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Buy Car Insurance

If you have a car, you do need car insurance. A comprehensive car insurance plan is your car’s best friend. It will protect you and your car in case of a road accident. As an added bonus, your car is also protected from theft and third party damages.

A third party is a person who is involved in an accident with you. He/she has every right to file a legal case against you.

When you look at all the facts mentioned above, these instances can happen to your car at any given day. So why take the risk? Get yourself the best online car insurance today on Coverfox - India’s largest digital insurance broker and one of the best top insurance comparison sites. It is time to say goodbye to your old car insurance and buy new car insurance today!

Is it Important to Buy Car Insurance?

It is absolutely necessary to buy an insurance plan for your car. You can’t keep your car unsafe all the time. Those roads are dangerous! Here are five reasons to buy car insurance.

  • Own Damage - A comprehensive car insurance plan provides own damage cover. Own damage covers the damage that occur to you and your vehicle during an accident.
  • Third-Party Damage - This includes the damages to a third party person or third party’s property.
  • No Claim Bonus - An NCB is a discount offered for not making any claims over the previous years. You can avail a discount of up to 50% on the premium payment during renewal.
  • Cashless - This is a cashless facility across a number of network garages of the insurer across India. With this feature, the garage directly settles the bill with the car insurance provider without you having to pay a single penny.
  • Customizable Add-ons - You can get add on cover for your car insurance plan such as No Claim Bonus Cover, Accidental Death Cover, Own Damage cover, Zero Depreciation, etc.
  • Legal Compliance - It is mandatory to have a third party car insurance policy as per the Motor Vehicles Act, 1988.

Why Buy Car Insurance Online?

We all know by now that car insurance is important, now is the right time to buy one. Say no to cheap car insurance. Buying a car insurance plan online is the best way to get a good insurance plan for your car.

With Coverfox on board, you can easily get the lowest car insurance premium quotes from the best car insurance providers in India. There is no need for you to search for car insurance near me, car insurance agent near me or a car insurance company near me, like ever! All you need to do is visit the official website of Coverfox and let us do all the work for you. Did we tell you that you can do this from the comfort of your home, office and mobile?

Yes, buying the best car insurance policy on Coverfox is a completely online and paperless process. Say goodbye to physical documentation!

No more waiting for the policy document! Once you buy your favourite car plan from Coverfox, the policy is delivered instantly straight to your inbox.

From comprehensive to third party, own damage (OD) to pay as you drive, cashless car insurance to car insurance for commercial vehicles, you can get all of these plans along with car insurance offers on Coverfox at the click of a button.

To help you with the same, we have created a step-by-step guide on buying the right insurance plan for your precious car.

How to Buy Car Insurance on Coverfox?

This is how Coverfox car insurance works:

Step 1 - Visit Coverfox.com and select Car Insurance.

Step 2 - Start by entering your car registered car number.

Step 3 - If you do not remember your car number, you can select the second option (search for your car e.g. Hyundai i10).

Step 3 - Answer a few questions regarding the basic details of your car and policy (if any).

Step 4 - Select from a wide range of car insurance plans. You can go further and customize the policy as per your requirement.

Step 5 - Choose the right quote and make the payment online.

Step 6 - Your policy will be delivered to your inbox within 5 minutes.

Still confused? Call us on our Toll-Free numbers and let Coverfox do all the work for you.

Why Should You Buy Car Insurance on Coverfox?

At Coverfox, we believe in making insurance simple for you. We want you to be completely aware of what you are getting yourself into so that you never have to rely on another agent, like ever. To simplify the buying process, you can easily view multiple car plan quotes from different insurers and select your favourite plan on a single webpage. All of this plus the buying facility included. With Coverfox, you need not go anywhere else for insurance. We are a one-stop shop for you and your car. Still confused about online car insurance? Just submit your phone number and we will have our experts to help you buy third party car insurance online along with comprehensive cover.

