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New to Car Insurance?

Get the best of both worlds - superior car coverage and attractive premium.
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The Importance of Car Insurance in India

‘Nimbu Mirchi’ can only protect you from ‘buri nazar’ even if you’re a fabulous driver, with a zero-accident driving record. Having an active car insurance policy is a must before you choose to hit the roads. What to know how and why? Let’s find out!

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Legal Implications

Car insurance is mandatory

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Status of cars on Indian Roads
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Which team are you on?

Team Insured or Team Uninsured?

Under Section 196 of Motor Vehicles Act, 1988, owner-driver of uninsured cars are forced to pay a penalty of Rs. 2000/- or face imprisonment up to 3 months. You don’t want to be one of them, do you?

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Tackle Unforeseen Events

Insurance was created to protect you from unexpected and unlikely events – From things that you think won’t happen to you. It’s a blessing if you never have to make a claim. Here are some scenarios where insurance can act as a life saver!

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5 lakh road accidents annually. 1.5 lakh people die. Another 3 lakh crippled. Countless damaged vehicles.

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Natural Disasters – Floods

In 2005, a cloudburst in Mumbai claimed 698 lives and damaged 20,000 cars

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22,000 vehicles reported missing in 2014 (of which 6,019 were cars). Only 2,322 are ultimately recovered.

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Financial Safety Net

Imagine you own a 1-year-old standard hatchback car and 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":

Damages Expenses
Frontal Damages Rs. 25,000
Windshield Damages Rs. 6,000
Bumper Damages Rs. 5,000
Bonnet Rs. 6,000
Fender Rs. 5,000
Headlight Rs. 5,000
Medical Expenses Rs. 1,00,000
Total Rs. 1,50,000

If you had a car insurance policy, you would have

Insured Declared Value of Rs. 4 L (After annual depreciation as per IRDA)

and your premium would be:

  • Without zero dep: Rs. 6,000

  • With zero dep: Rs. 8,000

Paying a miniscule amount like Rs. 8,000 every year is better than incurring Rs. 25,000–30,000 as accidental damages.

No Insurance = Financial Expenses + Emotional Torture + Stress + Inconvenience

Third party property damage that will be covered is up to 7.5 Lakh and in case of physical injuries/death it will be taken into court tribunal.

For a premium of Rs. 100, Personal Accident Cover for owner driver gets compensation up to maximum Sum Insured of Rs. 2 Lakh in case of:

Nature of injury Scale of compensation
Death 100%
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.

Buy Confidently

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.

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The Type of Coverage Impacts Your Quotes

That’s why you need to know what coverage to choose:

Third Party Coverage

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 third-party premium
  • Premium for Personal Accident Owner Driver Cover – Rs. 100
  • Service tax – 15%

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

Comprehensive Coverage

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:

  • Third-Party premium
  • Own Damage premium
  • Premium for Personal Accident Owner Driver Cover – Rs. 100
  • Charges for additional coverage (add-ons)
  • Service Tax – 15%

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.

What are the Add-ons available?

Customize your Car Insurance
  • Zero Depreciation Cover
    Zero Depreciation Cover

    For the repair or replacement expenses of plastic, rubber, glass and other materials which would otherwise not be covered in a regular policy.

  • Engine Protection
    Engine Protection

    For times when the monsoons are at their destructive worst, and leave your car's engine and your tear glands vulnerable to flooding.

  • NCB Protection
    NCB Protection

    To continue enjoying a discounted premium on your no-claim bonus year-on-year, even after making a claim during the policy period.

  • Invoice Cover
    Invoice Cover

    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).

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What's Included and What's Excluded?

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!

Inclusions Exclusions
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.
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Factors Affecting Your Car Insurance Premium

Some factors can alter the base of your car insurance premiums. See what really affects your car insurance rates.

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6 Clever Hacks to Reduce Your Car Insurance Premium

Bringing down the premiums without compromising on coverage is an art. Let’s master it.

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Declare the right IDV

You do have the option to reduce your IDV if you want to lower premiums. But, remember that this is the same amount you would receive in case of a claim.

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Declare correct policyholder details

Reveal right details to your insurer - age, occupation, and car mileage. Because as a skilled driver, you may be eligible to receive a discount on these factors too.

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Don’t claim for small expenses

Saving up on NCB can lower your premium by 50%. If you claim on every small expense incurred, you could lose your chance to accumulate NCB discount.

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Pick and pay for features you’d use

Filling your car insurance cover with add-ons that aren’t useful will only take a toll on your premium and provide you no value at all. So, pick add-ons that your car needs.

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Renew policy before time lapses

Don’t want to renew your policy on time? Don’t complain if you end up losing all the saved-up discounts! Moreover, not renewing would only add to the trouble of getting the car inspected by the insurer once again.

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Increase voluntary deductible

Choose a higher voluntary deductible to lower your premium. Just remember that it’s the same amount of repair cost that you agree to bear in case of claim.

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Agents vs Dealers vs Brokers

There are many ways to buy insurance. How do they stack up against each other?

Factors Agent Dealer Broker
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.

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

Your responsible driving skills are rewarded with a bonus of upto 50% on your premium, for every consecutive claim-free year. Now isn't that a treat?
Install security devices

Install Security Devices

Automative Research Association of India (ARAI) approved anti-theft devices can fetch you upto 2.5% discount on your premium!
Become AAI Member

Become AAI Member

Membership of the Automobile Association of India, an organisation powered by IRDAI, secures you a concession on own-damage premium.

Coverfox advantage Why buy through Coverfox?

Expert Advice

Expert advice and an informed, unbiased opinion that clears the confusion and helps you buy that perfect plan for you. Can it get any easier?
Expert Advice

Post-Sales Assistance

Service managers who assist you with all your post-sale requirements - from claims processing to renewals! They are like superheroes, but only better.
Post Sales Assistance
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Top Car Insurance Companies of 2016

Amidst so many plans, you need to choose the one that suits your needs.
Check out the details of a few insurers:

Insurer Add-On Covers Types of Coverage Exclusions
Bajaj Allianz - Loss of accessories
- Zero Depreciation
- Driver Cover
- Engine Protector
- Own Damage
- Third-Party Liability
- Personal Accident Cover
- Normal wear and tear
- Consequential losses
- Loss occurred outside geographical area
- Loss caused due to exceeding car’s limitation of use
TATA AIG - Zero Dep
- Daily Allowance
- Return to Invoice
- No Claim Bonus Protector
- Loss of Accessories
- Own Damage
- Third-Party Liability
- Personal Accident Cover
- Wear and tear
- Any contractual liability
- Intoxicated driving
- Deliberate accidental loss
Reliance - NCB Protector
- Personal Accident Cover
- Zero Depreciation
- Key Protect
- Own Damage
- Third-Party Liability
- Loss/damages caused due to drunk driving
- Loss due to war or nuclear risks
- Mechanical and electrical breakdown
- Damage to person

You happy. We happy.

Things you must know

  • 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!)
  • 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:

      • 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.
  • 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 Motor Driving License.
      • Repair Bills and Payment Receipts in case of reimbursement. That sounds about okay?
      • Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury.
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