is no gap in the cover; it also keeps the accumulated No Claim Bonus intact.

    • Q. Explain Zero Dep Add-on in Car Insurance Policy?
      • 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 (https://www.coverfox.com/car-insurance/zero-depreciation/) to know more.

    • Q. How many claims can I make on my car insurance policy in a year?
      • 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.

    • Q. Explain Bumper to Bumper Car Insurance policy?
      • 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 (https://www.coverfox.com/car-insurance/zero-depreciation/) to know more.

    • Q. Explain IDV (Insured Declared Value) in a Car Insurance Policy?
      • Insured Declared Value (IDV) is the maximum sum insured that an insurance company will offer to you. In case of an accident or your car getting stolen or in case of a total loss, the IDV will be the highest amount upto which the insurer will honour your claim.

    • Q. Should I inform the Insurance Company If I fit a CNG or LPG kit in my car?
      • If you get an LPG or CNG kit installed in your car, you will have to first get the Registration Certificate of your car updated with the Regional Transport Office (RTO). Once this is done, you will have to inform the insurance company and get your policy endorsed. You have to pay the differential premium as the premium depends on the type of fuel used by your car.

    • Q. How can a Hypothecation be made or deleted from my Car Insurance Policy?
      • Hypothecation is used for adding the lender's name to the Registration Certificate of your car. You still get to use the vehicle as you wish, but the finance company or bank's name that has financed your loan gets added to the RC book.

        For adding hypothecation in your car insurance policy, you need the bank or financer's letter, endorsed RC copy. Similarly, to delete the existing hypothecation, you have to provide a No Objection Certificate (NOC) from the finance company or bank along with the endorsed RC copy.

    • Q. What is covered under a Comprehensive Car Policy?
      • A comprehensive car insurance policy covers risks like accident, explosion, lightning, fire, self-ignition, burglary, theft, storm, landslide, flood, earthquake, terrorism, riots, strikes, malicious acts, transit by rail, road, waterways, air or lift. It also covers liability towards a third party person and property. Check out our detailed page on Inclusions of a Comprehensive Car Insurance Policy. (https://www.coverfox.com/car-insurance/inclusions-exclusions-car-insurance/)

    • Q. What do you mean by a cashless facility?
      • A cashless facility in a comprehensive car insurance policy means the repair expenses as a result of an accident are directly paid by the insurance company to the network garage. All you have to do after an accident is to move the vehicle to the nearest network garage, and the rest is done by the insurer.

    • Q. How to calculate the IDV of my car to get the right car insurance cover?
      • Insured Declared Value (IDV) is the maximum sum insured available in your car insurance policy. In simple words IDV = {[(Manufacturer's listed selling price) + (Sales Tax) + (Accessories excluded)] – (Depreciation + Registration Costs + Insurance Costs)}. The depreciation factors applicable are as under:

        Car's age = Depreciation % Applicable

        • Up to 6 Months = 5%
        • 6 Months to 1 Year = 5%
        • Up to 6 Months = 15%
        • 1 - 2 Years = 20%
        • 2 - 3 Years = 30%
        • 3 - 4 Years = 40%
        • 4 - 5 Years = 50%
        • Check out our detailed article on IDV (https://www.coverfox.com/car-insurance/articles/know-your-idv-in-car-insurance/) to know more about it.

    • Q. What do you mean by No Claim Bonus (NCB) in a Comprehensive Car Insurance Policy?
      • No Claim Bonus (NCB) means the reward offered by the insurance company to you for having a claim-free policy year. This reward is given in the form of a discount that you can avail of on your own

    • Q. Which is the cheapest car insurance?
      • 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 (https://www.coverfox.com/car-insurance/articles/which-company-is-cheapest-for-car-insurance/)

    • Q. What happens to the car insurance policy if I sell my car?
      • If you have sold your car, it is important that you transfer your car insurance policy to the new owner. You have to communicate to the insurance company about the sale of the car and submit the required documents and forms.

    • Q. How can I download a duplicate copy of my car insurance policy online?
      • 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.

    • Q. How can I check the availability of a four-wheeler insurance plan for my car?
      • You can simply visit coverfox and provide your car details like registration number or make and model to find out various car insurance plans available for your car along with the premium you have to pay for it.

    • Q. How to download a car insurance certificate/policy?
      • You can download your car insurance certificate or policy document online from the insurer'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.

    • Q. From where can I find out what my car insurance policy number is?
      • 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.

    • Q. What should I do if there is a mistake in my car insurance policy document?
      • 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.

    • Q. Why do car insurers charge less premium for policies sold online?
      • Online sale of an Insurance policy helps save an insurance company various costs like Marketing Expenses, Commission, Administration Expenses and so on. Insurance companies pass on this saving to their customers in the form of reduced premiums for online buyers.

    • Q. Why do car insurers charge less premium for policies sold online?
      • Online sale of an Insurance policy helps save an insurance company various costs like Marketing Expenses, Commission, Administration Expenses and so on. Insurance companies pass on this saving to their customers in the form of reduced premiums for online buyers.

    • Q. Is my online car insurance policy legally valid?
      • Yes, an online insurance policy is 100% legally valid. At the time of buying an online insurance policy, you have to ensure that the insurance company from which you are buying your car insurance policy is licensed by the Insurance Regulatory and Development Authority of India (IRDAI).