In addition, you can get value added benefits on Coverfox such as:

Convenient Check quotes from the top car insurance companies in India instantly. Everything is available within the comfort of your home or on the go with Coverfox.
Clarity of Policy Details You get to understand the ideal coverage for your car, the right price, possible discounts, deductibles and exclusions.
Commercial Car Insurance Online Commercial car insurance cost differs from standard general insurance. We offer that too.
Numerous Options With multiple policy options to choose from, you can assure yourself the best policy that is apt for your car.
Save Money You can save money in the overall process of buying car insurance as online policies are less expensive.
Transparency You can view details of the product that various insurers offer. You can also read reviews of different plans to make your choice.
Get Smarter Coverfox has a deposit of videos, infographics, and articles to help you understand the finer points of Insurance.
Free Express Claims Services Our Express Claims Service guarantees 3-day car repairs and claim settlement.
Discounts Avail up to 60% discounts on own-damage premium. Get car insurance lowest price today!
Excellent Customer Service Our service managers are there to help you with any concern from claims processing to car insurance renewals.
Expert Advice We provide an unbiased opinion that clears the confusion and helps you buy that perfect plan for you.
Post Sales Assistance We have the best Service Managers who assist you with all your post-sale requirements - from claims processing to renewals!

What are the Types of Car Insurance?

There are 3 types of car insurance plans in India. Let us break them down for you.

Third Party Liability Cover

  • This plan compensates the damages to a third party and their property caused by the insured car.
  • It is mandatory by law as per the India Motor Vehicles Act, 1988.
  • You can add a personal accident cover for additional protection.

Comprehensive Car Insurance Policy

  • This type of policy covers damages to the third party as well as your own car.
  • It includes IDV, third parties as well as own damage.
  • It is best for those wanting to cover for losses for accidents and incidents such as theft and natural disasters.

Note: The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. Suppose the insured declared value (IDV) of your car is Rs. 8 lakhs while the purchase price was Rs. 10 lakhs, the insurer will disburse a maximum amount of Rs. 8 lakhs.

Pay As You Drive Insurance

  • This plan charges a premium depending on the usage of the car.
  • It monitors the total distance travelled by your car
  • Ideal for owners of multiple vehicles.
  • You can buy third party insurance online for car on Coverfox in combination with comprehensive cover.

What is Standalone Own-Damage Car Insurance Policy?

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

Now, companies and general insurers provide the option to purchase car insurance online along with stand-alone own damage covers, and third-party policies separately.

According to IRDAI, policyholders can now renew the OD component of a bundled cover with the same insurance provider or a different one. It is essential to note that insurers will only issue a standalone own-damage cover or renew the OD component of a bundled cover if the applicant already has a long-term third-party cover in place or takes one simultaneously.

While having a standalone OD policy is optional, you consider opting for it since it safeguards your insured car from loss or damage caused by accidents, theft, etc.

Third-Party vs Comprehensive Car

Feature Third-Party Comprehensive
Damage to a third-party vehicle Yes Yes
Own Damage No Yes
Theft No Yes
Damage due to Fire No Yes
Damage due to Natural Causes No Yes
Personal Accident cover Yes Yes
Depreciation fees No No
Engine Protection No Add-On
NCB Protection No Add-On
Invoice cover No Add-On

What Affects the Price of Your Car Insurance Policy?

Premium is the cost of your insurance plan. Here are the most important factors which affect your car insurance premium.

  • Insured Declared Value - A lower IDV demands a lower premium to be paid. It is the utmost value the insurer can compensate you with.
  • No Claim Bonus - Under this benefit, you get up to 50% on your premium, for every consecutive claim-free year.
  • Location - The place where you live and buy an insurance policy has a significant impact on the premium rates.
  • Security - Avail up to a 2.5% discount on your premium if you have installed anti-theft devices approved by the Automotive Research Association of India (ARAI).
  • AAI Member - Membership of the Automobile Association of India, secures you a concession on own-damage premium.
  • Type of Coverage, Engine Capacity, Make, Model, RTO.
  • Vehicle Age and Deductible.

