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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.

Key Features of Car Insurance Policy

Key Features Benefits

Own Damage Cover

Available under Comprehensive and Standalone plan

Third Party Damage Cover

Covers third party injury and property damage

Car Insurance add-ons

10+ add-ons according to the plan

Personal Accident Cover

Upto 15 Lakh

Cashless Repairs

Available

Car Insurance Premium

Starting @ ₹2072/year

Buying/Renewal of Policy

Online & Offline

Savings

Upto 80% on Car Insurance Premium

No Claim Bonus

Upto 50%

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.
  • Comparison Between Comprehensive - Third Party Cover?

    Here is a comparison of Comprehensive vs Third Party Cover Car Plans:

    WHAT IS COVERED? THIRD-PARTY COMPREHENSIVE
    Third-Party Vehicle Damage
    Third-Party Property Damage
    Own Vehicle Damage
    Vehicle Theft
    Fire Damage
    No Claim Bonus
    Cashless Claim
    Damage from Natural Calamities
    Personal Accident Covered
    Engine Protection
    Through Add-on
    Zero Depreciation Cover
    Through Add-on
    NCB Protection
    Through Add-on
    Invoice Cover
    Through Add-on

    Top 8 Car Insurance Policy - Premium Breakup in 2021

    List of Cheapest Car Insurance Plans

    Plans Cover Value (IDV) PA COVER Price NET PREMIUM
    Edelweiss Car Insurance
    ₹ 3,98,678
    ₹ 375
    ₹ 10,108
    Shriram Car Insurance
    ₹ 3,59,000
    ₹ 375
    ₹ 10,256
    Iffco Tokio Car Insurance
    ₹ 2,58,480
    ₹ 325
    ₹ 10,844
    Digit Car Insurance
    ₹ 3,59,000
    ₹ 330
    ₹ 11,473
    Bharti AXA Car Insurance
    ₹ 4,47,526
    ₹ 375
    ₹ 11,575
    Liberty General Car Insurance
    ₹ 3,59,000
    ₹ 375
    ₹ 11,584
    Reliance General Car Insurance
    ₹ 4,77,873
    ₹ 375
    ₹ 11,799
    Bajaj Allianz Car Insurance
    ₹ 5,41,590
    ₹ 331
    ₹ 13,573

    Disclaimer: The above mentioned prices are for a Honda Civic, V CVT (1799 CC), Petrol,, registered in Mumbai & previous policy has not expired.

    20 Best Car Insurance Companies in India 2021 (IRDAI Approved)

    Below is a list of 20 best car insurance companies in India with their network garages and claim-settlement ratios 2019 - 2020:

    Car Insurers Network Garages Claim-Settlement Ratio(%)

    Edelweiss Car Insurance

    1200+
    116.31

    Iffco Tokio General Insurance

    4300+
    95.30

    Bharti Axa Car Insurance

    3700+
    87.99

    Reliance General Car Insurance

    6200+
    84.26

    Bajaj Allianz Car Insurance

    4000+
    88.83

    Hdfc Ergo General Insurance

    6,800+
    91.23

    ICICI Lombard General Insurance

    8,800+
    87.71

    Kotak General Car Insurance

    1,300+
    82.81

    National General Car Insurance

    3,100+
    85.71

    New India General Car Insurance

    3,000+
    89.60

    Reliance General Car Insurance

    6,200+
    84.26

    SBI General Car Insurance

    16000+
    89.51

    Tata AIG General Insurance

    5,000+
    90.49

    United India General Car Insurance

    3,100+
    82.93%

    Universal Sompo General Car Insurance

    3,500+
    90.78

    Liberty Car Insurance

    4300+
    87.48

    Future Generali Car Insurance

    3500+
    88.69

    Digital Car Insurance

    1000+
    87

    Cholamandalam Car Insurance

    7100+
    85.89

    Royal Sundaram Car Insurance

    3300+
    92.66

    Disclaimer: *The above information on Incurred Claim Ratio has been sourced from IRDAI’s Annual Report (2019-20).