    • Q. What should I do if I have lost my online car insurance policy document?
      • You can download a fresh copy of your car insurance policy document 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.

    • Q. Should I file an FIR if I want to make a claim on my car insurance policy?
      • There are different types of claims; suppose your car gets stolen or an accident leads to third party death and property destruction under such cases, a First Information Report (FIR) is a must for processing your claim. Cases like damage due to Natural Calamities like a landslide, floods, earthquake, etc., may not need an FIR for the claim processing.

    • Q. How much time will it take to settle my car insurance claim?
      • Generally, car insurance claims are settled within a few hours to 14 working days or more. The time taken by insurance companies varies from company to company and is also based on the severity of the claims. In cases where the insurance company needs to investigate a claim in detail takes a longer time, while generic claims like windshield damage or small damages due to collision are settled within a few hours.

    • Q. I want to check my car insurance policy status; what should I do?
      • Your policy document or insurance certificate has your policy start and end date mentioned in it. These dates show the period for which your policy will be active. Post the end date, your policy will expire, and your car insurance cover comes to an end.

    • Q. How can I transfer my existing four wheeler insurance policy to the buyer of my car?
      • Your policy document or insurance certificate has your policy start and end date mentioned in it. These dates show the period for which your policy will be active. Post the end date, your policy will expire, and your car insurance cover comes to an end.

    • Q. How can I transfer my existing four wheeler insurance policy to the buyer of my car?
      • In order to transfer your existing car insurance, you have to do the following activities:

        • Submit filled and signed Form 28, Form 29 and Form 30. These forms are available at the RTO.
        • Collect Clearance Certificate from the RTO Office
        • Submit policy transfer application and fees to your car insurance company along with a copy of your current car insurance policy, RC Book and NOC.
        • The insurance company will transfer the policy to the buyer of your car.
    • Q. Why should I buy insurance for my car?
      • 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.

    • Q. How much time does it take to buy/ renew car insurance online?
      • On Coverfox, you can buy/renew your car insurance in just 5 minutes or even less.

    • Q. How can I renew my expired car insurance online?
      • You can instantly renew your car insurance policy 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.

    • Q. How much time does it take for my policy to arrive if I buy/renew car insurance online?
      • You can instantly buy/renew your car insurance policy online on coverfox in 5 minutes or even less time. Your policy document will arrive instantly in your inbox once the payment is made.

    • Q. Is it safe for me to buy/renew a car insurance policy online?
      • Yes, buying/renewing a car insurance policy online is 100% safe. Insurance Companies and Coverfox uses a secure payment gateway through which you make payment for buying and renewing your car insurance policy online.

    • Q. How much does it cost me to renew my car insurance policy?
      • The renewal premium of your car insurance policy depends on a number of factors like Make, Model and Age of the Car, IDV, Add-ons you have chosen, voluntary deductible, etc. You can find out the renewal premium payable using our car insurance premium calculator.

    • Q. Does a car insurance policy cover passengers riding in the car?
      • 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.

    • Q. Does a comprehensive car insurance policy cover tyre damages?
      • No, a comprehensive car insurance policy does not cover non-accidental tyre damage. It covers tyre damages only if it directly results from an accident. If you want additional protection for your tyres, you can attach a tyre protection add-on to your comprehensive car insurance policy.

    • Q. Will my comprehensive car insurance policy cover electrical fires?
      • Yes, a comprehensive car insurance policy covers self-ignition, short-circuit related fire and electrical fire.

    • Q. Is it compulsory to buy car insurance in India?
      • 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.

    • Q. What is the claim procedure in case my car is stolen?
      • In case your car gets stolen, you can follow these steps to file a theft claim on your comprehensive car insurance policy:

        • Lodge FIR at the nearest police station and inform the insurance company about the theft of your claim
        • Submit filled and signed claim form, along with Original RC Book, FIR Copy, Both sets of Original Keys,
        • Collect and submit No Trace Report from Police to the insurer.
        • Transfer car in the name of the insurance company at the RTO
        • The insurance company will pay the applicable IDV of your car once the claim investigation is over.
    • Q. What should I do if I want to cancel my claim?
      • You will have to get in touch with your insurance company and inform them that you wish to withdraw your comprehensive car insurance claim application. However, you do not have any right to ask the insurance company to cancel a third-party claim filed against you by a third party person.

    • Q. What will happen to my accumulated No Claim Bonus when I renew my expired comprehensive car policy?
      • Your accumulated No Claim Bonus under the comprehensive car insurance policy remains intact if you renew your car insurance policy within 90 days of the policy expiry date. If renewal is done after 90 days, the accumulated No Claim Bonus lapses.

    • Q. What is the penalty for driving my car without a valid car insurance policy today?
      • 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.

    Written By: Coverfox - Updated: 23rd April 2021
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    Car Insurance: Buy Car Insurance Policy Online & Save Upto 75%
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    It took me 5 minutes to renew my insurance online. Thankyou Coverfox for a great website
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    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
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    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
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    I found it comfortable and for lowest insurers premium I thanks to Mr Amir Saifi i would like to be in touch with him l am having three more cars in the family.
    16 Apr 2020
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