How to Calculate Car Insurance Policy Premium?

You can calculate the car insurance premium for your car with the help of an online car insurance premium calculator. We have created a free tool that will automatically calculate the premium for your car. This is how it works:

  • The calculator generates premium quotes based on the inputs you have input.
  • It will give you a detailed view of the different car insurance quotes from various insurers
  • You can compare, buy and renew policies with this calculator
  • For third party liability, you need to enter the details of the engine capacity of your car.
  • For comprehensive cover, you need to enter the details of your car’s make, model variant, ROT location, and age.

Add-ons For Your Car Insurance Policy

You must have come across this term quite often when looking for car insurance. Add-ons or additional riders are nothing but added benefits to your existing policy. There are many things which are not covered under your comprehensive policy. This is when you need an add-on.

Here is a list of common add-ons which you can buy at the cost of additional premium.

Zero Depreciation Cover This add-on is for the repair or replacement expenses of plastic, rubber, glass, and other materials which are not covered in a regular policy.
Engine Protection This add-on protects the car engine in cases of flooding.
NCB Protection This add-on provides a discounted premium on your no-claim bonus year-on-year.
Invoice Cover This add-on pays the car's invoice value i.e. on-road price instead of the Insured Declared Value, in case of total loss or theft.
Other add-ons Include Vehicle Reimbursement, Personal Accident Cover, Rental Replacement, Key Replacement Cover, Cost of Consumable Items, Roadside Assistance, Downtown Protection, etc.

What’s Included and Excluded in Car Insurance?

Here is a list of things which are covered/not covered in a car plan.

Inclusions Exclusions
Own Car Damage for all damages that occur to your car due to accidents Damages caused if you are caught driving under the influence of alcohol
Personal Accident Cover, in case of death or permanent disability in an accident, the insurer compensates you Loss and damages that are caused due to war and nuclear risk
Injury to a third person or property. This comes under third party liability car insurance and is mandatory by law Accidental Damages caused while you were using your car for illegal activities
Financial protection from natural calamities such as floods, earthquakes, etc Losses incurred while driving without a valid license
In case of theft, your insurer will pay an amount equal to your Insured Declared Value or IDV Driving with an expired insurance policy
Man-made disasters including riots, strikes, fire, and terrorism is covered Any violation of the car manufacturer's rules and regulations regarding the use of the car resulting in related failures and breakdowns
Contractual Legal Liability - In case you have entered into a contract which states that your car has been given to a third party for rendering services. And the third party meets with an accident (while driving the car) or damages the car, losses arising henceforth will not be covered by your motor insurance plan
Regular mechanical expenses due to consistent wear and tear. This includes depreciation of car parts and components
Geographical cover is limited to neighbouring countries such as Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka and Maldives. you can avail the same at the cost of additional premium
Damages to the car arising out of war, terror attacks, invasion, foreign enemy action, civil war, mutiny, rebellion, hostilities, radiation or nuclear material/weapons
Neither third party nor a comprehensive car insurance plan provides cover for your paid driver. You will have to buy a cover separately for your driver as per the Workmen Compensation Ac
Negligence by the car owner which leads to loss. Example - Not maintaining the car properly during the time of floods or avoiding regular service check-ups
Damage to the car engine caused by an oil leakage
Mechanical and electrical breakdowns are not covered by a standard motor insurance policy
You engine is not covered under your policy

How to Choose the Right Type of Car Insurance that Suits you the Best?

Now that you have a basic idea of insuring your car, you should go ahead and look for the best possible cover. You should select a plan on a variety of factors such as car model/variant, engine capacity (CC), manufacturing date, and age.

