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- About Coverfox
With 25 insurers and 100+ products to choose from, Coverfox works actively to find a plan that is ideal for you—basically, the best one, the right one. From providing you with all the right information to offering unbiased comparisons, we do it all. Hey, you don't even need to engage with the insurer yourself.
Licensed by IRDA IRDA/ DB 556/16
Car insurance is the smartest way to financially secure yourself and your car. Let's say, you own a 1-year-old standard hatchback with Insured Declared Value (IDV) of Rs. 4,00,000, but sadly, don’t have car insurance. Following are the approximate expenses that you might incur if your car was to meet with an accident of "medium impact":
|Frontal Damages||Rs. 25,000|
|Windshield Damages||Rs. 6,000|
|Bumper Damages||Rs. 5,000|
Car insurance policy would have costed you a certain premium:
Without zero dep: Rs. 6,000
With zero dep: Rs. 8,000
Now, a car insurance can't help you pay for medical bills in case you were injured in an accident. However, paying a miniscule amount like Rs. 8,000 every year can still help you cover those Rs. 50,000 [or more] worth of accident-related damages to your car.
No Insurance = Financial Expenses + Emotional Torture + Stress + Inconvenience
Third party property damage covered up to 7.5 Lakh and in case of physical injuries/death of third party, it will be taken into court tribunal.
For a premium of Rs. 100, Personal Accident Cover for the owner driver gets compensation up to a maximum Sum Insured of Rs. 2 Lakh in case of:
|Nature of injury||Scale of compensation|
|Loss of two limbs or sight of two eyes or one limb and sight of one eye.||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above.||100%|
Disclaimer: Please note that the above figures are approximate and just for representational purpose, keeping a standard hatchback car in mind. They will vary as per the intensity of the accident/loss, car make model, and engine capacity.
This compensates the damages to a third party and their property. It’s best for those planning to insure their car just because it's mandatory (but we wouldn't recommend that!).
The quote that you get for TP cover is the sum of its components which include:
The basic premium for third-party depends on the cubic capacity. These rates are revised each year by IRDA. From 1st April, 2016, the third-party insurance rates are:
|Condition Relating to Engine Capacity||Applicable Premium Rate|
|Not exceeding 1000cc||Rs. 2,055|
|Above 1000cc but lower than 1500cc||Rs. 2,237|
|Exceeding 1500cc||Rs. 6,164|
This covers damages to the third party, as well as your own car. It is best for those wanting to cover for losses for accidents and incidents such as theft and natural disasters.
The quote that you get for comprehensive coverage is the sum of its components which include:
The own damage premium depends on Insured Declared Value (IDV), engine capacity and vehicle RTO. The IDV is the value of the car based on its ex-showroom price and depreciation percentage. An add-on cover depends on your car’s requirement and thus is a variable. The service tax is charged on the OD premium.
For the repair or replacement expenses of plastic, rubber, glass and other materials which would otherwise not be covered in a regular policy.
For times when the monsoons are at their destructive worst, and leave your car's engine and your tear glands vulnerable to flooding.
To continue enjoying a discounted premium on your no-claim bonus year-on-year, even after making a claim during the policy period.
To recover as much as the car's on-road price or Insured Declared Value, in case of total loss (such as theft or a really bad accident).
Knowing what’s covered under an insurance plan, and what is not, helps you later at the time of making a claim. A must read!
|Damages that might happen to your car in an accident.||Damages caused if you were caught driving under the influence of alcohol.|
|Personal Accident Cover - if you (the owner-driver) are injured in a car accident, the insurer compensates you.||Loss and damages that may be caused because of a war or a nuclear strike.|
|Financial protection to your car from natural calamities such as floods, earthquakes, etc.||Accident-related damages caused while you were using your car for illegal activities.|
|In case your car gets stolen, your insurer will pay an amount equal to your car's IDV.||Damages caused or losses incurred to your car while you were driving without valid license.|
|Coverage for damages caused during a man-made disaster - including riots, strikes, fire, and terrorism are covered.||Regular mechanical expenses due to consistent wear and tear.|
Apt Coverage: If you only have third-party plan, then you need to consider getting a comprehensive policy. This will cover you against heavy expenses of repairing your car in case of an accident.
