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Top features in a car insurance policy

Get the best of both worlds - superior car coverage and attractive premium.

New to Car Insurance?

Here is what you need to know


Renewing you car’s insurance is the best time to update any changes in your current policy to avoid denial of the claim later on.


If the current insurance has already expired, your car would have to undergo an inspection. You might lose the No Claim Bonus too, if it’s lapsed beyond 90 days.

Buying a pre-owned car

You should get the insurance transferred in your name within 14 days of the car’s registration. The procedure will nullify the No Claim Bonus, thus resulting in a premium difference.

Lodging an FIR for Claims

To file a claim on the Third Party Liability policy, you or the third party must file an FIR at the local police station at the spot of the accident. Keep a copy of the FIR with you.

Types of Coverage in Car Insurance

Things you need to know
Car Insurance icon

Think of your car insurance as a contract between your insurance company and you, where you agree to pay an annual premium and the insurer agrees to pay for possible car repair expenses.Thus, having car insurance protects you against major finanical loss in the case of an accident (and saves you from a lot of stress!).

Comprehensive Insurance

This covers damages to the third party, as well as your own car. It is best for those wanting to cover for losses from incidents such as theft and natural disasters.
Read more

Third-party liability Insurance

This covers the damages to a third party and their property, and is best for those planning to insure their car just because it's mandatory (but we wouldn't recommend that!).
Read more

We’ve come a long way when it comes to shopping online – from gadgets to groceries, from furniture to services. That’s why it makes complete sense when we say that you can compare, select and buy even insurance online. Now bid adieu to chasing your agent (or vice versa) for getting your insurance policy sorted. Insurance companies have risen their standards and opened up to offer exemplary online insurance services. You get the advantage to make an important decision as per your convenience.

Why it makes sense to buy car insurance online

Better pricing: Insurance companies offer lower rates by deducting paperwork and operational costs which are levied on offline policies!

Paperless transactions: Online forms are simpler, efficient and even environment saving!

Easy, convenient and time saving: Buying insurance online ensures transparency of information. Most websites have a user-friendly interface for quick transactions.

Policy endorsements: Changes on details registered against your name are done in a jiffy through a simple self-declaration form filled online!

Policy reviews: Reviews of policies earlier purchased by authorized people and customers help you in making an informed purchase decision.

Policy comparison: Comparing car insurance plans becomes easier! On Coverfox.com, you can also compare prices and features across major insurance companies.

Easy renewals: Stop worrying about expired policies and filling data at each renewal. With Coverfox.com, your data is stored safely and you get timely reminders for each renewal.

factors affecting car insurance

What is insured declared value?

From the minute you bring your car out on to the road from the showroom, a value gets attached to it. This value, arrived at by the insurance company is called the Insured Declared Value (IDV). IDV is the maximum amount you can claim in case of a theft or total damage of your car. It is decided by taking into consideration the ‘depreciation’ that a vehicle of its age would have undergone!

Discounts offered by insurers

Every company helps you save money by offering multiple-policy discounts (decided on the prior experience of claims made on these models). The only difference in coverage offered by most insurers would be in pricing and the kind of service that’s offered. This is why you need to do your homework before you purchase a policy. How? Research!

You need to knack-fully bring down the car insurance premium, ensuring you don’t have to compromise on the policy. Here is how it is done!

  • Declare the right IDV – You have the option of fixing a lower IDV (up to a certain level) to get a lower premium. But, on the flip side, if you lower your IDV more than you should, remember that this is the amount you will receive if and when there is an insurance claim!

  • Declare policyholder details correctly – If you’re someone who uses their car optimally and is less prone to damaging it, the insurers may offer you a discount on your premium – age, occupation, and car mileage.

  • Don’t claim for small expenses – If you were to make claims for every small expense incurred, you’d lose your chance to accumulate your NCB discount. Saving up the NCB can reduce your premium up to 50%!