Here are a few tips to select the right type of car insurance plan:

  • Buy Online - Buying a car insurance plan online is easy, convenient, time-saving, hassle-free and a paperless process.
  • Insurance Company - Pick a well-reputed car insurance provider that has a wide range of cashless garage services across India.
  • Claim Settlement Ratio - The Claim Settlement Ratio of a company comprises the company’s past records of the claim settlements. The higher the claim settlement ratio, the better the company.
  • Add-ons - Riders enhance the overall benefit offered by a base insurance plan. Always opt for an insurer that offers a wide range of rider add-ons.
  • Customer Service - Select a car insurance plan/insurer which offers 24x7 customer service with an online grievance facility.

Car Insurance Claim

Have you Made a Claim in the Previous Year?

If you have not made a single claim in a policy year, you will be entitled to No Claim Bonus. A No Claim Bonus is available in the form of a discount on your insurance premium during the time of renewal.

How to Make a Claim for Car Insurance With Coverfox?

In case of a claim/emergency, for immediate assistance please contact our Customer Support Unit on 1800 209 9960 for Car and Bike insurance claims. For Health, Travel, and Term insurance claims, please contact us on 1800 209 9970. Our advisors will help you with the entire claim amount settlement process.

You can also submit/register a claim request on the website in the claims section.

How fast are Coverfox's Insurance Claims Settled?

Get in touch with our Repairs and Claims Specialist today. Call our Toll-Free number 1800 209 9960 or email us at expressclaims@coverfox.com. We are available from 9 am to 7 pm from Monday to Friday and 10 am to 6 pm on Saturday and Sunday.

What are the Documents Required for Claim Settlement?

Ask yourself the question, what is the need for buying a cover for your car if you cannot make a successful claim? You can only do it with the complete set of documents. There are different documents for a claim. Make sure that you have all of these documents ready before making a claim. Not even a single document can be left out.

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, the 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 the 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 the third party and/or his/her property)
  • The estimate of the cost of repair
  • Payment receipts and repair bills following the completion of repairs

Check Out The List of Claim Ratio of Car Insurance Companies in India

To help you buy, compare and renew car insurance online, we have created a list of the top car insurers in India with their ICR.

Incurred Claims Ratio in Percentage for Financial Year 2018-19

INSURER MOTOR
NATIONAL INSURANCE CO. LTD. 125.50
NEW INDIA ASSURANCE CO. LTD. 87.54
ORIENTAL INSURANCE CO. LTD. 112.62
UNITED INDIA INSURANCE CO. LTD 120.79
ACKO GENERAL INSURANCE CO. LTD 129
BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD. 62
BHARTI AXA GENERAL INSURANCE CO. LTD. 75
CHOLAMANDALAM MS GENERAL INSURANCE CO. LTD 84
DHFL GENERAL INSURANCE CO. LTD 29
EDELWEISS GENERAL INSURANCE CO. LTD 145
FUTURE GENERALI GENERAL INSURANCE CO. LTD. 69
HDFC ERGO GENERAL INSURANCE CO. LTD. 82
GO DIGIT GENERAL INSURANCE CO. LTD 76
ICICI LOMBARD GENERAL INSURANCE CO. LTD 74
IFFCO TOKIO GENERAL INSURANCE CO. LTD 87
KOTAK MAHINDRA GENERAL INSURANCE CO. LTD. 74
LIBERTY GENERAL INSURANCE CO. LTD. 70
MAGMA HDI GENERAL INSURANCE CO. LTD 65
RAHEJA QBE GENERAL INSURANCE CO. LTD 102
RELIANCE GENERAL INSURANCE CO. LTD 85
ROYAL SUNDARAM GENERAL INSURANCE CO. LTD 89
SBI GENERAL INSURANCE CO. LTD 87
SHRIRAM GENERAL INSURANCE CO. LTD 69
TATA AIG GENERAL INSURANCE CO. LTD 70
UNIVERSAL SOMPO GENERAL INSURANCE CO. LTD 88
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