Check IDV: You need to get suitably compensated in case of theft/loss. Depending on your car's age, re-evaluate your car's Insured Declared Value against premiums. By this, you'd know if you have got the best price.
Claims Check: This makes a huge different. If you haven’t checked the claims ratio of your previous insurer, don’t skip verifying it now.
Check Cashless Garages: Take sure you look for the cashless garages near your area that would provide, repair services for your car.
Ideal Add-ons: If you were not aware how add-ons can help you during claims, this is the time. If your car’s age is less than 5 years, consider covers like Zero Depreciation or Engine Protector or Return to Invoice.
Deductibles & Discounts: Check if you’ve got all discounts that you are eligible for. A deductible indicates the amount you will have to pay every time before claim. If your policy includes it, ensure that it fits your budget.
There are many ways to buy insurance. How do they stack up against each other?
|Who are they||Agents are licensed to represent one insurance company. They help customers buy policies of the insurance company they are employed with.||Car vendors / dealers are those who sell cars to customers. They usually bundle an insurance policy when you purchase a new car.||IRDAI Licensed organisation/individual who can sell plans of multiple insurance companies. They are required to assist customers with insurance purchase and claims.|
|Their expertise||They are experts of the plans offered by the company they are employed with.||They usually have tie ups with some insurance company. They'll help you buy its policy.||They can offer plans from multiple companies and are authorised to provide technical assistance, after-sales requirements.|
|The advantage||They have extensive knowledge about particular insurance plans of that insurer. They also offer complete claim assistance.||They give you the insurance along with the new car. They take care of all the forms and paperwork.||You get the power of choice. You can buy a suitable plan after comparing plans from all the insurers.|
|The drawback||They can only sell plans of one insurance company. You'll have to go to another agent if you ever decide to switch insurers.||They are experts in selling cars. Not insurance. The insurance policy they suggest might not be the best that your car needs. You can often end up paying for features you don't need.||There are none, really. Other than the fact that even though a broker will help you though the process of claims settlement - the last decision still resides with the insurance company.|
"My first experience with Coverfox was an absolute delight. Their positive response and effective actions changed my opinion of the entire insurance segment. Hope they keep it up!"
"What I’ll never stop being thankful for is the fact that my claim for total loss was settled in such less time. Thank you so much for all the support from your side!"
"Their prompt replies, seriousness about policy deliveries and commitment to their job are just some factors that make Coverfox shine through. But their complete transparency in their calls clearly is the icing on the cake!"
"Having been a customer for over a year, I feel relaxed as far as health insurance is concerned. Their customer service personnel guided me through each step of my process while helping me finding the best plan!"
What are the documents required to buy Car Insurance?
With the availability of online platform, buying insurance is a very simple and hassle-free procedure. However, if the insurance company demands, you would need to keep the following documents handy.
What are the documents required to register a claim?
The sole purpose of buying insurance for your car is to get adequately compensated for any damages and losses. To ensure that you raise a successful claim, it’s necessary to keep all the relevant documents at hand. While insurance companies try their best to avoid pesky paperwork, here is a list of documents you need to have on you:
How do you compare plans before choosing one?
We all know that too many options usually implies too much confusion. That is why, before choosing, one must compare plans on the basis of:
How is the premium for Expired Car Insurance determined?
A car insurance policy will be valid for a particular period. After this period, the insurance policy lapses. It is advisable to renew it in time so as to benefit from the No Claim Bonus (NCB). If the car insurance lapses and you renew it within 90 days you may still benefit from the NCB. Post 90 days, you need to initiate the process by filling details all over again and getting your car inspected by the surveyor. Also, as the NCB is lost it would result to higher premiums.
What are the benefits of expired car insurance renewal?
Car insurance is mandatory by law, and renewing your car insurance protects you from not being fined. The renewal also protects you from unforeseen events such as accidental damages, theft, natural disasters, extreme weather conditions and even third-party liabilities.