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Car Insurance

Get the best of both worlds - superior car coverage and attractive premium. Are you looking for a new car insurance plan? We at Coverfox have got you covered. With our fast, hassle-free, online process, get your policy delivered straight to your inbox in 5 minutes. We aim to help you get the best protection plan for your car. We have 20+ plus insurance partners from whom you can choose a policy that suits you best. So stay calm and let us take care of your insurance needs.

How to save on Car Insurance Premium

Choose The Right IDV

Choose The Right IDV

A lower IDV demands a lower premium to be paid. (But compute wisely, since IDV is the utmost value the insurer can compensate you with)
Avail No Claim Bonus

Avail No Claim Bonus

Under this benefit, you get upto 50% on your premium, for every consecutive claim-free year.
Install security devices

Install Security Devices

You can get upto 2.5% discount on your four-wheeler insurance premium if you have installed anti-theft devices approved by the Automotive Research Association of India (ARAI).
Become AAI Member

Become AAI Member

Membership of the Automobile Association of India, secures you a concession on own-damage premium.

Key Features of a Car Insurance

  • No Claim Bonus: An NCB is a discount offered to the policyholder for not making any claims over the previous years. This cover rewards them by providing a discount of up to 50% on the premium payment for the following year.
  • Own Damage: Comprehensive car insurance plans provide own damage cover. Own damage covers the damage occurred to you and your vehicle during an accident.
  • Third Party Damage: This includes the damages to a third party or third party’s property.
  • Cashless: This feature provides cashless facility across a number of network cashless garages across India. With this feature, the garage directly settles the bill with the car insurer provider.
  • Customizable Add-ons: You can get additional riders for your car insurance plan such as NCB Cover, Accidental Death Cover, OD cover, Zero Dep, etc.
  • Claims Process: To intimate a claim, simply call the 24x7 customer service of and a dedicated team of experts will be ready to assist with the entire process of the claims process.

  • Claim Settlement: Once the claim has been processed and the relevant documents have been submitted for verification, the insurer will begin the process of claim settlement.

Benefits of Buying Car Insurance through Coverfox

  • Easy Comparison: With Coverfox, you can easily compare different quotes across different insurance plans and providers on a single webpage.
  • No More Agents: The entire process is online, no more agents, no more extra commission. It is a completely hassle-free process.
  • No 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.
  • Quick Receipt of Policy: Once the premium has been paid online, the policy is emailed to your inbox within 24 hours.
  • Cashless Facility: The car insurance policy provides cashless facility in their network garages across India.
  • Easy to Buy Online: It is easier to purchase a car insurance plan as you can pay directly via net/credit/debit card banking.

Compare Car Insurance: Get the Best Quote Online

You can compare car insurance policies using a simple tool to get the best quotes from top insurers.

12+ Insurance Companies in India
20+ plans available in market
16+ Unique Add-on Covers to choose from
3000+ Cashless Garage Network

What is Covered in Coverfox Car Insurance?

  1. Personal Accident -Damages because of a third party’s negligence

  2. Accident -Damages due to car accident including OD+TP

  3. Fire -Damages arising due to fire, explosion, etc.

  4. Natural Disasters -Damages arising out natural, man-made disasters, floods, hurricanes. Landslide, avalanche, earthquake, etc.

  5. Theft -Loss of vehicle due to partial or complete theft

Benefits of Car Insurance Renewal through Coverfox

Choose The Right IDV


Get up to 60% discounts on own damage premium. The discount rates vary for each Car make, model and RTO. Check out the rates of car insurance online against your car!
Avail No Claim Bonus
We have a team of experts to help you pick the right car insurance policy. We recommend listening to their advice and making your own decision. Car Insurance Renewals also becomes a really easy task because of our expert's unbiased advice.
Install security devices


Our service managers are there to help you with any concern from claims processing to car insurance renewals. Confused about some clause? Need something changed? Want to file a claim? We are here to help.
Become AAI Member


Car damaged? No more waiting for days to get it back on the roads. Our Express Claims Service guarantees 3 day car repairs and claim settlement. Just give us a call, and we’ll do the rest. It’s a door to door service, you don’t have to move an inch!

Car Insurance Renewal Checklist

While renewing your car insurance renewals online, leave no scope for ‘blind spots’.

  • 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.

Buy/Renew Car Insurance Online in Simple Steps

It is very easy to buy/renew car insurance online. Simply visit and select the right plan. You can also request a call back from the website as well.

How to Claim Car Insurance?

In case of a Third-Party Claim

  1. In case of a third-party claim where you have received a legal notice from the third party, you need to inform your insurer immediately.