  • Pick and pay only for features you’d use – Clouding your insurance policy with features that might not prove useful takes a toll on the premium. For instance, if you have a covered parking spot for your car at home, a return-to-invoice might only prove to be an added cost since your car is fairly safe.

  • Renew policy before time lapses – Renewing a lapsed car insurance policy could be a loss because you stand to lose many carefully saved up discounts (especially the NCB). Moreover, you have to again go through the hassle of getting your car inspected by the insurer.

  • Increase voluntary deductible (smartly) – You can choose a voluntary deductible and reduce your premium by a specific percentage. The higher the deductible amount you choose, the lower your premium gets. But remember, it is the amount of the repair costs you are agreeing to bear in case of a claim.

Be cautious before negotiating a low premium for your policy. You never know what you’re getting in exchange for the low premium!

  • Has your car’s IDV been lowered? Imagine, you have a car worth Rs. 9 lakhs and the premium is Rs. 27,000. You might have negotiated and rounded-off the premium to Rs. 25,000. You must remember that your car’s value may have reduced to Rs.8 or Rs.8.5 lakhs to get that premium. If the expenses due to theft or accidentals damages are higher than the IDV you receive in the end, it would hurt quite a bit then!

  • Has your car’s voluntary deductible been increased? Part of monetary loss borne by you is called deductible. For example, your car’s premium could be Rs.17,000 without any voluntary deductible. If you choose the voluntary deductible component as Rs.5000, your premium might get lowered to around Rs.15,500. Lower it further, and you decrease your premium too. Ultimately, this pre-decided deductible amount would have to be paid by you!

  • Incorrect claim history The proof of your claims from the previous insurer is something that every insurance company keeps a tab on, even when you hop between insurance companies. If your undisclosed claims come to light, your claim would get rejected and your policy, voided!

  • Have your add-on covers been removed? Removing add-on covers from your base policy reduces the premium automatically. You might be shown a policy where the add-on covers factored in initially can be removed later during a bargain. Don’t fall for that! Note that some add-ons have proven their worth in running your policy efficiently.

That said, if you really do not have any previous claims to show, then you might just get a lowered premium rate!

There are certain cases/damages, for which a car insurance cannot cover your car. The most common ones are:

  1. Wear & Tear: The normal and expected deterioration of the car’s condition.

  2. Breakdown: All mechanical and electrical breakdowns.

  3. Depreciation: The damages caused to your car as it ages.

  4. Illegal driving: Damages from any accident if it came from driving without a license or by breaking road rules.

  5. Consequential Loss: Damages which might result due to the consequence of an accident. For example, the engine getting damaged because of a coolant leakage, when only the coolant box was damaged originally in the accident and not the engine. The engine damage was the consequence of the accident!

Using add-ons: the best way of staying ahead of exclusions! Buying add-ons can also shield you from exclusions. You will end up paying relatively lesser, at the time of making a claim.

  • Zero-depreciation protects you from losses from depreciation. This popular add-on will cost you 15% more on your premium and will make sense until your car is at least 5 years old.

  • Invoice Cover will fetch you the on-road price you pay if your car gets stolen or damaged beyond repair in an accident! It costs only 10% more than the normal comprehensive policy and is available for purchase until a car is 3 years old!

  • NCB Protect locks your discount value at a specific percentage if you have a claim-free policy year. You don’t lose the accumulated discount to a claim.

  • Engine Protect offers cover for expenses against the engine during water-logging and floods. The damage that a moist engine can cost would not be covered even by your comprehensive policy and that’s where this cover kicks in. However, terms and conditions for this add-on differ from company to company.

  • Roadside Assistance is your friend in need if in emergency conditions you are stranded on the road in a remote location. You may need assistance with towing of the car. This add-on is available for free from certain insurance companies. While other insurers may charge for choosing the add-on.

Coverfox advantage Coverfox Advantage

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

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.
      • Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury.