Anand Prakesh
Loved it all along
15 Jun 2020
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.
Disclaimer - Above mentioned prices are for a 2 years old Maruti Wagon R, 1.2 VXI AMT OPT (1197 CC) registered in Mumbai & previous policy has expired.
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Here is a comprehensive list of the best car insurance companies, their respective plans, claim settlement ratio, and network garages in India for 2021.
| Car Insurance Companies | Cashless Garages Network | Claim Settlement Ratio 2019-2020 |
|---|---|---|
| Bajaj Allianz Car insurance | ||
| Bharti axa Car insurance | ||
| Cholamandalam Car insurance | ||
| Digit Car Insurance | ||
| Edelweiss Car Insurance | ||
| Future Generali Car Insurance | ||
| HDFC ERGO Car Insurance | ||
| IFFCO Tokio Car Insurance | ||
| Kotak Mahindra Car Insurance | ||
| Liberty Car Insurance | ||
| National Car Insurance | ||
| New India Assurance Car Insurance | ||
| Oriental Car Insurance | ||
| Universal Sompo Car Insurance | ||
| Reliance Car Insurance | ||
| Royal Sundaram Car Insurance | ||
| SBI Car Insurance | ||
| Shriram Car Insurance | ||
| Tata AIG Car Insurance | ||
| United India Car Insurance | ||
| Raheja QBE Car Insurance |
Update Date: Network Garages List Last updated on 12th April 2021.
Disclaimer: *The above information on Incurred Claim Ratio has been sourced from IRDAI’s Annual Report (2019-20). The cashless garages network information has been collated from the Insurance Company's Website.
• Compare Car Insurance Online
Always prepare your financial budget before buying a car plan. Compare online on Coverfox and get the best options available
• What is Covered
Always check the list of inclusion and exclusions, rules and regulations, terms and conditions under your car insurance plan
• Incurred Claim Ratio/Claim Settlement Ratio
Ensure that the ICR and CSR of your respective general insurer is high
• Add-on Covers
Go for a plan that comes with the option to select a wide range of riders (zero depreciation, roadside assistance, personal accident cover, and more)
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Your four-wheeler car insurance plan covers the following instances:
Your four-wheeler car plan does not cover the following instances:
Add-on covers are also known as rider options. They can be easily added to your base four-wheeler plan at the cost of an additional premium. Here is a list of popular add-ons for your car plan:
Nowadays, you can easily buy a brand new car insurance coverage policy online within a few minutes. Apart from purchase, you can also file a claim online. Here are the benefits of buying a car plan online:
The entire process is online, no more extra commission, no more agents that influence your decision, It is a completely hassle-free process.
Since the entire process is online, there is no paperwork involved. You simply have to upload the documents.
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.
At Coverfox, we ensure that timely reminders are sent to all of our customers so that they do not miss out on the renewal premium payment amount and the due date.
It’s easy to buy a car insurance plan as you can pay directly to the insurance company via net/credit/debit card banking.
With Coverfox, you can easily compare different quotes across different insurance plans and providers on a single webpage.
Since there are no agents involved, there is no need for additional commission. You never have to physically visit the branch office of the insurance company. Online mode is less expensive.
Endorsement refers to any particular change in the terms/conditions of the policy. You can do the same online without the need to visit a bank branch.
On the premium’s online payment, we email our policy into your inbox within 24 hours. You can always request an additional copy online.
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:
Ideally, it is best to renew your existing car insurance 15 days before your active policy expires. This way, you can be sure that there is no gap in the cover; it also keeps the accumulated No Claim Bonus intact.
Zero Depreciation, an add-on cover, is known by many different names like Nil depreciation or Bumper to Bumper Cover. If you have attached this add-on to your comprehensive car insurance policy, depreciation value is not subtracted from the coverage of wearing out of any body parts of the car, excluding tyres and batteries. The insurance company will pay out the entire cost of the body part for replacement. Check out the dedicated page on Zero Depreciation (https://www.coverfox.com/car-insurance/zero-depreciation/) to know more.
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.
Bumper to Bumper Car Insurance Policy is a comprehensive car insurance policy with a Bumper to Bumper add-on attached to it. It is also known as Zero Depreciation Policy or a Nil Depreciation Policy. Read our dedicated page on Zero Depreciation (https://www.coverfox.com/car-insurance/zero-depreciation/) to know more.
Insured Declared Value (IDV) is the maximum sum insured that an insurance company will offer to you. In case of an accident or your car getting stolen or in case of a total loss, the IDV will be the highest amount upto which the insurer will honour your claim.
If you get an LPG or CNG kit installed in your car, you will have to first get the Registration Certificate of your car updated with the Regional Transport Office (RTO). Once this is done, you will have to inform the insurance company and get your policy endorsed. You have to pay the differential premium as the premium depends on the type of fuel used by your car.
Hypothecation is used for adding the lender's name to the Registration Certificate of your car. You still get to use the vehicle as you wish, but the finance company or bank's name that has financed your loan gets added to the RC book.
For adding hypothecation in your car insurance policy, you need the bank or financer's letter, endorsed RC copy. Similarly, to delete the existing hypothecation, you have to provide a No Objection Certificate (NOC) from the finance company or bank along with the endorsed RC copy.
A comprehensive car insurance policy covers risks like accident, explosion, lightning, fire, self-ignition, burglary, theft, storm, landslide, flood, earthquake, terrorism, riots, strikes, malicious acts, transit by rail, road, waterways, air or lift. It also covers liability towards a third party person and property. Check out our detailed page on Inclusions of a Comprehensive Car Insurance Policy. (https://www.coverfox.com/car-insurance/inclusions-exclusions-car-insurance/)
A cashless facility in a comprehensive car insurance policy means the repair expenses as a result of an accident are directly paid by the insurance company to the network garage. All you have to do after an accident is to move the vehicle to the nearest network garage, and the rest is done by the insurer.
Insured Declared Value (IDV) is the maximum sum insured available in your car insurance policy. In simple words IDV = {[(Manufacturer's listed selling price) + (Sales Tax) + (Accessories excluded)] – (Depreciation + Registration Costs + Insurance Costs)}. The depreciation factors applicable are as under:
Car's age = Depreciation % Applicable
Check out our detailed article on IDV (https://www.coverfox.com/car-insurance/articles/know-your-idv-in-car-insurance/) to know more about it.
No Claim Bonus (NCB) means the reward offered by the insurance company to you for having a claim-free policy year. This reward is given in the form of a discount that you can avail of on your own
The cheapest car insurance policy is the policy that offers you the highest insurance cover with all the required add-ons at the lowest possible premium. Your requirement is different from other people, so what is cheapest for others may not be suitable for you. Check out this article to find out the cheapest car insurance for your car (https://www.coverfox.com/car-insurance/articles/which-company-is-cheapest-for-car-insurance/)
If you have sold your car, it is important that you transfer your car insurance policy to the new owner. You have to communicate to the insurance company about the sale of the car and submit the required documents and forms.
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.
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.
You can download your car insurance certificate or policy document online from the insurer's website. If you have bought your car insurance policy from Coverfox, you can download it from your online account by logging in with your ID and password.
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.
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.
Online sale of an Insurance policy helps save an insurance company various costs like Marketing Expenses, Commission, Administration Expenses and so on. Insurance companies pass on this saving to their customers in the form of reduced premiums for online buyers.
Online sale of an Insurance policy helps save an insurance company various costs like Marketing Expenses, Commission, Administration Expenses and so on. Insurance companies pass on this saving to their customers in the form of reduced premiums for online buyers.
Yes, an online insurance policy is 100% legally valid. At the time of buying an online insurance policy, you have to ensure that the insurance company from which you are buying your car insurance policy is licensed by the Insurance Regulatory and Development Authority of India (IRDAI).
You can download a fresh copy of your car insurance policy document online from the insurance company's website. If you have bought your car insurance policy from Coverfox, you can download it from your online account by logging in with your ID and password.
There are different types of claims; suppose your car gets stolen or an accident leads to third party death and property destruction under such cases, a First Information Report (FIR) is a must for processing your claim. Cases like damage due to Natural Calamities like a landslide, floods, earthquake, etc., may not need an FIR for the claim processing.
Generally, car insurance claims are settled within a few hours to 14 working days or more. The time taken by insurance companies varies from company to company and is also based on the severity of the claims. In cases where the insurance company needs to investigate a claim in detail takes a longer time, while generic claims like windshield damage or small damages due to collision are settled within a few hours.
Your policy document or insurance certificate has your policy start and end date mentioned in it. These dates show the period for which your policy will be active. Post the end date, your policy will expire, and your car insurance cover comes to an end.
Your policy document or insurance certificate has your policy start and end date mentioned in it. These dates show the period for which your policy will be active. Post the end date, your policy will expire, and your car insurance cover comes to an end.
In order to transfer your existing car insurance, you have to do the following activities:
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.
On Coverfox, you can buy/renew your car insurance in just 5 minutes or even less.
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.
You can instantly buy/renew your car insurance policy online on coverfox in 5 minutes or even less time. Your policy document will arrive instantly in your inbox once the payment is made.
Yes, buying/renewing a car insurance policy online is 100% safe. Insurance Companies and Coverfox uses a secure payment gateway through which you make payment for buying and renewing your car insurance policy online.
The renewal premium of your car insurance policy depends on a number of factors like Make, Model and Age of the Car, IDV, Add-ons you have chosen, voluntary deductible, etc. You can find out the renewal premium payable using our car insurance premium calculator.
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.
No, a comprehensive car insurance policy does not cover non-accidental tyre damage. It covers tyre damages only if it directly results from an accident. If you want additional protection for your tyres, you can attach a tyre protection add-on to your comprehensive car insurance policy.
Yes, a comprehensive car insurance policy covers self-ignition, short-circuit related fire and electrical fire.
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.
In case your car gets stolen, you can follow these steps to file a theft claim on your comprehensive car insurance policy:
You will have to get in touch with your insurance company and inform them that you wish to withdraw your comprehensive car insurance claim application. However, you do not have any right to ask the insurance company to cancel a third-party claim filed against you by a third party person.
Your accumulated No Claim Bonus under the comprehensive car insurance policy remains intact if you renew your car insurance policy within 90 days of the policy expiry date. If renewal is done after 90 days, the accumulated No Claim Bonus lapses.
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.