  2. A copy of your RC book, FIR, Driving License and the legal notice is required to be submitted.

  3. The documents and the case will be verified by the insurer and accordingly a lawyer will be appointed.

For damages to own vehicle

  1. In case of damage to your own vehicle, intimate a claim immediately by calling your insurer. You need to submit the claim form along with the relevant documents.

  2. Post submission, a surveyor will be sent to assess the damages sustained by your vehicle.

  3. The surveyor will further send the vehicle to the garage for repairs post inspection.

  4. When the claim is approved by the insurer, the bills will be reimbursed by the company.

In case of stolen vehicles

  1. In case your car is stolen, you need to file an FIR immediately and a copy of the FIR has to be submitted to the insurance company.

  2. An investigator will be assigned by the insurer to check the validity of the theft.

  3. Post inspection, a duplicate key of the stolen vehicle has to be submitted to the insurer along with a letter of subrogation and other documents along with duly filled forms.

  4. Post submission, the claim amount will be disbursed by the insurance company.

Documents Required for Claim Settlement

In case of third party

  • Name of the insured individual
  • Policy number
  • Contact number
  • Date and time of the accident
  • Number of the vehicle
  • Make and model of the car
  • Location and extent of loss
  • Name of the garage along with contact information
  • Brief description of the accident

In case of theft

  • Original policy document or certificate
  • Registration book along with theft endorsement from the concerned Regional Transport Office plus tax payment receipt
  • Details of the insurance policy, such as policy number, period of insurance, and the insurance company
  • All sets of service booklets, keys, and warranty cards
  • FIR or police panchnama along with JMFC report or final investigation report
  • Acknowledged copy of letter addressed to the Regional Transport Office intimating theft

In case of an accident,

  • Proof of insurance – cover note or policy copy
  • Registration book copy and original tax receipt
  • Driving license copy along with the original (of the individual driving the car at the time of the accident)
  • FIR or police panchnama (for bodily injuries or death or damage to third party and/or his/her property)
  • Estimate of the cost of repair
  • Payment receipts and repair bills following the completion of repairs

How to Calculate Car Insurance Premium?

You can calculate car insurance premium with the help of acar insurance premium calculator. It is a free, online tool. Simply input the vehicle details and click on submit. The tool will automatically calculate the premium for your car.

How to Compare Car Insurance Quotes Online on

Simply visit and click on buy car insurance. Enter the details of your car and click on submit. The page will showcase the top ten car insurance quotes from different insurance companies along with the features and benefits of each plan.

  • Additional Covers: this includes the various riders available for your existing car insurance plan.
  • Car, make, model and variant: these features help in determining the right cover and premium for your car.
  • Year of Manufacture: The year in which the car was manufactured.
  • CNG Fitted Car: A car which consumes CNG as fuel.

Why Do You Need Car Insurance?

  • Mandatory by Law:As per the Motor Vehicles Act, 1988, it is mandatory for every vehicle to have a third-party insurance plan.
  • Peace of Mind:You have complete peace of mind as you are sure that you have personally filled all the correct and relevant information at the time of buying your insurance policy.
  • Saving Time:You can buy and renew a car insurance policy instantly this saves your time and provides you the convenience of your home comforts.

Best Car Insurance Companies in India

  • Royal Sundaram General Insurance: Provides free flat tyre, emergency fuel delivery and roadside assistance services. ICR- 89% for 2018-19
  • TATA AIG Insurance: has tie-ups with 3000+ workshops network in India. ICR- 88% for 2018-19
  • HDFC ERGO: Has tie-ups with 6800+ cashless garage network pan India. ICR- 82% for 2018-19
  • Bharti AXA: Has a network of 2500+ garages for assistance and free policy remainder facility. ICR- 75% for 2018-19
  • New India Assurance: one of the oldest government insurance company with widespread reach. ICR–87.54% for 2018-19

Standalone Own-Damage Car Insurance Policy

Own-Damage (OD) Insurance, as the name suggests, helps policyholders stay covered against loss or damage of their vehicles due to incidents like fire, theft, etc.