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    Points to Consider While Selecting Car Insurance Policy

    1. What is Covered?

    Check out what is included and excluded in the car insurance policy. A comprehensive car insurance policy is always preferable. A comprehensive car insurance policy covers:

    • Loss or Damage to the insured vehicle
    • Personal accidental insurance cover
    • Damage or loss of the vehicle due to theft, lightning, riot, explosion, accident, self-ignition, strikes, natural calamities or acts of terrorism
    • LIability arising out of the death of the third party or damage caused to their vehicle

    2. Compare Car Insurance Online

    You can now compare various car insurance plans and choose exactly the one meeting your needs. You can easily compare quotes from different car insurance companies online and can compare the best car insurance plans in India from the table above.

    3. Incurred Claim Ratio

    Higher Incurred Claim Ratio indicated higher satisfied customers. More the ICR, higher the chances of your claim getting settled.

    4. Add-on Covers

    It is beneficial to consider add-ons when you buy car insurance online. Add-ons like No Claim Bonus, Zero Depreciation Cover, Engine Protection Cover are additional benefits that improve your comprehensive car insurance policy.

    What is Covered in Car Insurance Policy?

    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

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    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

    Car Insurance Add-ons

    Car Insurance add-ons are additional benefits provided under a car insurance policy. The add-on covers in motor insurance can be purchased with an extra premium on the insurance amount. Let’s discuss these car insurance add-ons in detail:

      No Claim Bonus Protection Cover

        For every year where no-claim is made by the policyholder, a discount called No-Claim Bonus (NCB) of 10% to 50% allowed substantial discounts on the car insurance premium. But in the case of a claim made for the damaged car, the policyholder can miss out on the No-Claim Bonus. With a No Claim Bonus Protection Cover, you can continue to enjoy your no claim bonus after the claim as well.

      Engine Protection Cover

        Flooding or Oil Leakage can damage the car engine over time. Car insurance does not cover the charges of engine repair. An engine protection add-on provides cover to the expenses made on the repair of the engine and protects you from incurring additional costs later on.

      Zero Depreciation Cover

        Car Insurance Companies take into account the depreciated value of the car at the time of claim settlement. Without the zero-depreciation cover, all insurers are responsible for depreciating the parts of your car and pay your claim only after the depreciation amount has been deducted. The add-on does not remove any depreciation and you obtain more money in your claims.

      Consumables Cover

        When a car gets repaired, a number of consumable items are used like lubricants, nuts and bolts, engine oil, screw, oil filter, etc. The cost of these items is not covered under a car insurance policy and the policyholder has to bear the cost. The Consumables add-on cover reimburses the amount spent on consumables during the repair of the car.

      Key Protection Cover

        Car keys are not cheap and can cost up to Rs. 10,000 in some cases. In case of losing or misplacing your car keys, you do not have to bear additional charges for a new one if you opt for Key protection cover. Under the Key Protection add-on, the cost of buying a new car key from the company’s service center is reimbursed by your car insurance company.

      Personal Accident Cover

        A personal accident cover is an add-on benefit provided by the car insurance company to the owner-driver of the insured car to protect them from any type of bodily injury at the time of an accident. The Personal Accident Cover gives compensation to the owner-driver covering his bodily injury, disability or death in case of an accident. The cover can also be purchased for fellow passengers on an unnamed basis limited to the seating capacity of the vehicle. Under this, you can get access to coverage of up to Rs. 1 lakh per passenger.

      Daily Allowance Benefit

        Sometimes, you have to commute on your own after putting your car in a repair garage due to a sudden accident. In such a case, you bear the cost of travelling from your pocket. However, If you have this add-on the insurer provides you with a daily allowance for travelling if your car is required to be in the garage for more than 3 days. (May change from insurer to insurer)

      Cover for Car Accessories

        A car comes with various accessories like a stereo set, reverse camera etc. Since the accessories are expensive, it makes them prone to damage and theft. With a simple car insurance add-on, you can cover your car accessories which may not be covered in your car insurance policy. The add-on provides reimbursement and additional coverage for these items.

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    How to Calculate Car Insurance Premium?

