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Accidents are unforeseen and can happen at any time but the cost of repair can burn a big hole in your pocket. However, with car insurance, you can protect yourself from the financial loss that may result due to damage to your vehicle due to accidents, robbery, weather events, or natural disasters.
According to the recent study of the Insurance Information Bureau (IIB), only 6.5 to 7 crores of vehicles plying in India have a valid insurance plan as against 18 crores registered vehicles.
What is Car Insurance?
Car Insurance is an agreement between the insurance company & the car owner. The car owner pays premiums & the insurer covers for loss or damage.
Why do I need Car Insurance?
If you own a car in India, having third-party insurance is a must regardless of whether it is a commercial vehicle or a personal vehicle.
What kind of Policy is Mandatory by Law?
At times, you may end up hurting others or damaging others property in an accident. A third party insurance policy can covers liabilities. That’s why it’s crucial to buy & renew your policy on time.
What other Add-ons can I buy to get Enhanced Protection?
A comprehensive car insurance policy, also known as motor package insurance, saves you money when your car is damaged in an accident or natural calamity. It also covers your vehicle against theft and burglary.
Apart from comprehensive car insurance, third-party only and own-damage only car insurance policies are also available. You can choose the policy type as per your needs.
Benefits of Car Insurance Policy
Pay now so that you can Save Later
A car accident can be a costly affair. The premium amount that you pay towards your motor insurance is like an investment that you make to help you avert costly damages in the future.
Protect yourself, Protect others
With appropriate four-wheeler insurance, you not just cover your vehicle but also protect your family, the passengers and also the other drivers and property. When you meet with an accident, car insurance will take care of the costs that will arise.
Be a Responsible Citizen
Having a car insurance policy is mandated by the law. Being a law-abiding citizen saves you from penalties and other legal impediments. The motor insurance will also pay for lawsuits that arise due to the accident.
Peace of Mind
No matter how good a driver you are, an accident may not always be avoided. Then there are also factors like vehicle theft, floods, landslides, earthquakes, or riots, bomb-blasts, etc. that can damage your vehicle. With the right car insurance, you can have the satisfaction that in case something goes wrong, your monetary loss will be covered.
There are multiple add-on benefits that can enhance the cover of your motor insurance. Some of the most popular add-on benefits that are available with car insurance plans in India are:
Choose from 3 types of Car Insurance
|What is Covered?|
Comprehensive insurance offers 360-degree car protection.
A third party car insurance only provides cover against damages incurred to a third person or property.
OD Car Insurance provides insurance coverage only for the accidental damages sustained by a car.
|Third-Party Vehicle Damage|
|Third-Party Property Damage|
|Own Vehicle Damage|
|No Claim Bonus|
|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|
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What is Covered in Car Insurance Policy?
Any damages to your car due to accident
Loss incurred due to theft or burglary is covered.
If your car catches fire, resulting from self-ignition, explotion or lighting
Any damage due to natural or man made causes like floods, earthquake, riots etc.
Third Party Losses
Death, injury or property damage to any third party arising from your car.
Any damages to engine parts, gear box etc. arising due to water ingression, oil leakage or hydrostatic lock.
What is Not Covered in Car Insurance Policy?
Even if you have a comprehensive four-wheeler insurance policy, there are certain circumstances under which you would not be able to make a claim. These are called ‘exclusions’ in car insurance and following are the exclusions:
No insurance company will accept your claim if you were drunk or under an intoxicant when the accident happened
Your claim will be rejected if the driver is without a valid Driver’s License
If the accident has been caused purposely, the claim will be rejected
If the car was damaged while using it for any anti-social/ illegal activity
Consequential damages that are caused after the accident are not covered under insurance
An accident because of your own negligence, you won’t be able to claim the damages
Damages that are caused because of normal wear and tear, Mechanical or electric failure due to travelling
If the policy has lapsed, your damages will not be covered
You will not be able to claim the benefits that you do not have in your plan
How to claim your damages
The process of claiming four-wheeler insurance is a simple one, on the condition that you follow all the guidelines issued by the insurance company carefully. In case you have had a car accident, follow these steps and get the claim easily without any undesirable iterations and delays.
The following documents will be required when you request for the car insurance claim
Car Insurance claims can either be Cashless or on Reimbursement
For a cashless claim, once the surveyor submits a report for the estimated cost of repair of the damage, the insurance company will settle the amount directly with the garage. The garage needs to be a part of the network garages of the insurer in order to process a cashless car insurance claim.
For a reimbursement claim, once the surveyor submits a report for the estimated cost of repair of the damage, you can get the repair work done and initially pay the same from your pocket. Then the original bills and receipts need to be submitted at the insurance company along with the claim form in order to get a reimbursement of the amount paid towards the repair work.
For a reimbursement claim, the garage need not be a part of the network garages of the insurer.
How to renew your lapsed or expired policy
If your car insurance policy has already expired, then your vehicle needs to be surveyed by the official surveyor of the insurance company before the policy is revived. This is because, all accidental damages during the lapsed tenure, would not be covered in the plan. Based on the report of the surveyor, the insurance company will decide whether to renew the plan or not.
Thus, make sure you always renew your car insurance policy on time so as to get maximum coverage benefits and save yourself from the hassle of a survey for revival.