Previously, individuals could only avail a third-party cover separately, and not an own-damage cover. Those seeking an OD cover had to avail it in combination with third-party insurance. Now, companies have the option to offer comprehensive car insurance policies, stand-alone own damage covers and third-party policies. Certain add-on covers that can be availed with a standalone own-damage policy vary from one insurance company to another. However, some of the common add-ons offered are:

  • Zero Depreciation Cover
  • NCB Retention Cover
  • Engine Protector Cover
  • Key Replacement Cover
  • Roadside Assistance Cover

According to IRDAI, policyholders can now renew the OD component of a bundled cover falling due on or after September 1 with the same insurance provider or a different one. It is essential to note that companies will only issue a standalone own-damage cover or renew the OD component of a bundled cover, if the applicant already has a third-party cover in place or takes one simultaneously. While having a standalone OD policy is optional, users are advised to consider opting for it since it safeguards the insured car from loss or damage caused by accidents, theft, etc.

You happy. We happy.

"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!"

Ramachandran D

"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!"

Arun H

"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!"

Manoj Kumar Jain
Car Insurance FAQ's

Things You Must Know About Car Insurance

What are the documents required to buy car insurance online?

With the availability of online platform, buying car insurance online is a very simple and hassle-free procedure. However, if the insurance company demands, you would need to keep the following documents handy.

  • The copy of your Registration Certificate (RC) of your vehicle
  • The invoice copy for a new car
  • Previous insurance policy
  • No claim bonus reserving letter, whenever required

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:

  • The copy of the Registration Certificate and Tax Receipt of your car
  • The proof of valid insurance document
  • Copy of your Car Driving License
  • Repair Bills and Payment Receipts in case of reimbursement
  • Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury For more details on different types of claim process, read motor insurance.

How do you compare car insurance 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:

  • Car Insurance Company: Check the company’s past records for the number of claims settled and the time taken to settle them.
  • Premium and Coverage: Balance between the premium you are willing to pay and the coverage that you will actually end up needing. Also, don't forget to include add-ons accordingly.
  • Cashless Garage Network: Be sure about the insurer’s network garages in your area. You must remember that you can avail cashless services only at these garages, so that's always tricky.

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 undertake car insurance renewal on time so as to benefit from the No Claim Bonus (NCB). If policy lapses car insurance renewal can be done 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.

Is online car insurance only for new car?

No, online four wheeler insurance is not only for new car. You can also renew your existing policies online.

Why car insurance policy is so important in India?

We all know that cars have become a need in today's times. One of the most convenient and favored ways to commute to work is driving the car you own. Most drivers are aware that buying four-wheeler insurance is mandatory as per Indian law. They also know that driving carefully would lower the car insurance premium and driving carelessly would increase the insurance premium. Also, being a new driver would again raise the insurance premium.

But, driving a car minus a valid car insurance results in you paying a hefty fine according to the Indian law. This makes it mandatory for every car owner to get four-wheeler insurance for every car they own.

Car insurance is the actual reason why our cars run on the roads hassle free. Life becomes really relaxed and stress free when you have car insurance.

Getting four-wheeler insurance is not only mandatory but is important for your well-being too. There are numerous reasons as to why this insurance is needed. There are certain things that are never in your control. For example, your car getting harmed in an accident is not in your control. It’s not necessary, it would be the driver’s fault always. Freak accidents cannot be predicted in advance and hence cannot be controlled.

If you buy a car insurance, you do not have to worry about spending money for getting it repaired in case of an accident. Apart from this, car insurance also provides coverage in case the car gets stolen. There are other coverage benefits too but those vary on the type of coverage you opt for.

Car insurance is mainly categorized into 2 categories i.e. third party car insurance and the comprehensive car insurance policy. But what will surprise you (if you don’t really know) is that only the third-party insurance is compulsory by law. And therefore, buying comprehensive car insurance still becomes a matter of choice.

  1. Third party insurance for your car is nothing but the coverage guaranteed to the third party only .i.e. damage to another person’s vehicle or property, bodily injuries and permanent disability during an accident by your car and is mandatory by law.

  2. A comprehensive car insurance is a complete coverage for any damages done to your car due to any dents caused by any other vehicle during a road accident. Or say, the windshield of the car getting damaged or broken or may be your prized possession getting stolen.

Below are the damages/injuries, specifically taken care by the comprehensive four-wheeler insurance policy:

  • Theft
  • Fire
  • Vandalism
  • Natural disasters
  • Civil Disturbances
  • Damage was done to your car by animals or wildlife
  • Road accidents

You may be thinking that it is useless to insure a car standing idle in the parking lot. But, you actually fail to understand that an unused car is more prone to damages. It really makes sense to go for an insurance cover for such a car than paying hefty amounts in repairing the damages.

Even if your car is lying unused, buying a four-wheeler insurance would not only get you the peace of mind but also take care of all the unforeseen situations. So, even if you do not drive, do not avoid to buy a car insurance policy.

What is Personal Accident Add-on Cover?