    It is easy to find the premium amount using a Car Insurance Calculator online. Companies calculate car insurance premiums after taking into account various aspects. Following factors are considered by the car insurance companies when deciding the insurance premium:

    • Insured Declared Value (IDV) of the Vehicle
    • Age and Type of Car
    • Engine’s Cubic Capacity
    • Geographical Zone

    The formula of Car’s IDV calculation:

    IDV= Car’s Showroom Price + Cost Accessories- Depreciation on Car

    Thus, the formula for calculating Own Damage Premium Amount is:

    OD= Insured Declared Value X [Car Premium as per the insurer)] + [ Optional Benefits] – [NCB/Discount etc.]

    How to Renew Car Insurance Online

    Car insurance renewal is necessary to enjoy the car insurance benefits without breaks. Hence, you should renew car insurance before it expires. Follow these steps to renew car insurance online:

    • Go to the car insurance renewal section.
    • Enter and submit the required details- policy number, mobile number, date of birth, etc.
    • Choose the car insurance plan that you want to purchase/renew
    • Choose the add-on covers that you want to buy or drop (if any)
    • The payable car insurance premium will be shown on the page
    • Pay the insurance premium online with the help of a credit card, debit card or through net banking
    • Your car insurance policy is now renewed

    You will also receive the updated, downloadable policy document related to your car insurance on your registered email-id.

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    Benefits of Renewing Car Insurance Policy Online

    Every car insurance policy must be renewed to enjoy continuous insurance benefits. Car Insurance renewal can be done either online or offline. But you enjoy several advantages to renew a car insurance policy online. These benefits are:

    • Quick and Easy Process: All you need is a reliable web connection to renew car insurance online. At any moment, you can renew your 4-wheeler insurance coverage from the comfort of your own home. In this way, the car insurance renewal online is easy and quick, because you don't have to visit an insurance company branch or call an agent. In addition, the process of renewing a policy online for car insurance is either paperless or requires very little paperwork.
    • Secure purchase/renewal process: Renewal of car insurance online is a secure process. Policyholders can make informed decisions with all the information easily available online. Payment of the premium via secure payment channels also ensures that the owner does not become a victim of fraud.
    • Easy to customize: When you renew car insurance online, you can enjoy the benefits of easy customization. You can modify your car insurance coverage at the comfort of your home and incorporate car insurance add-ons as per your needs. Depending on your car insurance company, you can get add-ons like zero-depreciation cover, Engine Cover, Accessories Cover, etc.
    • Easily switch insurance provider: If you are not satisfied with your current insurer, changing your car insurance company is just a matter of a few clicks. If you are being offered coverage at a lesser premium, you can always change your insurance provider at the time of car insurance renewal. You can compare the best Car insurance companies in India on our website and choose the one fitting your requirements.
    • No Claim Bonus Transfer: If you are not satisfied with your current insurer, changing your car insurance company is just a matter of a few clicks. If you are being offered coverage at a lesser premium, you can always change your insurance provider at the time of car insurance renewal. You can compare the best Car insurance companies in India on our website and choose the one fitting your requirements.
    • Transparency in process: Renewing car insurance online is a transparent process with all the required information available at a click. You can get access to the best insurance plans easily. The documentation of the car insurance renewal is delivered to you via email on your registered email-id.

    Benefits of Buying Car Insurance Policy Online on Coverfox

    As per the Indian Motor Vehicles Act, 1988, it is mandatory for all car owners to have a basic third-party car insurance coverage policy. However, comprehensive car insurance is highly recommended if you want to cover you and your 4-wheeler. Before you make the final decision to buy a car plan, it is important to compare different plans and insurers. The insured declared value has a significant impact on the premium payment amount (Higher the Insured Declared Value (IDV), more the premium, and vice versa). Here is why you should buy car insurance plans online on Coverfox.