The Personal Accident cover available with the mandatory Third Party Insurance is up to Rs 1 lakh. However, one can increase this cover with the help of the optional Personal Accident add-on cover that is available on the payment of an additional premium. This rider offers a coverage for temporary or permanent disability and death caused because of an accident. Most four-wheeler insurance providers advise opting for this cover as it takes care of your financial burden in case of unforeseen situations.

Is there any add-on cover for car accessories?

Yes, there is an add-on cover for car accessories. Add-on cover for car accessories is an attractive benefit offered by a number of car insurance providers that gives additional coverage for your car accessories. On the payment of an additional premium, you can ensure that you are covered of the cost incurred on your car accessories that most car insurance policies do not cover. Hence, this is beneficial and a cost-effective advantage for car owners.

How to renew car insurance online?

You can visit the insurer's website and enter your previous year car insurance policy details. In case you didn't lodge any claim during the policy period, you are entitled to No Claim Bonus (NCB) benefit, which is a discount on your car insurance premium.

You can check different four-wheeler insurance policies offered by various insurers and compare to pick up the best car insurance policy that best suits your needs before buying on online web-aggregators site. The renewal process is the same on most online web-aggregators.

What parameters should I keep in mind while comparing car insurance quotes?

While doing a car insurance comparison, you need to consider the amount you are willing to pay as premium with respect to the best coverage options available. Depending on the car model, engine type, and your area of residence, you need to understand your requirements and limitations.

A little background research is required on the insurance companies. Compare car insurance premium breakup by different insurance companies. Check if the Insured Declared Value (IDV) is optimum enough to save you from total losses of your car in the event of an accident or theft.

Choose add-on covers, like zero-depreciation cover, as per your requirement. Apply discounts (like No-claim Bonus on own-damage premium) and then compare to see if the insurance quote provides value for money.

How does assist me with car insurance comparison?

When you compare four-wheeler insurance quotes on, you get customized quotes for your car from different insurers available. In case you do not understand the plan that you choose or any other aspect of the plan that you wish to buy, then our expert advisors are available to guide you through the process.

Can I expect the quotes to change if I compare now and then try again after few hours?

It won't change in few hours. However, it may change after every 15 days only if insurance companies update their insurance prices. In such cases, the insurance quotes may increase or decrease. However, note that each year, IRDAI revises the third-party rates, so you would find a change in quotes annually due to revision in third-party part of the premium.

If I have viewed quotes for comparison and want to save them so that I can review them later, is it possible to save quotes?

For this, you can bookmark the URL and then view the quotes as per your convenience.

Another option that you have on is to view your quote and click on the button ‘shares these quotes’ and then copy paste the link and save it somewhere. Perhaps if you want to show these quotes to your dad or a friend, you could do so easily via the share button.

Will my premium be cheapest if I stick to the same insurer every year?


It is not necessary that your premium will get cheaper if you stay with the same insurer. Insurers usually don’t offer retention discounts online. They may have their own discounts to offer –Example:Occupation discount, etc.

If at all your premium decreases it could be because your IDV has reduced. Or perhaps, you had a claim-free year so you can ask for NCB discount. Or perhaps you chose to discontinue certain add-on covers.For example, you may have had a zero-depreciation add-on but that would be valid only till the 5th year. From the 6th year onwards, since the add-on is discontinued, your premium is lowered by default.

Your premium could also increase, if you may have added few more add-ons such as personal accident cover add-on or accessories cover add-on. Sometimes, due to increase in taxes, the premiums can increase.

How do I make any changes in my existing car insurance policy?

Following changes are allowed in the policy:

1.Name rectification

  • Please reach out to the customer support team with your policy details. You would be provided with a request number and the changes would be done.

  • You can also visit the nearest branch of your car insurance provider with the requested documents.

2. Registration number/ Engine/ Chassis number rectification:

  • Contact your car insurance provider by sending an e-mail with the policy details and a scanned copy of your RC. You would be provided with a request number and the changes would be done.
  • You can also visit the nearest branch of your car insurance provider with the requested documents.

3. Address Rectification:

  • Send your policy details via e-mail and the correct address details to your car insurance provider. You would be provided with a request number and the changes would be done.
  • You can also upload the scanned copy of your address proof on the official website of the car insurance provider.
  • You can also visit the company’s nearest branch with a request letter for address rectification.

4. Address change:

  • Contact your insurance provider through the official website via an e-mail with the policy details and the correct address details. You would then be provided with a request number and the changes would be done.
  • You can put in a request online and upload a scanned copy of your address proof.
  • You can also visit the company’s nearest branch with a request letter for address change.

5. Change in model/vehicle:

  • Please visit the nearest branch of your car insurance provider with a copy of your RC book, request letter and policy documents. These changes might affect the premium charged, so you must carry a cheque along.

6. Name transfer (Transfer of ownership):

  • If you transfer your vehicle on some other person’s name, the insurance policy also needs to be transferred on the new owner’s name. Your four-wheeler insurance provider can help you with the same.

7. Addition of LPG/ CNG kit/ Electrical/ Non-electrical accessories:

For addition of LPG/ CNG kit or any other accessories, you can visit the nearest branch of the company with the following documents-

  • Invoice copy of the CNG kit/ Electrical/ Non-electrical accessories and endorsed RC (with LPG/ CNG) or letter with the declaration value
  • Request letter
  • Cheque for paying the required premium

8. Addition of Anti-theft device:

In case you want to add an anti-theft device, please visit the nearest branch with the following documents:

  • Invoice copy of fitted device (ARAI approved) or letter with the declaration value
  • Request letter

9. Change in RTO/ Registration:

Please visit the nearest branch with the following documents:

  • Copy of your updated endorsed Registration Certificate (RC)
  • These changes might affect the premium charged, so please carry a cheque along

10. NCB Recovery/ Change:

Contact the nearest branch with the following documents:

  • Request letter from Insured
  • Original NCB reserving letter from Previous Insurer
  • Proof of sale of old vehicle

11. Addition of Hypothecation:

  • For addition of hypothecation, you can send an e-mail with the policy details, a scanned copy of your request letter, your sanction letter from the financial institution and the endorsed copy of your Registration Certificate (RC) to your four-wheeler insurance provider. You would be provided with a request number and the changes would be done.

  • You can click here to place a request and upload the scanned copy of request letter, your sanction letter from the financial institution and the endorsed copy of Registration Certificate (RC).

  • You can also visit the car insurance provider’s nearest branch with these documents.

12. Change of Hypothecation:

  • Please send an e-mail with the policy details, a scanned copy of Request Letter, your sanction letter from the new financial institution, NOC from the previous financial institution and the endorsed copy of Registration Certificate (RC) to your insurance provider. You would be provided with a request number and the changes would be done.

  • You can place your request and upload the scanned copy of Request letter, your sanction letter from the new financial institution, NOC from the previous financial institution and the endorsed copy of RC on the website.

  • You can also visit the company’s nearest branch with these documents.

13. Cancellation of hypothecation:

Reach out to your insurance provider by sending them an email with the policy details and a scanned copy of Request letter, your NOC letter from the financial institution, documents and the endorsed copy of Registration Certificate (RC) on their official email address.

  • You can also upload the scanned copy of Request letter, your NOC letter from the financial institution documents and the endorsed copy of RC.

  • You can also visit the nearest branch with these documents.

How many times can I claim for Road Side Assistance during Car Insurance policy period?

A maximum of 4 times can be opted by the insured related to any of the services under this add-on. The insured would be able to claim only for the services opted for by him at the time of policy issuance.

Which documents are required to cancel your car insurance policy?

The documents required to cancel the policy by the customers are as follows:

  • Customer Request Letter
  • Alternate policy proof (TP / Comprehensive)
  • Original Policy Copy
  • Sale proof of the vehicle or Sale Deed/Form 29&30 along with RTO acknowledgement. (in case of vehicle being sold)
  • NOC from financer.

If I lodge a claim after the expiry of my Car Insurance Policy for an event that occurred during the policy period, will it still be valid?

Yes, you will be eligible for the claim even after the expiry of the policy date. This is possible because the event happened during the policy period.

In Car Insurance Policy, does the insured have to pay the difference if the actual expenses are more than the cover?

Yes. For example, if the insured has a cover of Rs.10,000 and incurs an expense of Rs.15,000, then the insured will have to pay Rs.5,000.

Can I renew my car insurance online?

Yes, there are multiple insurance providers that provide car insurance renewal facility online. Car Insurance renewals can be done 60 days before the expiry of your existing policy. In case your vehicle insurance policy has already expired, an authorised surveyor will inspect the vehicle before reissuing the policy. The policy would only be issued subject to a satisfactory inspection and submission of required documents.

What is the meaning of ARAI in Car Insurance Policy?

ARAI is the short form of Automotive Research Association of India. If you have installed an ARAI approved anti-theft device in your vehicle, whose installation is dully certified by the agency, you are eligible for getting a discount of 2.5% on the Own Damage (OD) premium subject to maximum of Rs. 500.

If I install an Anti-theft alarm and locking system, is there any discount available in Car Insurance Policy?

Yes, in case your vehicle is fitted with anti-theft devices, which are approved by the Automobile Research Association of India (ARAI), a discount on Own Damage (OD) premium is provided by the insurer.

What is meant by endorsement in Car Insurance Policy?

A written evidence of an agreed change in the policy is called an endorsement. It is a document that incorporates changes in terms of the policy. As applicable, an additional premium is charged.

What does one mean by premium bearing endorsement in car insurance policy?

A premium bearing endorsement is a kind of endorsement for which additional premium is charged. To cite an example, transfer of ownership, addition of LPG/ CNG kit, change of RTO location, etc. are premium bearing endorsements.

What is Constructive Total Loss in Car Insurance Policy?

Constructive Total Loss refers to accidental loss/ damage to your vehicle where the aggregate cost of retrieval and/ or repairs amounts to be more than 75% of the Insured Declared Value (IDV) on your policy.

I want to make changes in my existing policy. What is the procedure for recording the same?

If there are any changes in the existing policy, such as change of address or modifications to the vehicle or its use, it can be done by an endorsement by the insurance company. All you have to do is submit a letter to the insurer with proof for the required changes, and obtain the endorsement. Some endorsements may require you to pay an additional premium. Hence, you must check the correctness of the endorsement before submitting the same.

What premium rate is applied, if I use my car in a particular city?

For the purpose of applying premium rate, the place where the vehicle is registered is taken into consideration, instead of the place where the vehicle is used. If your vehicle has been registered in Mumbai, the rate applicable for Zone A is charged. Even when you shift to a different city, the same premium rate will be applicable for your vehicle. Similarly, if a vehicle is registered in a town or a tier 2 city, it attracts Zone B premium rate. Subsequently even if the owner shifts to a metro, he will continue to be charged the Zone B rate.

Is there a list of documents that must be kept in the vehicle while plying in public places?

The following documents are needed while plying in public places-

  • Certificate of Insurance
  • Xerox copy of Registration Certificate
  • Pollution under Control Certificate
  • Photocopy of Driving Licence of person who is driving the vehicle

Is it possible to transfer my insurance to the purchaser of my vehicle?

Yes, there is a possibility to transfer the insurance in the name of the buyer of the vehicle, provided the seller informs of such transfer in writing, to the insurance company. A fresh proposal form has to be filled in this case. There is a nominal fee charged for transfer of insurance with pro-rata recovery of NCB. This is charged from the date of transfer till the policy expires. Please note that transfer of ownership in comprehensive/package policies has to be recorded within 14 days from date of transfer. If the policyholder fails to do so, no claim will be payable for own damage to the vehicle.

How is car insurance calculated?

A valid car Insurance is mandatory by law for all cars running on Indian roads. There are mainly two types of four-wheeler insurance in India offered by general insurance companies in India. They are- third party insurance and comprehensive insurance.

Third party insurance covers for damage and liabilities of the third party only arising out of a collision. It is the most basic and cheapest form of four-wheeler insurance to get. Comprehensive insurance covers for damages for the insured vehicle and also the liability of the third party arising from the accident.

four-wheeler insurance premium calculation is done primarily on the basis of Insured Declared Value (IDV) of the specific model. The IDV is calculated on the ex-showroom price of the car and it changes annually as per the depreciation rate of a certain model. The other factors affecting car insurance premium include no claim bonus which is rewarded to the insured for not making any claims during the policy term. No Claim Bonus(NCB) can be accumulated to a staggering 50% on the premium amount. Discount on four-wheeler insurance can be availed if the car owner has installed an anti-theft device approved by ARAI (Automobile Research Association of India) or opts for a voluntary deductible.

All the above factors affect the finalcalculation of the car insurance premium payable.

If I fit CNG or LPG kit in my car, is it necessary to inform the Insurance Company?

As you fit the CNG / LPG kit, it is necessary to inform both the Road Transport Authority (RTA) where the vehicle is registered and your Insurance Company. The RTA will make a note of the change in the Registration Certificate (RC), and the Insurance Company will inform you about the payment of extra premium for the value of the kit to be covered under the “OD” and “TP” sections. The fitting of the CNG should be endorsed in the RC barring, which an insurance claim would be considered as void.

What are the documents that are required to be submitted for a Car Insurance claim?

The policy document is a ready reckoner that you can refer for the complete list of documents to be submitted if you have a Car

Insurance claim. The documents which you would generally require are:

  • The duly filled claim form
  • The Registration Certificate (RC) copy of the vehicle
  • Original estimates of loss
  • Repair invoice and payment receipt

If you are availing the cashless facility then only the repair invoice would be required. For theft claims, you would need to file an FIR with the local policy and the copy of the same needs to be submitted to the insurance company along with the keys of your vehicle and a non-traceable certificate.

How is the premium of car insurance determined?

The premium for your four-wheeler insurance is calculated on different factors for the Own Damage cover (Comprehensive cover) and the Third party cover.

The Own Damage cover Premium is calculated basis the following:

  • The IDV (Insured Declared Value) of your car (the value of your car that will be compensated to you in case of theft or total damage)
  • The make and model of the car
  • Your car’s manufacturing year
  • Your geographical location
  • The applicable No Claim Bonus, accumulated over claim free years
  • Any add-on benefits you wish to opt

The Third party cover shields you from loss or injury you cause to a third-party (the calculation is based on the engine capacity). You may also apply for the Personal Accident cover, which will protect you from accidents. The premium amount would have the PA cover and service charges would be reflected in it.

What's not included in your Car Insurance Cover?

A third party liabilty insurance cover is clearly limited. But there are some scenarios where even a comprehensive car insurance policy with add-ons can't help:

  • Damages when the policy is not active.
  • Damages when the driver/owner is breaking the law. (Always carry your license, follow traffic rules and NEVER EVER drink and drive!)
  • Damages due to oil leakage.
  • Damages when you don't follow manufacturer's guidelines.
  • Gradual wear and tear. (Because everything grows old!)

What is comprehensive car insurance?

A comprehensive car insurance will cover your car from instances of theft, fire and vandalism. It also protects from natural disasters such as cyclone, floods, earthquakes, or from civil disturbances such as riots, which damages your car. A list of what perils are covered will be provided in the policy document. Make sure you go through the list to understand the protection being offered. Along with this, it also covers any legal liability arising due to the damages caused to any third party triggered by your car.

What is third party car insurance?

The third party car insurance only covers your legal liability for any loss and damages to third party because of your car. It will not cover you or your car for any damages suffered.

What is covered under comprehensive car insurance cover?

A comprehensive four-wheeler insurance will cover your car from damages, which are caused from perils apart from collision. The comprehensive plan covers damage/losses to your car as well as third party.

What is a voluntary deductible?

A deductible is a part of the monetary loss which you decide to bear in case of a claim. While the compulsory deductible is pre-set by the IRDA, you can choose to opt for a voluntary deductible based on your capacity of bearing the claim amount. The higher you opt for a voluntary deductible, lower will be your premiums.

Does my city have an impact on the premium paid?

Yes, it does. The location at where you reside can affect the premium. If your locality is prone to robberies, theft, burglary then the motor insurance premium will be higher than the localities where the instances of theft are less. The metro cities in India usually have higher premium than non-metro cities, you will find that cities are usually divided into zones for insurance purposes normally it is metro cities and the rest of India.

What is the procedure for endorsement of existing car insurance policy?

You may wish to make changes to your existing car insurance policy, and these changes are done through an endorsement. An endorsement is a written evidence of the changes made in the policy. If you need to make any changes then you can submit a letter to the insurer with the necessary proofs. This helps you obtain an endorsement, which can affect the premium to be paid for the policy.

What car insurance cover should I buy? Should I buy Comprehensive Insurance or Third Party Liability Insurance?

The Third Party Liability is also called as Liability Only or Act Only, and is mandatory by law for all vehicles plying the roads in India. The Liability Only covers the legal liability of the third party against damages to the property or any injury/death caused by your car. The policy type does not cover you or your vehicle. Hence, it is apt to go for the Comprehensive Insurance policy which will cover the ‘Liability’ and ‘Own Damage’.

What are the recommended add-on covers in car insurance?

The add-on covers are meant to support four-wheeler insurance plans adequately. Some of the add-on covers are zero-depreciation, invoice cover, engine and electronic circuit cover and No Claim Bonus Protector cover. A zero depreciation cover ensures that the insured can have a full claim on the value of the parts without deductions for standard depreciation that are replaced after an accident. The invoice cover ensures that you will be reimbursed the ‘on road price’ in case the car gets stolen or has a total loss due to a major accident. The engine and electronic circuit cover offers protection during flooding. The No Claim Bonus cover helps you retain the NCB benefit even after one claim has been made during the year.

What is the period of the policy in a car insurance policy?

A policy period is the duration during which the policy is effective. The policy period starts on a particular day, which is defined on the purchase of the policy and. It is valid for one year or a period of three years depending on the insurance plan selected by the insured.