    • 1. No More Agents: With Coverfox, you can now free yourself from the hassle of appointing an agent and managing the extra cost that comes with it. When buying car insurance online, we have you understand the aspects of car insurance. Coverfox provides you with the concrete and reliable information which helps you make the right decision while choosing a car insurance policy online
    • 2. Zero Paperwork: The world has gone digital and so has the insurance industry. Car insurance companies extend the coverage with minimal to no paperwork. The application is filed digitally along with a scanned copy of required documents from your side. After the fulfilment of the application process, the policy documents are sent to you via email.
    • 3. Cost-effective: Less time equals less cost. Along with this, the online car insurance procedure eliminates the need for an agent which reduces any commission costs. Also, Buying car insurance online requires minimal to no paperwork, therefore reducing operating costs by significantly reducing stationary expenditures. Since the running costs of the insurer are also significantly reduced, they can provide car insurance at a significantly lower cost.
    • 4. Convenient and Time Effective: To buy car insurance online is a much easier process than traditional work. You free yourself from the long queues, heavy paperwork and recurring office visits. With Coverfox, buying car insurance online is easier and much quicker. It is much more convenient than offline car insurance as it provides you with all the required information at the comfort of your home and makes you self-reliant in making policy decisions. You can easily select your favourite car insurance policy, choose the required add-ons and start your coverage. Insurance premiums can be paid online securely with bank cards or internet banking
    • 5. Payment Reminders: With the Coverfox app, you get access to timely reminders for premium payments. This ensures that you never miss a deadline or have to meet any additional charges. Our reliable customer service always ensures that you get all the needed support in terms of your car insurance policy.
    • 6. Pay Premium Online: Managing cash or cheque and its delivery to the insurer’s office is a big task in the digital world. Premium payment online is much faster and secure. You can easily make secured payments using your credit/debit card or internet banking.
    • 7. Easy Endorsement: It is quicker to get an endorsement for your car insurance policy online than it is to do it in person. To acquire an endorsement on your insurance, you have to physically fill and send the endorsement form, and other supporting documentation to your insurer. This is a time-consuming and inconvenient process. When you buy a car insurance policy online, all you have to do is submit a self-declaration and verification of the amended information to your insurer. The endorsement will be approved by the insurer.
    • 8. Soft Copy of the Document: When you purchase car insurance online, you get a soft copy of documentation towards your policy on your registered email. As compared to the hard copy, there are no chances of the soft copy being lost. You can always revisit your emails and find the policy documentation there. You can always take a print of the same as and when required.

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    How to File an Online Car Insurance Claim?

    In case of an accidental emergency that requires immediate hospitalization, you need to inform your car insurance provider instantly. Here is a step-by-step guide to filing an online car insurance claim:

    • The first step is to keep track of all the relevant information and the surrounding environment
    • Record the time and date of the accident
    • Contact details of the person involved, driving license, and car number details
    • Take assistance from the traffic police
    • In case of injury to a third party, admit the individual to a nearby hospital
    • Get your four wheeler insurance policy details
    • Contact the local police and file an FIR
    • Intimate the claim to your respective insurer
    • Submit the relevant documents/information to the insurer
    • Estimate the loss and cost of repair
    • Your car will be subject to inspection by the surveyor
    • Based on the final decision of the surveyor, the claim will be settled accordingly

    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

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    Frequently Asked Questions

    Q. Why should I buy insurance for my car?

    Ans: 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. Which is the cheapest car insurance?

    Ans: 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.

    Q. How can I check the availability of a four-wheeler insurance plan for my car?

    Ans: 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 can I download a duplicate copy of my car insurance policy online?

    Ans: 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. Where can I find out what my car insurance policy number is?

    Ans: 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. Explain Zero Dep Add-on in Car Insurance Policy?

    Ans: Zero Depreciation, an add-on cover, is known by many different names like Nil depreciation or Bumper to Bumper Cover. If you have attached this add-on to your comprehensive car insurance policy, depreciation value is not subtracted from the coverage of wearing out of any body parts of the car, excluding tyres and batteries. The insurance company will pay out the entire cost of the body part for replacement. Check out the dedicated page on Zero Depreciation to know more.

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

    Ans: 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?

    Ans: Bumper to Bumper Car Insurance Policy is a comprehensive car insurance policy with a Bumper to Bumper add-on attached to it. It is also known as Zero Depreciation Policy or a Nil Depreciation Policy. Read our dedicated page on Zero Depreciation to know more.

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

    Ans: 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. How can I renew my expired car insurance online?

    Ans: 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. Does a car insurance policy cover passengers riding in the car?

    Ans: 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. Is it compulsory to buy car insurance in India?

    Ans: 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 penalty for driving my car without a valid car insurance policy today?

    Ans: 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.

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