Can I cancel car insurance anytime?

Yes, the policy can be cancelled and the unused premium amount refunded usually on a pro-rata basis. This will happen only if an alternate insurance proof is offered, and claims aren’t raised subject to 30 days prior to the policy expiry date. If a claim is raised, refund shall not be made. There could also be a nominal cancellation, which is charged.

What is depreciation in four-wheeler insurance?

Depreciation in four-wheeler insurance refers to loss of value due to wear and tear of the vehicle. The rate of depreciation is significant from the time you buy the car insurance policy. It is applicable to each car part except glass. The rate of depreciation is 50% for rubber, plastic parts, tyres and tubes, batteries and air bags; while a 30% for all fibre components.

What is cover note provided by my insurer? And how will it help me?

A cover note is an interim document, which is issued by the insurer until a final insurance policy can be provided. The cover note will have the name of the insured, the insurer and details of the coverage. A cover note is usually valid for a period of 60 days and the insurer issues the Certificate of Insurance before the expiry of the cover note. It enables the purchaser to cancel the policy, and receive a refund on the condition that a claim is not yet made.

Can the No Claim Bonus on my expired car insurance be transferred?

Yes, it is possible to transfer the No Claim Bonus (NCB), which is accrued to the new insurance policy even after expiry. This is possible within 90 days from the expiry of the four-wheeler insurance, the NCB benefits post this period is not transferable. Within 90 days the amount and discounts earned are all transferred to the new policy.

What are the discounts that can lower the premium?

The premium can be lowered by availing the No Claim Bonus (NCB). There are more discounts which can be availed under the Own Damage premium for membership of Automobile Association of India, Vintage Cars (Private cars certified by the Vintage and Classic Car Club of India) and installation of anti-theft devices approved by the ARAI (Automobile Research Association of India), Pune. There are also concessions for modified vehicles for the blind, handicapped and mentally challenged persons that is endorsed in the RC by the RTA.

Can the insurance continue to be in the name of the previous owner whereas the vehicle is transferred in RTO records in my name?

No, this is not advisable. The registration and insurance of the vehicle should be in the same name and same address otherwise the claim might get denied. So a fresh proposal can be filed and with the payment of a nominal fee so that you can initiate the transfer of the insurance.

What is salvage and total loss?

The value of wreck when a vehicle meets with an accident where the vehicle is damaged is considered as salvage. Whereas when the retrieval of the damaged vehicle to its initial condition is not possible is considered as total loss.

What is a cashless claim and reimbursement claim?

A cashless claim is the complete responsibility of the insurance company. Most of the companies have their own garage network, which can repair the damaged vehicles. The owner does not have to worry about the expenses apart from the consumables (not covered in the policy). The payment of only the difference amount as confirmed during the process of the claim needs to be made.

If you decide to choose your own garage for repair works (not a part of the insurer’s garage network), then you can claim reimbursement for the same. You will need to submit the original bills, payment receipts to the insurance company after you settle the repair amount from your own pocket.

What documents are required to avail the cashless facility?

The documents which are required to make the claim are:

  • A copy of the vehicle’s registration book.
  • The driving licence copy of the person driving the vehicle.
  • Duly filled in Claim form
  • Original RC book
  • FIR copy in case of third-party injury/death.

You will need to read the policy document to check the documents required apart from the ones which are listed.

What is a certificate of insurance?

The certificate of insurance is a document which provides information on the specific insurance coverage issued by the insurance company as per the Rule 141 of Central Motor Vehicles Rules 1989, and only in Form 51. The document offers information on the effective policy date, type of the insurance coverage. This document should always be carried in the vehicle.

What are the documents required to be kept in the vehicle while plying public places?

The documents which you need to keep in the vehicle while plying public places are the Certificate of Insurance, a copy of the Registration Certificate, the PUC (Pollution Under Control) certificate, and the Xerox copy of the driving licence of the person who is driving the vehicle.

What should you do if you lose your car insurance policy papers?

In case you lose your four-wheeler insurance papers, here's what you need to do:

Step 1 - Let the car insurance company know right away

Step 2 - File a policy complaint (this will help with justifying your condition when you ask the insurer for a duplicate car insurance policy copy)

Step 3 - Place an advertisement in an English and a vernacular newspaper that gets circulated within the state where the four-wheeler insurance policy was lost or misplaced.

Step 4 - Submit a filled-up application for a duplicate insurance certificate to the insurance company

Step 5 - Provide an indemnity bond on an appropriate stamp paper

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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.
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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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